Mortgages for doctors
Published 4th January 2019
Where many lenders and other brokers may have trouble understanding how your income is made up, the advisors that work with us are experts in mortgages for medical professionals.
Are you: Don’t stress!!! If you are one of the above and are being paid, or are due to start being paid within the next 6 months, then you can be eligible (subject to standard criteria).
Don’t stress!!! If you are one of the above and are being paid, or are due to start being paid within the next 6 months, then you can be eligible (subject to standard criteria).
Make a full enquiry here, for advice from an expert medical professional mortgage advisor. Whether you want the best deal, or if you’re having trouble finding a mortgage lender that accepts your income - let us know! An advisor can help you today, just get in touch either with a quick question or a full enquiry. If you require immediate assistance please click the LIVE CHAT balloon or give us a call.
It's now 2019 and we know that every customer is different, and that most brokers and lenders don’t understand how doctors and other medical professionals can earn a living in a variety of ways, or the fast paced career progression that often requires a more flexible approach when it comes to borrowing and affordability. As a result we get enquiries all the time from doctors and nurses, seeking financial support having been declined or had difficulty with other brokers elsewhere. Mortgages for doctors should be easier to obtain not harder, but in reality this is often not the case for many people. Certain lenders understand the in's and outs of being a doctor far more than others, and will look upon doctors more favourably offering much better deals than others.
Newly qualified doctors mortgage
If you have literally just qualified and have just started a job, or are about to start a job (within the next 6 months) then you may be eligible to borrow without the standard 3 months in employment.
As a Locum doctor or nurse, you will find yourself doing variable hours, random shifts, with gaps in employment etc. You may also be locuming on top of your main job to earn extra cash. So long as they are deemed sustainable it is possible to use this income for mortgage purposes despite having a lack of job security in a permanent contract. Typically the lenders that consider this will go from an average of your last few months / years income.
Trainee or junior doctor mortgage
As a trainee or junior doctor, you are likely to be on zero or lower wage than your more experienced / qualified colleagues. But, you are on the progression path, and as a result, if you are due to progress from junior to a more senior role, the lender can sometimes offer the mortgage based on the higher salary in certain circumstances.
Temporary contract mortgage
Mortgages for doctors on temporary contracts are usually no problem for the specialist lenders as long as they have at least a couple of months remaining, and that there's the likelihood you will either be renewing it or getting a new one elsewhere.
Self-employed doctors mortgage
In certain roles within the medical profession, you will go from a salaried position into a self-employed position. This is more common with dentists and private healthcare professionals but can be relevant to anyone in medicine. As this happens, the majority of lenders will decline your application unless you have 2 or 3 years submitted accounts / tax returns. Thankfully there are certain lenders who will either use just 1 years accounts, or even from day 1...
Practice principal newly self-employed
To get a mortgage with self-employed income with no history is pretty much impossible for any other profession, however, with no contract or evidence of income yourself, there is a lender that will consider the mortgage by establishing from the practice what the pay for your role is likely to be. This is usually based on what your predecessor earned for the same role in the most recent year.
Have a question about doctors mortgages?
To make an enquiry about doctor mortgages or for anything else, please fill out an enquiry below and a professionals mortgage expert will be in touch ASAP. If you require immediate assistance please give us a call on 0800 304 7880.