Mortgages for Doctors

Find out what your mortgage options are as a Doctor and how a specialist broker can help you secure the best rate

How will you be using the property?

Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 18, 2024

If you’re a doctor looking for a mortgage, you may be wondering what your options are. 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 as well, which is why it’s vital to be fully informed before you take 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.

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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 be able to benefit from exclusive deals that offer 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.

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How a mortgage broker can help doctors get a better deal

Having a broker who specialises in mortgage advice for doctors can make all the difference when it comes to your application. They understand both 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 – something that’s 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 specialise in this sector as well, 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 will typically be able to borrow more with a specialist deal than a standard mortgage, though the exact amount will vary depending on your 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 who are well-established in their career often able to borrow more.

Though remember, the usual eligibility factors still apply, with the actual amount you’re able to borrow may depend on other financial commitments, while 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 get a rough idea of how much you could borrow based on income multiples of up to six times salary.

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants
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Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

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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 come into it as well. 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.

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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 it’s impossible to find junior doctor mortgages to suit. 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, while newly-qualified doctors with a contract in place should already have sufficient income proof to be eligible for a mortgage. Some lenders are even able to take future salaries into account, with being in such a reputable sector paying dividends.

What if you’re a locum doctor?

Being a locum doctor can again make things more challenging, with not all lenders accepting income from locum work and others viewing 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 even without a permanent contract you can still prove you have a sustainable income.

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 itself. That’s where we come in.

We make the process simple by matching you up with the 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 0808 189 2301 or make an enquiry to get started.

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FAQs

Yes, they can. Mortgages for medics aren’t limited to doctors, and there are often exclusive deals available to nurses, surgeons, dentists, pharmacists and all other kinds of medical professionals. Speak to a broker if this is you and you want to see what your options are.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

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Pete Mugleston

Mortgage Advisor, MD

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