Mortgage Advice for Doctors explained
For some Doctors, accessing a mortgage can be the same as for all workers. If your income comprises basic hours, it can be more simple to apply for a mortgage.
But for others, Mortgages for Doctors can be more difficult. And, we often hear that Doctors have been turned down for a mortgage in the past because of the way you are paid.
For example, if you do shift work or overtime, it means that your basic pay doesn’t reflect your true earnings. Likewise, if some of your income comes from your private practice or non NHS work, it can be more complicated to accurately represent your income to high street lenders. Or maybe the majority of your earnings is made up from Locum Work.
We understand this. And we have built strong relationships with lenders who want to lend to hard working Doctors.
Professional Mortgages
By working in certain professional industries – such as a Doctor, Consultant or GP – many lenders consider these to be safe, secure forms of employment. It means that you’re probably on a stable career path and lenders like the predictability of this.
As a result, it can mean that lenders put advantageous criteria together for those working in certain industries. In short, it means that – if you qualify – you might be able to borrow slightly more.
If you speak to an experienced Mortgage Broker like Your Mortgage Expert, we can help simplify the process. We understand which lenders offer professional mortgages and how to apply.
We will research from across the market to find the most suitable deal for you. We have access both high street deals as well as specialist lenders that might not be available when applying directly.
If you need to speak to us outside of standard office hours, we can be flexible with out appointment times. We know your busy schedule means that 9-5 may not work for you.
Speak to Your Mortgage Expert today for Mortgage Advice for Doctors, GPs and other Medical Professionals to see how we can help.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Mortgage Advice for Self Employed Doctors
Throughout your career, you might choose to move from a salaried position to being self employed. Whether as a Partner or Self Employed, we can help.
We often speak with doctors who work in the following ways:
- Part NHS and Part Private
- Locum doctors
- Working at a practice – LLP or self-employed
- Employed on a fixed term contract
With all of these types of employment, getting a mortgage can be more complicated but not impossible.
The first steps will be to establish how you are paid. Which lenders we approach will be dependent on this. Are you paid through part PAYE and part dividends? Or paid via an Umbrella Company? However you are set up, we have experience of helping someone like you.
We will take time to understand your circumstances and will know which lenders work for your situation. As well as the big high street banks, we also have access to specialist lenders who are more geared towards self employed people.
We know what documents you need to provide to the lender to meet their lending criteria. We also know how to package your income to maximise the likelihood of a successful outcome.
By using an experienced mortgage adviser like us, we can help guide you through this whole process and help make it as stress free as possible.
Doctor mortgages for locum and self employed applicants
Many doctors move between different ways of working during their career. You may start out in a salaried role, move into locum work, combine NHS and private income or work in a self employed or partnership structure.
That does not mean a mortgage is out of reach, but it can make the application more detailed. Lenders may want a clearer picture of how your income is earned, how consistent it has been and what evidence is available. We can help you understand what documents may be needed and which lenders may be more suitable for your circumstances.
How lenders may assess income for doctors
Doctors are often paid in ways that do not fit neatly into a standard mortgage application. Some have straightforward salaried income, while others receive a mix of NHS pay, private income, overtime, locum earnings or self employed income.
This matters because lenders do not all assess doctor income in the same way. Some may be comfortable with mixed income and variable earnings, while others may focus more heavily on the most straightforward part of your income. Where you have more than one income source, the right lender choice can make a real difference.
We can help doctors who are paid in a range of ways, including:
- Salaried NHS roles
- NHS and private income together
- Locum work
- Self employed or partnership income
- Fixed term contracts
- LLP or practice based structures
The key is understanding how your income is made up and which lenders are likely to view it most favourably.
Why use Your Mortgage Expert for doctor mortgage advice
Doctors often have busy schedules and more complex income structures than a standard mortgage application allows for. We help make the process clearer and more manageable.
- Clear advice on NHS, private, locum and self employed income
- Help understanding lender criteria and required documents
- Support with straightforward and more complex doctor cases
- Flexible appointments around demanding work patterns
- Help from enquiry through to completion
Whether you are buying your first home, moving, remortgaging or reviewing your options, we can help you take the next step with clear practical advice.