Mortgages for Doctors

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Author: Elliott Culley - Director & Mortgage Adviser of Switch Mortgage Finance

Mortgages for Doctors

There are a handful of mortgage lenders that offer professional mortgages for doctors and medical professionals. These mortgages can give you access to enhanced borrowing capabilities. Or in some cases offer more flexibility regarding your employment structure. Depending on your personal circumstances you may need to seek some assistance in finding a mortgage lender that can help you.

Do Doctors Get Special Mortgages?

Some mortgage lenders offer more flexibility to doctors when it comes to assessing your application. This type of mortgage usually includes enhance affordability and more flexibility in their standard criteria. Just because you are a doctor doesn’t necessarily mean you need to apply for this type of mortgage. However having more options available to you is a huge plus in what is a tough market. 

Do Doctors Get Better Mortgage Rates?

From time-to-time mortgage lenders bring out new rates for professionals that are better than standard mortgage rates. It doesn’t necessarily mean these deals are the most competitively priced on the market. Or the most suitable for you.

Is It Difficult For Doctors To Get A Mortgage?

It can be difficult for doctors to get a mortgage, but it doesnt need to be difficult. The problem for most doctors is when some lenders do not understand and utilise certain income streams you may have as a doctor. For example if you are a self-employed doctor working as a locum you may find difficulties in finding the right mortgage for your circumstances. If you are a junior doctor, you may struggle with some lenders who have more restrictive criteria around fixed term contracts. But there are plenty of doctors that don’t struggle to get mortgages. If you are on a standard, permanently employed contracts or have a history in your current role you shouldn’t struggle get a competitive mortgage.

Speak to an Expert!

elliott-culley-mortgage-adviser- director-of-switch-mortgage

Contact us today for expert advice and guidance on your unique mortgage and property needs. We will work with you on a one-on-one to basis to help you find the right solution for your needs.  

With our experience you can rest assured that you are in good hands when it comes to securing the financing you need for your property.

Can you get a mortgage as a Junior Doctor?

Yes, there are some mortgage lenders that offer relaxed criteria for junior doctors with enhanced borrowing limits. Not all mortgage lenders offer the flexibility you may need as a junior doctor and it is likely you will need a specialist mortgage lender.

As a junior doctor you will be on a fixed term contract and some lenders need at least 12 months history on a fixed term contract and others won’t be happy with rotational contracts. Depending on your circumstances you may need to avoid these type of lenders.

Can you get a mortgage as a Locum Doctor?

Yes it is certainly possible to obtain a mortgage as a locum doctor. There are lenders who offer much more flexibility and understand how your income works. They want to attract you to their product and usually offer favourable terms with higher borrowing amounts achievable.

If you are employed directly by an NHS Trust or Agency, who are responsible for paying your tax and national insurance contributions, you will need payslips to proof your income and it is likely you will be seen by some lenders as a zero hours contractor. Most lenders will want to see 12 months history.

If you receive invoices for the provision of your locum doctor services and pay your tax and national insurance by self-assessment, then you will be treated as self-employed and you’d need to provide two years of self employed figures.

There are some lenders that are more flexible and approach your income in a much better way. These lenders won’t need 12 months history. They won’t need 2 years self employed figure. They will use your latest remittance payslips and projections to help you secure the mortgage your income warrants you. 

Why Switch Mortgage Finance

fixed term contract mortgage. switch mortgage finance. Whiteley & Fareham mortgage broker

How much can doctors borrow on a mortgage?

Some mortgage lenders will allow doctors to borrow as high as 6x their current annual income. A normal mortgage for a lay person is roughly 4.49x your annual income, so you really can increase your borrowing potential.

Can I get a buy to let mortgage as doctor?

Yes it is certainly possible to obtain a buy to let mortgage. Some mortgage lenders do have a minimum income of £25,000 per year that you will need to earn, but some require no minimum income at all. You will also be restricted to a 75% mortgage and therefore will need a 25% deposit.

If this is your first time being a landlord or you are first time buyer, then there are some lenders that will not consider you, and you will want to make sure you apply to the correct lender by using a mortgage broker.

Can I get mortgage as a doctor with bad credit?

Yes, it is possible to get a mortage as a doctor even with bad credit. It would completely depend on the severity of the bad credit. There are some specialist lenders that will consider you, however you will need it likely you will need to provide a larger deposit. It would completely depend on the severity of the bad credit, and your current position. It is always worth enquiring to see what your options are.

Why use Switch Mortgage Finance?

There are some unique challenges to arranging mortgages for doctors. Employing the services of a mortgage broker can make the process more efficient and stress free. If you are a junior doctor, locum doctor or you have complex income streams you may find it more difficult to obtain a mortgage.

This is where we can help you by utilising or experience of the market. I have helped out many doctors with their property ambitions and hopefully we can help you too.