Mortgages for Junior Doctors

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

What is a junior doctor mortgage?

Mortgages for junior doctors can be difficult to obtain. It is all about approaching a mortgage lender who understands your income, the structure of your fixed term contracts and generally make the process much easier for you as a junior doctor.

Can you get junior doctor mortgage?

Yes it is certainly possible to obtain a junior doctor mortgage. 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.

Is it hard to get a mortgage as a junior doctor?

No, it is not hard to obtain a mortgage as a junior doctor. If you have visited your local high street bank you may have found, they will not lend to you because of their criteria for fixed term contracts. Most lenders require two years fixed term contracting or at the very least one year. However, there are lenders we approach who do not require this long, in fact you can get a mortgage with less than a year on a fixed term contract. 

Do junior doctors get better mortgage rates?

As a junior doctor is it certainly possible to access the best and cheapest mortgage rates on the market. It does depend on your personal circumstances; however, we have placed many junior doctors with the most cost effective mortgage lenders.

Mortgages for newly qualified doctors

As a newly qualified doctor it can be difficult getting a new mortgage for a number of reasons. Most mortgage lenders have strict criteria when it comes to fixed term contracts. Many mortgage lenders want two years of employment history on a fixed-term contract before lending to you. However because you area junior doctor its actually possible to obtain a mortgage with just one payslip and your contract of employment.

Mortgages for junior doctors on rotational contracts

If you are a doctor on a rotational contract, you may find it much harder to obtain a mortgage as most mortgage lenders want at least a 12-month initial fixed term contract. There are mortgage lenders that understand as a junior doctor you are likely to be on rotational contracts and they will be happy to lend to you.

Speak to an Expert!

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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.

How much can junior doctors borrow on a mortgage?

There are some mortgage lenders that will offer junior doctors the ability to lend a bigger mortgage. Junior doctor friendly mortgage providers know as a junior doctor your income is likely to increase in the short term as you progress as a doctor. They are therefore more comfortable with offering you higher borrowing amounts.

Mortgages for junior doctors getting a pay rise

If you have evidence of a payrise on your next contract, then there are lenders that can consider this new income before you have even started. Therefore giving you the ability to raise a higher loan amount. You will need to have started the new role before completion of your mortgage. 

mortgages for junior doctors. Switch mortgage finance.

Can I get a buy to let mortgage as a junior 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 junior doctor with bad credit?

Yes, it is possible to get a junior doctor mortgage 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 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. We have helped out many doctors with their property ambitions and hopefully we can help you too. 

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