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Mortgages for Doctors

Table of Contents

If you are reading this it is likely that you are a medical professional who works for the National Health Service (NHS). In this guide, we take a look at the positive side of being a doctor when getting a mortgage and we will cover a few other facts that could affect you getting a mortgage.

Doctors Mortgage

Medical professionals including doctors often face challenges when applying for mortgages. This is because lenders and mortgage brokers may not understand your income structure. Mortgage Brokers like ourselves know the best lenders to use for NHS mortgage professionals.

Is it difficult to get a mortgage as a doctor?

Doctor’s income is often made up of unpredictable drawings rather than a fixed salary, lenders may deem that a doctor is not able to make the minimum requirements to be granted a mortgage.

Doctor’s practices are typically set up as Limited Liability Partnerships (LLPs). Doctors will, therefore, take their income from a practise such as this as drawings. Because this type of income can fluctuate, it poses a challenge for many mortgage lenders.

Many doctors will be employed as a locum or will do a combination of work for NHS and private practices. Because of the variable hours involved in the role, very often, this results in complicated income arrangements that can often lead to mortgages being refused. This is down to increasingly strict lending criteria from the lenders.

Medical professionals trainees and junior doctors might spend several years working for a lower income than other, more experienced colleagues. While your earnings potential is set to rise as they progress, applying for a mortgage will result in an application based on your current temporary earnings, rather than what you will be earning a few years from now.

When looking for professional mortgages for doctors it is always best to speak with a mortgage advisor who has a keen understanding of the way that doctors’ incomes are made up.

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Can I get an NHS mortgage?

The most important aspect of getting a mortgage is qualifying for the lender’s eligibility criteria. The NHS mortgages don’t really exist and there isn’t a mortgage product called a “NHS mortgage”. There is no NHS mortgage scheme as such however our mortgage advisors are experts in choosing the best lenders for NHS workers who both offer discounts and have eligibility criteria that suit their health care pay structure.

Mortgage for doctor professionals

Do doctors get special mortgages?

When it comes to applying for mortgages for doctors, it is important to get sound financial advice from people that understand the nature of your job and the way that your income is made up. Your bank statements can not always be clear for lenders so using a broker with a greater understanding of medical professionals salary and income structures will benefit you. A brokerage like ourselves are able to draw from our extensive knowledge of mortgage lenders and products to be able to suggest the best mortgages for doctors.

Applying for mortgages can leave a mark on your credit file, and repeated failed attempts at securing lending will go against you in future mortgage applications. In the case of applying for mortgages for doctors,  the lender’s decision to refuse you for any lending may well be based on their misunderstanding of your circumstances, rather than your current financial situation.

In order to avoid a mortgage application that can have a negative impact on your credit score, it is important to know where you should be applying for. With mortgage advice from a financial adviser who understands mortgage products that are best suited to doctors, you will be increasing your chances of approval.

We are able to help doctors in a range of different situations, including:

Mortgages for self-employed doctors

Self-employed doctors with their own professional practice Many doctors will make the move from being a salaried professional to being self-employed. This is very common among those working within the private medical sector or dentists. Very often, if you will need 2 or 3 years’ worth of tax returns in order to prove your income. If you are unable to provide this because you have recently made the switch, then it represents a challenge. There are lenders, however, that will provide mortgages based on just one years’ worth of tax returns or accounts, or even accept a self-employed mortgage at any point within your first year in the role. We can help you by identifying these lenders and assisting with your application process throughout.

Mortgages for newly qualified doctors

Newly qualified doctors If you have just qualified, and have either just started working, or will be moving into your first post within the next six months, we will be able to help you to find the lenders who will be likely to approve your lending without the usual three months employment records.

Mortgages for Surgeons

Using the right mortgage broker will mean that as a surgeon, you will get access to the best financial products and the mortgages for doctors bma recommends.

Mortgages for trainee doctors and junior medical staff

At the start of your medical career, you will very likely be at the bottom of the salary ladder. Due to the nature of the profession, your income will rise as you gain experience. We will help to point you towards lenders that are fully understanding of this and those that provide mortgages for trainee doctors. Planning ahead with our free mortgage and financial advice will save you time and money in the future.

Mortgages for a locum doctor

The variation and flexibility within a locum’s working hours can often cause incomes to vary. This can be problematic when applying to many lenders. However, we are able to provide the right advice in finding a mortgage that will take an average of your earnings over a broader period to provide the best results.

