Locum Pharmacist Mortgage

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Locum Pharmacist Mortgage (Part 1)

Elliot Culley explains how the mortgage process works if you are a locum pharmacist.

Can I get a mortgage as a locum pharmacist? How does it work?

It’s definitely possible to get a mortgage as a locum pharmacist. In that scenario you’re very likely to be self-employed, which comes with its own challenges around mortgages.

As a medical professional, some lenders may have more flexible criteria for you, but most lenders will see you as self-employed. Depending on whether you’re a limited company or a sole trader they will need your tax calculations for the last two years, or potentially your company accounts.

There can be some restrictions on what you can and can’t do, which is why the lenders offering more flexibility can be really good in this area.

What eligibility criteria do I need to meet as a locum pharmacist to qualify for a mortgage?

If we’re looking at the traditional self-employed route, most lenders will want two years’ annual figures from you.

The more experience you have in the industry, the better. For example, some lenders might want you to have two years’ experience, but others lenders can look at it even if you’ve just started locuming.

There’s definitely some flexibility there for you. Perhaps you’ve been a pharmacist in an employed role for two years, and you’ve just started locuming – some lenders can look at that as well.

Can a locum pharmacist get a mortgage without a substantial deposit?

A lot of lenders are coming into the space at the moment offering no deposit mortgages or even a £5,000 flat-rate deposit [correct at the time of recording in May 2025]. But to give yourself the right chances, and make use of the flexible criteria with some lenders, a 5% deposit is the minimum you would need.

If you’re going down the normal self-employed route with tax calculations, there are opportunities to go for zero deposit deals with some lenders coming into the space.

How does the income of a locum pharmacist affect the amount they can borrow for a mortgage?

With the traditional self-employed model, most lenders cap your borrowing at four and a half times your income. Most of them take your income as an average across the last two years.
If you earn £20,000 in one year and £30,000 in another, they will average that to £25,000.

Some may go off your latest year, but not all of them. They multiply that total by 4.5 and then take into account your dependents, any credit commitments you have or student loans. That’s how they work out your overall affordability.

Do bear in mind that this is a very rough guide to the calculation. Some lenders stretch that income multiple for certain things – if you’re looking at a five-year fixed rate, for example.

There’s also another route around this flexible criteria, where lenders look at what you’ve invoiced over the last three to six months and take an average. This can really enhance that affordability.

What factors do lenders consider when assessing mortgage affordability for a locum pharmacist?

They look at how many dependents you’ve got, any credit commitments, student loan, car loans, overdrafts, that sort of thing.

If you are looking at purchasing a flat, they will also incorporate any service charge that’s involved in that in the affordability.

Then, of course, it’s the income. We normally ask you for your tax calculations from the last two years. If you are a limited company, we’ll potentially ask you for those company accounts as well, to see if what you want to borrow fits.

You could get a slightly better rate with the standard route, but using the invoices can enhance your affordability and really help you. As always, it depends on your circumstances, but that’s roughly how that would work.

What documentation is usually required for locum pharmacists when applying for a mortgage?

It’s the last two years’ tax calculations and tax year overviews, if you’re a sole trader. If you’re a limited company director, it’s the same, or we could look at your last two years’ finalised company accounts.

If we could benefit from going down the route of using invoices, we would ask you for at least the last three months, if not six months, to show the income you’ve received over that period.

Can locum pharmacists with irregular income patterns get approved for a mortgage?

Yes. Some lenders will just base income on your last three months. If there was a huge difference between one month and the other two, the underwriter could potentially ask for a few more months’ evidence.

They will want to know why that month is much higher than the rest, and if that is sustainable. Is that actually going to be something you can do long-term? If your hours or pay have increased, most underwriters will be happy with that.

Do I have access to the same government or mortgage schemes as a locum pharmacist?

There shouldn’t be any issue. If we’re looking at discount market schemes or shared ownership, you’re more restricted by which lenders offer those products rather than your role as a pharmacist.

If you wanted to go down the route of using the invoices, for example, that’s definitely available for you on shared ownership. But as we’re speaking right now in May 2025, that’s less the case for discounted properties.

If we’re taking the traditional self-employed route with tax calculations or company accounts, you’re not really going to be restricted in government or mortgage schemes. For a 100% mortgage at the moment, or the one with the £5,000 deposit, you would have to take the traditional self-employed income route.

Do locum pharmacists pay tax? Does IR35 apply to a locum pharmacist?

This is definitely something to talk to an accountant or tax advisor about. You will be paying tax if you have an income. That’s really all I can say on that.

What else do we need to know about mortgages for a locum pharmacist?

Preparation is key. Speak to an advisor early on in the process, because that can really help you work out the right way forward for you and how much you can afford.

If you just go to one lender, for example, they can only advise you on their products and their income criteria. You may end up thinking you can borrow less than you actually could.

It’s definitely worth speaking to a broker early on in the process – one that’s whole-of-market, who can assess all those options for you. We’d make sure you know your borrowing capacity and explain all the documents you will need to gather.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.

For specialist tax advice, please refer to an accountant or tax specialist.

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Locum Pharmacist Mortgage (Part 2)

We continue the conversation on mortgages for locum pharmacists, with Elliot Culley.

