Mortgages for GPs

Are there special mortgages available for GPs?

If you’re a GP, you’re classed as a professional with some mortgage lenders. It means you can access higher borrowing amounts, because some lenders will give professionals a higher Loan to Income ratio.

Other lenders may be more flexible around their criteria for a professional, meaning you can access some products that others can’t.

Should GPs get a repayment or interest-only mortgage?

If affordable, I’d always recommend a repayment mortgage. Of course, there will be some circumstances where an interest-only mortgage would be more viable, but it’s always best to bring down the mortgage balance and own more of the asset in the end.

Interest-only is more tricky these days, and lenders have stricter criteria around it. They will want a certain amount of equity in the property when you first buy, so the deposit you need to put down could be a lot higher than on a repayment mortgage.

And of course, at the end of an interest-only mortgage you have to repay the loan in full.
If you want to look at that model, you could consider part and part – where some of the mortgage is on a capital repayment basis and some on interest-only. It can make the monthly payment a little less, and you’re still paying off that debt.

Why might GPs consider an offset mortgage?

It depends how you’re structured. As a GP you may be paying your own tax, and need to keep some income back to pay that tax at the end of the year. An offset mortgage is potentially an option for you here.

There aren’t actually many lenders offering this right now – but of course, that can always change [correct at the time of recording this podcast in October 2025]. The rates can also be more expensive than a traditional fixed-rate mortgage, but it allows you to have a savings pot which you offset against the mortgage amount.

It can really reduce your monthly payments if you can keep replenishing that fund each year to save up for tax. You do need to consider whether you could actually get a better return from a savings account elsewhere. Advisers can help you explore different things, and you need to consider everything before going down this route.

Should doctors or GPs choose a fixed or variable-rate mortgage?

It’s all about your attitude to risk. A fixed rate will, of course, give you more stability. You know what your payments are, whether that’s for two years or five years on a fixed rate.

With a variable-rate mortgage, there’s often more flexibility. The rates of that mortgage could of course go up or down – so there’s greater risk to consider, but you often have no penalty charges to come out of your product.

Some do have penalties, so it’s something to bear in mind, but if the rates are coming down you may be better off as a result.

It really is tricky to tell at the moment, as we speak in October 2025. The rates on variable products are higher than fixed rates currently, so you’re starting off in a worse position. It’s all about whether they could potentially come down.

You’ve also got the flexibility of deciding to change onto a fixed rate at a later point. It’s definitely one that’s dependent on your personal circumstances.

How much deposit should GPs need for a mortgage?

As a GP you can potentially get a mortgage with as little as a 5% deposit. There’s no need to necessarily put down more.

What you will find, though, is that lenders may restrict the Loan to Income, which means you can borrow less at 95%. If you can stretch to 10%, you might be able to get a larger mortgage.

There are some schemes that could potentially offer you a mortgage with less than 5% as we speak in October 2025 – it could be that these would suit you. There can be restrictions on how they want your income to look and how much you can borrow, so it’s well worth speaking to a mortgage adviser for the pros and cons of those different options.

Do I need a mortgage adviser that specialises in doctors and GPs?

It depends on your circumstances. If you’re employed on a basic salary, you probably don’t need someone specialised in that profession.

It’s more important for the self-employed, or where you’ve got some intricacies around your circumstances. If you’re a GP in a partnership or locuming as a GP, speaking to a mortgage adviser is preferential.

If you’ve only just gone self-employed as well, it’s worth speaking to us – or perhaps you’re just thinking about self-employment. It’s worth having a chat to put you in the best position.