Mortgages for Doctors

You may wonder about your options if you’re a doctor looking for a mortgage. Happily, as a professional, you’ll have access to plenty of deals, and you may be able to take advantage of offers exclusively available to those in the medical field.

But there can be some complications to be aware of, so it’s vital to be fully informed before taking the plunge. This guide will take you through everything you need to know about mortgages for doctors and how to find the perfect deal to suit you.

Are there specific mortgages for doctors?

In a way, yes. You’ll still have access to the same range of mortgages as everyone else, but because you’re in the medical field, you may benefit from exclusive deals offering better rates and terms.

This is because being a doctor is associated with stability and higher long-term earnings, and as such, you’ll be viewed as a more reliable borrower and less of a credit risk. Mortgages for professionals are typically more flexible and can be more easily tailored to your needs, and the same applies when it comes to doctor mortgages.

However, it can also be difficult to secure the amount of borrowing you need due mainly to the different arrangements that doctors have, which is why using the services of a broker who has experience arranging mortgages for people in this profession can be extremely beneficial.

How a mortgage broker can help doctors get a better deal

Having a broker specialising in mortgage advice for doctors can make all the difference in your application. They understand the benefits and potential drawbacks of being a doctor seeking a mortgage loan and can use that knowledge to help ensure you get the best deal.

For example, they’ll know how best to present your income and employment status – particularly important if you have variable income streams or short-term contracts – and can use your career progression to your advantage. Crucially, they’ll know the lenders who also specialise in this sector, ultimately helping you source the best deal possible.

Make an enquiry to find out more about how a broker can help.

How much can you borrow in this profession?

Doctors can typically borrow more with a specialist deal than a standard mortgage, though the exact amount will vary depending on their circumstances and the lender’s criteria.

For example, while it can be possible for doctors to secure a mortgage at six times their income – a far higher income multiple than for non-professionals – this could be lower if you’re a junior doctor, with those well-established in their career often able to borrow more.

Remember, the usual eligibility factors still apply. The actual amount you can borrow may depend on other financial commitments. In contrast, the lenders and deals that you qualify for can depend on variables, including the property type and your credit score.

Try our mortgage calculator below to understand how much you could borrow based on income multiples of up to six times your salary.

Are there specific eligibility criteria?

Alongside the usual eligibility criteria associated with securing a mortgage, you’ll likely need to provide additional documentation to show that you’re eligible for medical mortgages.

Often this will be registration with a professional body (such as the British Medical Association) and/or professional qualifications, and your age and employment status can also come into it.

Your location can also be a factor, with NHS pay bands often varying across the UK. Make sure you can comfortably prove your income and ability to repay the loan – typically speaking, the further you’ve progressed up the pay scale, the easier it can be.

Mortgages for trainees and newly qualified doctors

It can sometimes be more difficult to secure a mortgage if you’re new to the profession, with the combination of high student debt, a lower starting salary, short-term training contracts and potentially a lot of moving around to be closer to rotations meaning you may not have the best credit profile at first glance.

But that doesn’t mean finding junior doctor mortgages to suit is impossible. If you’re still in training, it can be helpful to have a confirmed job offer to prove to mortgage lenders that your career progression is underway.

Newly qualified doctors with a contract in place should already have sufficient income proof to be eligible for a mortgage. Some lenders can even consider future salaries, as they are in such a reputable sector and are paying dividends.

What if you’re a locum doctor?

Being a locum doctor can again make things more challenging. Not all lenders accept income from locum work, and others view a variable employment history with multiple income streams as problematic.

However, it isn’t impossible to find a suitable mortgage; instead, it highlights the importance of seeking lenders (and brokers) who specialise in this sector and who will better understand the nuances of your profession.

For example, such lenders will typically take an average of your income over the last few months or years, so you can still prove you have a sustainable income even without a permanent contract.

What if you’re a self-employed doctor?

If you’re self-employed, the amount you can borrow will be based on the earnings you’ve evidenced through your SA302 document and tax year overviews for the previous three years.

Due to your profession, it may also be possible to secure a mortgage with specific lenders if you have less than three years of evidence if you can prove the work you currently have is sustainable moving forward.

Why use Online Mortgage Advisor?

We’ve already seen how the right broker can boost your chances of securing the right deal, but sometimes, finding a specialist mortgage broker for doctors can be just as difficult as securing a mortgage. That’s where we come in.

We make the process simple by matching you with an advisor who’s perfect for your needs. Just tell us a few details, and we’ll do the rest—it’s completely free, and there’s no obligation. Call us on 0330 818 7026 or make an enquiry to get started.