Can I get a mortgage as a student pharmacist? How does this work?

It depends what you’re doing for income. If you’re a student pharmacist and not earning, a mortgage is going to be difficult to achieve. You may need someone else’s income on that application.

If you have a stipend income coming in from a postgraduate scenario, some lenders accept that, depending on how long is left on that stipend. If you have a part time job, lenders can use that income, as long as you’ve been doing it for a certain amount of time. A permanent contract would help with that.

Perhaps you’re still a student but you have an offer on the table for your first job. Some lenders can accept that for a mortgage, even three months before you will actually start work, as you’re a medical professional.

They may want you to be a little closer to starting that contract before the mortgage completes, but it does give you some flexibility. You don’t need to necessarily have started that role before applying for a mortgage.

Can I get a mortgage if I’m a self-employed pharmacist? What’s the difference between self-employed and locum in mortgage terms?

Some lenders will just treat you as self-employed, in which case you would need two years’ tax calculations and tax year overviews, especially if you’re a sole trader.

If you have decided to run your business as a limited company, they’re going to look at your last two years’ company accounts. That’s the general approach if you’re self-employed.

If you’re a locum, some lenders offer a little bit more flexibility. Rather than asking for those tax calculations and tax year overviews, they could potentially use the invoices you’ve sent to the pharmacists you’ve worked for.

Even if you haven’t been locuming for as long as two years, there’s more flexibility, so you can potentially get a mortgage even after three or six months of doing that work. Some lenders will take an average over that period to calculate your annual income.

That flexibility means you could possibly get a larger mortgage and a bigger property at a much earlier stage. Otherwise, you would have to wait for two years’ self-employment figures to come through.

What if I’m looking for a Buy to Let mortgage? How does this work as a locum pharmacist?

With Buy to Let, the income is treated differently. Lenders go off how much rent the property will obtain on the open market.

Some lenders do require you to have a minimum income, and you may still need to prove your earnings to get a mortgage. They want to check that if the property is ever not rented out, you’d still be able to cover the mortgage payments.

A locum pharmacist should be able to apply for a Buy to Let mortgage with no problems. You will need a 25% deposit, although some lenders are now accepting 20%. There are lots of options if that’s what you’re looking to do.

How does remortgaging work as a locum pharmacist?

It depends on what you’re looking to achieve. If you’ve got over two years of self-employed income, your options would be far greater. We would look at those tax calculations and tax year overviews and work out if you are best placed with a new lender, rather than staying with your current one.

Your current lender will always offer you a new product, but we explore whether that’s the best option for yourself and whether it’s worth switching. A lot goes into working that out and exploring whether your income is sufficient.

We may again have the option of using invoices rather than tax documents. If you’re looking to remortgage and borrow some more money as well, we could go down that route. There are certainly options available and you shouldn’t have any issue with remortgaging.

Can I get a joint mortgage if I’m a locum pharmacist?

Yes. You don’t both need to be locum pharmacists to apply for lenders that potentially use the invoices, for example.

If the partner going onto that mortgage with you is in a normal employed role, that’s absolutely fine. They would accept their employed income and use the invoices for yourself. It will just be the normal process – the same as doing it on your own.

What if I have bad credit? Can I still get a mortgage as a locum pharmacist?

It depends on what the bad credit is, to start with. There are certain levels – and some lenders won’t lend to you at all. It could become more tricky if you’ve had bad credit in the past.

It depends how long ago the issue was, too. If it was over three years ago, for example, more lenders start coming to the table. You might still find you have to put down a higher deposit with some of those, potentially 15%, but we would need to look at your full circumstances to confirm that.

Some of the lenders we use for invoices are clean credit lenders, which could take those options off the table, but others could look at it. It just depends on what that credit issue was and how long ago it happened.

What credit score do I need as a locum pharmacist?

It’s difficult to say – the lenders don’t share that data with us. We don’t know what credit score is good enough for each lender. But it’s not just your credit score that goes into it – there’s a whole host of other things.

They look at your income and your debt-to-income ratio, as well. Also, there are factors like how many dependents you have. If you’re trying to borrow at the very top end of what your your income would allow, your score would need to be higher than at the lower end of that borrowing amount.

Don’t assume it’s all about your credit score on Experian or Equifax. Sometimes a client has had a very good score but doesn’t pass with a lender, or someone with a slightly lower score passes with no issues. Lots of things go into it, and no lender is ever going to tell us exactly what they look for.

How do I apply for a mortgage as a locum pharmacist?

If you’re looking to use invoices, I would suggest going to a mortgage broker – because you’re not going to find those lenders easily. They are more niche and not the main high street lenders. They are still very competitive, but these aren’t the names that roll off the tongue when you think of getting a mortgage.

If you think you will have enough just with your self-employed income, you should have more options available. But it’s always best to speak to a broker, because there are so many different ways lenders look at this. You’ll want to utilise that income in the best way, whilst also getting a good rate.

What else do we need to know about getting a mortgage as a locum pharmacist?

It’s all about the preparation, so speak to somebody early on in the process and find out what your capabilities are. Don’t just go to one mortgage lender, because they can only tell you what their criteria and policy is. The amount you can borrow with them could be much less than with another lender.

If you’re looking to find out what all your options are, speak to an advisor early on in the process.

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