How much mortgage can a doctor get?

There are several different factors that will affect how much you will be able to borrow as a doctor. Generally speaking, you should be able to borrow around five or six times your annual income, which is higher than in many other professions. This will vary depending on the specific lender, however, we will guide you to the best mortgages for you.

Do doctors get better mortgage rates (UK)?

Some lenders will offer more favourable mortgage terms and rates than others. There are some UK lenders that will offer special terms for doctors. Overall, you are likely to be able to borrow more if you go with a mortgage provider that uses a greater income multiplier in order to decide how much they will lend you. Our no-fee broker will be able to help identify the best doctors mortgages.

Can Junior doctors get a mortgage?

Junior doctors mortgages are possible but will be easier to obtain with the knowledge and support of a broker that knows which lenders to use. Generally, junior doctors are on much lower incomes than many of their more experienced colleagues. You could also be in a position where you have just started training but don’t have any income yet. This can all lead to reduced lending so that’s why it’s important to go with the correct lender. However, by speaking with one of our advisors, it may be possible to secure a bigger mortgage with more favourable terms.

Checking your credit score

Your credit rating could affect the chances of you getting a decent mortgage deal, so check your credit score with Experian, Equifax, or ClearScore. If you notice any errors in your credit history report, do what you can to amend them. There is plenty of advice on how to do this online. If there are no mistakes, but your credit score is low, do what you can to improve your credit rating before making your mortgage application. 

How much will a mortgage broker cost me?

Although some mortgage brokers charge for their services there is such a thing as a NO FEE mortgage broker. These brokers get paid by the different lenders and do not make any additional charges. Google ‘Whole of market NO FEE mortgage broker’ and you will get a list of brokers with access to the whole mortgage market.

mortgages for NHS doctors

Ask YesCanDo Money for Doctor Mortgage Advice

Alternatively call, email or WhatsApp us at YesCanDo Money. We have arranged thousands of mortgages for doctors, nurses, student doctors and nurses, agency nurses, NHS bank staff, radiographers, and other health professionals. YesCanDo Money is whole of market which means we will be able to get you the largest mortgage with the best rate. We are also a NO FEE broker so using us will not cost you a penny! Once you experience our highly rated service you will be a client for life!

Are offset mortgages a good mortgage for doctors?

As a doctor, an offset mortgage can be a good option and this may be something that you wish to consider. By speaking with a mortgage advisor from our team, we would be able to help you to understand this type of product and identify whether it is right for your personal circumstances.

How can I get a mortgage if I have just joined a practice from the NHS?

Changing from an NHS salary to the flexible earnings that may be associated with working for a practice can cause challenges when applying to some lenders. We understand this, and we will ensure that we suggest mortgage lenders and products that are able to work to your financial needs.

What if my earnings are made up of locum work?

If your earnings are made up of locum work, we will find a lender that understands this. Lenders can take an average of your earnings over a period of time. We will help to identify the lenders and products that best suit your specific needs as a locum.

Can you help me arrange a mortgage around my anti-social work schedule?

We understand that doctors work very long, and often unsociable hours. We appreciate that it might be difficult to arrange a mortgage around anti-social hours. For this reason, we are able to communicate via WhatsApp to ensure we are continually progressing, even around your schedule.

Is there a mortgage fast-track service so I can secure a property I like?

We like to work fast in order to ensure you are able to get the home that you are looking for sooner. Whether this means speaking to estate agents or lenders, we’ll do whatever we can to get you into your dream home as quickly as possible.

Are you a first time buyer working as a doctor?

Our independent mortgage advisors are experts at looking after all first time buyers. We have a team working 6 days a week offering free advice and support. We have helped hundreds of first time buyer doctors and other medical professions. We support you throughout the mortgage process.

Authorised and Regulated by the Financial Conduct Authority

YesCanDo money is a trading name of Roberts Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority. Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgages for medical professionals

Read our information guides written to advise on each medical profession with helpful finance solutions and investment decisions for your home purchase. Achieve the loan size you are looking for with help from ‘mortgages for medical professionals’ experts. The get in touch with our team for free advice and support on the best mortgage deals for key workers and the medical professions.

Steve Roberts
Steve Roberts

Stephen Roberts MAQ is the founder of YesCanDo Money the Hampshire's largest no-fee mortgage brokers. With over 30 years of mortgage experience, he has advised and helped thousands of First-time buyers buy their first home and home movers buy their dream home.

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