Mortgages for Locum Doctors Explained
Locum Doctors often earn a really good salary, despite this, it can be more complex to get a mortgage.
Some of the concerns we often hear about from Locum Doctors are:
- I have a large amount of Student Debt
- I work on an ad hoc basis and my pay can be inconsistent
- I have gaps in my employment
- I have only been a Locum Doctor for a short period of time
Whatever your concern, we can help. We have experience with working with self employed people and contract workers.
The first steps will be to establish how you are paid. Which lenders we approach will be dependent on this. So, are you self employed? On PAYE? 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.
Contact us today for Mortgage Advice for Locum Doctors.
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.
How lenders may assess locum doctor income
One of the biggest questions for locum doctors is how a lender will view income. This can vary quite a lot depending on how you are paid and which lender you approach.
Some locum doctors are paid through PAYE, some work on a self employed basis, and others use umbrella arrangements. Some lenders are more comfortable than others with these income structures, which is why the right lender choice matters.
Common scenarios include:
PAYE locum income
Some lenders may assess PAYE locum income in a similar way to employed income, although they may still want to see that the earnings have been consistent.
Self employed locum income
Where you are treated as self employed, lenders may want tax documents and a clearer picture of your income over time.
Umbrella company arrangements
Some lenders are familiar with umbrella setups, while others are less flexible. The way your income is evidenced can make a real difference.
Mixed income
Some locum doctors have a mix of salaried and locum earnings. In these cases, it is important to understand which lenders are willing to assess both together.
If your income does not fit a standard monthly salary pattern, that does not necessarily stop you getting a mortgage. It simply means it helps to speak to someone who understands the way locum income is assessed.
What documents do locum doctors usually need for a mortgage?
The documents needed for a locum doctor mortgage will depend on the lender and the way you are paid, but most will want to see clear evidence of your income and work pattern.
This may include:
- recent payslips or remittance advice
- bank statements
- proof of identity and address
- tax documents where relevant
- evidence of locum work history
- umbrella company documents, if applicable
- self employed records, where relevant
Some lenders may ask for more than others, especially if you have only recently moved into locum work or your income pattern is more variable. We can help you understand what is likely to be needed before you apply.
Why use Your Mortgage Expert for locum doctor mortgage advice?
Locum doctor mortgage applications can be more detailed because lenders do not all assess locum income in the same way. We help make the process clearer and more manageable.
- Clear advice on PAYE, self employed and umbrella locum income
- Help with variable earnings and shorter locum history
- Support with documents and lender criteria
- Flexible appointments around shifts and placements
- Help from enquiry through to completion
Whether you are buying your first home, moving house or remortgaging, we can help you understand what may be possible.