Like all professions, being a Doctor has its pros and cons. Having lots of free time is not known to be one of the pros of the job, and having the time to dedicate to finding the right mortgage deal can be difficult for Doctors.
That’s where talking to experts early on in the process can be hugely beneficial to you. We will first make sure you can get the right mortgage offer in place, freeing up your precious time to start looking at the properties in your price range without having to worry about your mortgage application.
Are there specialist mortgages for Doctors?
Yes, dependant on circumstances we can provide advice on mortgages for:
- Newly Qualified Doctors
- Junior Doctors
- Locum Doctors
- Contractor Doctors
- Doctors with their own practice (Ltd company directors or partner in an LLP)
As an independent broker, we have access to the whole of the market. This allows us to work with a multitude of lenders from the small building societies, to high street banks and even private banks.
Can I get a mortgage as a Newly Qualified Doctor?
We can potentially secure mortgages for newly qualified doctors starting a new contract of employment up to as much as 4 months in advance. As part of your application, we will need a copy of the contract and the lender may also wish to apply for an employer’s reference under separate cover.
Being able to secure a mortgage months in advance can be particularly useful when a Doctor starts a new job in a new town or city, and they wish to secure their new house before they start their new job.
Can I get a mortgage as a Locum Doctor?
Working as a Locum can be perfect for those who either wish to top-up an existing income – so it’s effectively a second contract and extra hours on top of the first contract, or for those who wish/need to work shifts that fit in around existing commitments such as child care or care of an elderly relative.
Historically, as Locum work was not guaranteed in the form of a permanent contract, some lenders would not accept it. The market has now changed and there are lenders who will consider your application with the addition of your Locum work – or even just as a Locum doctor.
We work with many lenders that will accept Locum pay as if it is permanent income. The greater the history you have of the income the better, at least 6 months is needed and over 12 months is ideal.
Can I get a mortgage if I’m an Employed NHS Doctor Moving to a Contractor/Self-Employed Role?
We assist many mortgage applicants where a previously employed Doctor has joined a private practice as a partner, perhaps as a director of the company or as an LLP. In these instances, you are clearly a highly regarded a Health Care Professional we work with lenders that will give your application the care and attention it deserves.
Dependant on circumstances, we can either look at the existing business you have joined and gain assurances from the accountants by using previous years’ company accounts, or, if you have been with the business for a minimum of 6 months, we can use your payslips to work out your current income levels and use those to determine both your maximum borrowing and the best lender for you.
Can I get a specialist Doctor’s Re-Mortgage deal?
No matter which industry you work in, as you come to the end of your current mortgage deal you will default to your lenders Standard Variable Rate (SVR) if you don’t get a new rate in place before the deal ends.
Make sure you keep an eye on when your current deal ends because an SVR mortgage could add a considerable sum to your monthly mortgage payments. In fact, in the instances of a re-mortgage we can secure a new mortgage rate for you up to 6 months in advance of your current deal coming to an end.
You’re not tied to sticking with the same lender, and remember as a Doctor you likely have the luxury of choosing from the multitude of lenders who will happily lend to you.
Can I get a Buy to Let mortgage as a Doctor?
If you can find the right house at the right price, Buy To Let properties can be a great way of supplementing your income and increasing the income you have available to you in your retirement.
Doctors can utilise the availability of Buy To Let mortgages, you’ll need to have a minimum deposit of at least 15% and then after that, we’ll help you find the right mortgage deal for you.
Being a healthcare professional is a demanding and difficult job. Finding a mortgage doesn’t have to be either of those things, you just have to find the right broker to help you through the minefield.