5 Ways NHS Staff can Save Money on their Mortgage

 Aug 08, 2021

Being an NHS worker can come with a whole host of benefits, including house price discounts and mortgage savings. There isn't a specific NHS Mortgage Scheme out there to cater to everyone's needs, however there are many offers which our dedicated Health Staff Discount Brokers can help you find as they specialise in finding the very best deals that cater towards NHS Staff. With a variety of different mortgages and choices out there, including Buy To Let, Affordable Housing Scheme, and monthly overpayments, it can be daunting to know where to start of change if you're currently in a fixed rate term. That's where we come in. We've complied a list of the 5 best ways to save on your Mortgage and provide a new perspective on your home.

 

*Please note it's always best to make an enquiry with experts or specialised Brokers and Lenders before making a decision as you may be eligible for certain deals or it may be best for you to stick with your current rate*

 

1. Set a specific savings target each month

We know times are tough, now more than ever, however you can actually make huge savings by creating saving goals and targets each month, defining how much you need and when. A good idea is often to create separate accounts that are split into your saving needs and categories, giving you an overall idea of how much you need per section and allowing you to evaluate your monthly spending habits so you can avoid wasteful expenditure and actually grow your savings. You can set up regular and automatic deposits into your accounts that can be directly transferred from your pay check, helping you only spend what you are left with and saving further. It's always worth prioritising your mortgage payments and clearing expensive debts first to avoid large interest builds and saving you money in the long run. 
 

2. Consider Overpayments

This might seem like a contradictory idea when you're trying to save money, however, if you make extra repayments, even once a year, these add up and allow you to pay your home loan much faster. Often overpayments mean you make the same gain as you would saving at a mortgage rate and you can save on your interest, paying off your loan earlier and eat into the debt caused by buying your house. If you choose this route, you often won't have to pay interest on any amount that you've overpaid, however it is always best to check with your provider first to avoid any overpayment fees which may be added if you are closer to the end of your fixed or discount rate period. Some mortgages allow you to overpay and have the option for a withdraw in what's deemed as a 'flexible features' situation, meaning if you need some of that money back later on, you have that option, so it's always worth looking into your deal and using online calculators to work out the best solution.  
 

3. Check your current rates and choices with a lender / broker 

If you give your lender a call, they can point you in the right direction and give advice on whether it may be best to overpay or continue saving. You can find out if you can boost your rate of interest on your current mortgage and whether it is worth changing to reduce the term of your mortgage. If you can get a higher rate  on your savings thn you pay on your current mortgage, then saving will win and vice versa. There is also the option to overpay and reduce your next monthly instalment by this amount, however you will still be repaying the same amount, won't reduce your term, and will save miniscule amounts in interest.
 

4. Check for NHS Incentives and Catered Schemes 

Often new builds and shared ownership properties offer NHS Staff discounts such as £5000 saving on property prices, money off every certain threshold on new homes, lower 5% deposit schemes, and help to buy loans provided by the Government to help get you onto the property ladder. Some developers also offer cashback schemes which are paid out when you've completed payments on new builds and other lenders may provide lower interest rates if you are NHS Staff. Help to Buy shared ownership also gives buyers the chance to buy 25%-75% of a share on the property and pay the rent on the rest, giving a more affordable option. For many current NHS Staff, there is a first home programme that offers newly built homes at a rate of 1/3 of the market price, helping to ease you onto the property ladder with lower deposit rates and mortgage requirements that often mean saving around £100,000 on average.
 

5. Use our Health Staff Discounts NHS Mortgage Scheme

Health Staff Discounts can help you make even bigger savings with our NHS Mortgage Service that caters specifically to NHS  Workers, offering fee free advice on the best deals for current and future plans and uses an independent compay with Brokers that find the best mortgage deals for NHS Workers. The scheme is offered free of charge to all of our members and can be found under the 'Mortgage Service' Tab or by clicking below. By using our Brokers, they build the relationships with UK Housing Developers and lenders to compare a range of offers for staff, negotiating incentives and finding creative ways for you to make savings, cutting out the legwork for you and giving you peace of mind. 
 
 
 
*Please note it is always best to talk to an expert before making mortgage changes as you may be charged for additional fees or end up paying more in the long run*
 
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

 

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