Mortgages for Locum Doctors

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

What is a locum doctor mortgage?

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

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.

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

No, it is not hard to obtain a mortgage as a locum doctor. You just need to know which lenders will work best for you. If you go direct to a high street bank it’s likely that you will be assessed using traditional mortgage rules and this will not work for some locum doctors.

There are some very competitive lenders who will be willing to assess your income differently, allowing you to obtain a mortgage more suited to your circumstances. You need the experience of a suitable mortgage broker to help you achieve this.

How is income assessed for a locum doctor mortgage?

Mortgage lenders will assess locum doctor mortgages in one of two ways, depending on how your tax is paid.

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.

Can I get a mortgage as a locum doctor if I have been self-employed for less than one year?

Yes, you can obtain a mortgage as a locum doctor with one or less years self-employed figures. I have access to some lenders that can source mortgages using invoices or remittance payslips you have received.

Can I get a mortgage as a new locum doctor?

Yes it is possible to obtain a mortgage even if you have only just started to become a locum. Provided you have experience as a doctor and the hours you are working are sustainable, it is possible to obtain a mortgage after 3 months of being a locum doctor. 

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 deposit do you need to qualify for a locum doctor mortgage?

You can qualify for a mortgage with as little as 5% deposit. If you are looking at purchasing a new build property or flat you will need to provide a 10% deposit, and in some cases a 15% deposit.

How much can locum doctors borrow on a mortgage?

There are some mortgage lenders that will offer locum doctors the ability to lend a bigger mortgage. Some lenders allow doctors the ability to borrow more, as they know doctors income is consistent.
mortgages for locum doctors. Switch mortgage finance

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

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

Why Switch Mortgage Finance