Despite the fact that as a doctor you are likely to have a good income and hold a professional job, it can be difficult to demonstrate this to a prospective mortgage provider due to the nature of many doctors’ work contracts and salary arrangements.
Searching for a residential mortgage as a doctor can be a more complex undertaking than you may have initially anticipated – after all, as an above-average earner you would naturally expect to be an attractive proposition to mortgage lenders.
From one viewpoint, doctors can be very attractive mortgage borrowers for a lender – after all, you have professional employment and may well have more capital available to you than the majority of house purchasers.
However there are certain factors at work such as contract work and locum roles which can all be an issue when it comes to proving that you have a reliable income and can make the required mortgage repayments. Different types of doctors may find varying difficulties with regards to getting mortgage, such as:
If you are a junior doctor you may need to move around a lot for different placements or training posts, which in turn can mean that you have regular changes in your payment and contracts terms. You may also have multiple previous addresses from moving around during training, which can sometimes make access to credit more challenging. However, there are mortgage lenders who will take your anticipated salary on qualification into account, even if you currently have a lower income while training.
If you are a locum doctor you may find that it is hard to prove that you have a steady salary stream due to the nature of locum work, such as gaps in employment, random shift patterns, and the fact that you may also have a salaried role. Standard mortgage lenders may not always fully understand the nature of locum contracts.
If you are in general practice you may find that you run into issues when approaching mainstream mortgage providers because, as a GP, you are actually self-employed. Self-employment can present issues for getting a mortgage so it is a good idea to seek out a specialist provider to maximize the chances of your mortgage application being accepted.
If you are in a senior medical role, such as a consultant, you may have an assortment of income sources gains via both NHS and private practice.
We could help you find a lender who understand your requirements as a doctor and who will assess your application for a mortgage on a case-by-case basis – call our specialist mortgage team today on 08000 934 914. If you are looking to move quickly e.g. in London getting mortgage finance in place quickly can be the difference then we can help.