Last Updated on 20th September 2020
Mortgages for doctors often come with some great perks. This is because many lenders offer deals exclusively to those in the medical profession. Furthermore, such deals aren’t available to other borrowers.
Thankfully, our advisors specialise in mortgages for doctors and have years of experience in this field. We work with lenders that offer bespoke mortgages for doctors in comparison to regular high street mortgages.
We have expertise in finding mortgages for medical professionals such as:
- Senior doctors
- Junior doctors
- Locum doctors
- Newly qualified doctors
- Self-employed doctors
- Trainee doctors
- Associate doctors
- Mortgages for nurses
- Medical professionals on new contractual employment
- Doctors on temporary contracts
- Medical professionals on a variable income
If you find yourself struggling for expert mortgage advice, we can help. Even if you have not officially started your employment, you may still be approved a mortgage depending on the lenders we approach.
Mortgages for junior doctors
Junior or trainee doctors are generally under the impression that mortgage approval isn’t possible. It’s quite understandable as inexperienced brokers often share the same view, but this simply isn’t true. Junior doctors and trainee doctors can qualify for mortgages and are often credible applicants.
Issues can sometimes arise due to junior doctors that are perhaps on zero-hour contracts or a low income. Nonetheless, it’s still possible to get a mortgage. Furthermore, lenders may also consider future salaries that you’re able to secure once you’ve progressed through the medical ranks.
The key here is to approach the most suitable lender from the start. Approaching the best-suited lender can often result in junior doctors obtaining maximum mortgage amounts with little fuss. This is subject to other criteria such as your credit history and any other financial commitments that you may have.
Mortgages for locum doctors
If you’re a locum doctor or nurse, then your employment record is likely to be scattered. This is because your hours can vary and you may have had patches without employment. In some situations, locum doctors may have other employment commitments or income streams to provide additional financial support. If that is the case, be sure to present all income streams to your advisor.
Lenders will generally look at your income over the past few months or even years. This allows lenders to calculate your affordability and what you earn on average. Certain lenders are best avoided as they may not consider income from locum work. On the other hand, there are lenders for locum doctors that specialise in circumstances such as these.
Newly qualified doctors
Starting a new job can be an exciting time and can open up avenues such as purchasing your own home. Some lenders tend to favour mortgages for professionals, such as doctors or those in the medical profession. Even if you’re yet to formally start your employment, you may still be eligible for a mortgage. This is because lenders understand that you’re qualified in a reputable profession and securing employment shouldn’t be an issue.
An offer letter or draft contract may be enough for lenders to assess your income. It’s important to note that not every lender will do this, so do consult an expert before applying.
Learn more: How to get a mortgage with a new job.
Mortgages for doctors that are self-employed
If you’re a self-employed doctor, getting a mortgage is possible but it can be slightly more difficult. Self-employed mortgages can be harder to obtain as you’re essentially working for yourself. That being said, if you have at least three years accounts, you shouldn’t have any issues.
If you have two years accounts or less, then you may find it difficult to secure a mortgage. Nonetheless, there are lenders that will consider you for a mortgage even with accounts for one year. Even if you’ve yet to file your first-year accounts, specialist lenders may look to use your current income and projected accounts in assessing your income and affordability.
Medical professionals on temporary contracts
Applying for a mortgage if you’re on a temporary contract has a lot to do with the timing of your application. For instance, if you have more then one month remaining on your contract, you’re more likely to be approved. If you’ve got less than one month remaining, then lenders may deem you to be high risk.
Any future contracts you’ve already secured can strengthen your application quite considerably. This is because lenders are able to see that you’ve secured a future contract or renewed your existing contract, which means little or no breaks in your income.
Lenders need to be confident that you’re able to repay a mortgage. Temporary contracts can sway some lenders into declining you due to either a lack of work or large gaps between each contract. Nonetheless, there are lenders suited to mortgages for doctors on temporary contracts.
Specialists in mortgages for medical professionals
Not every broker has experience in dealing with mortgages for medical professionals. Our advisors have ample experience in this field and have access to the entire mortgage market. This means that our specialists can find you the most suitable lender while providing you with the best possible deal that you’re eligible for.
We understand the medical professional is far from straightforward. With so much flexibility surrounding the way doctors are able to work, it can be difficult trying to showcase your income to lenders. We’re able to do this as it’s something we do on a daily basis.
You can make an enquiry below to speak to an experienced advisor.