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Mortgages for Doctors

No Fee Doctor Mortgage Advice

If you are reading this it is likely that you are a doctor who works for the National Health Service. 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.

Table of Contents

Is it difficult to get a mortgage as a doctor?

Doctors often face challenges when applying for mortgages. This is because lenders and brokers may not understand your income. With a doctor’s income often made up of unpredictable drawings rather than a fixed salary, mortgage 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 practice 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.

Trainee 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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How can we help with mortgages for doctors?

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. With a greater understanding of the medical profession, we 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 applications. In the case of applying for mortgages for doctors,  the lender’s decision to refuse you lending may well be based on their misunderstanding of your circumstances, rather than your current financial situation.

In order to avoid failed applications having 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.

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 mortgage 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 and junior doctors

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 doctors in training

Mortgages for locum doctors

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 favorable mortgage terms and rates than others. There are some UK mortgage 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 mortgage broker will be able to help identify the best doctors mortgages.

Can Junior doctors get a mortgage?

Junior doctors are able to get a mortage. Generally, junior doctors are on much lower incomes than many of their more experienced colleagues. This can lead to reduced lending. However, by speaking with one of our advisors, it may be possible to secure a bigger mortgage with more favourable terms.

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 mortgage brokers local to you that do not charge.

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 doctors, nurses, student doctors and nurses, agency nurses, NHS bank staff, radiographers, and other health professionals. YesCanDo Money are 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 mortgage broker so using us will not cost you a penny!

Related Mortgages for Doctor Questions:

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 one of our advisors, 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.

* Read our similar guide on getting a mortgage if you are a nurse.

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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