Mortgages For Doctors

Getting the right mortgages for doctors can be difficult. We offer mortgages for doctors from specialist mortgage lenders who understand the medical profession. Our mortgage lenders have designed specific mortgage products to suit your profession and complex earnings. 

All our consultations are online, at a time and date to suit your busy schedule.

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Doctor Mortgages

Mortgage lender criteria is complex. Many lenders simply look at the information they are provided with on face value. Without truly understanding the profession of the mortgage applicant. Therefore it follows you should work with a specialist mortgage broker who deals with professional mortgages for doctors.

Working with a specialist ensures your mortgage application is placed with the correct mortgage lender. Consequently, the lender will understand your circumstances better.  As such they will be more likely to approve the mortgage you require quickly. This will save you time and money. Ultimately, this will give you the best chance of securing the mortgage you need.

We deal with mortgages for doctors and all types of medical professionals. If you are an employed doctor receiving a monthly salary this should be a straight-forward process. However, if you are a locum doctor just starting out, or a junior doctor in your first year, it could be more complicated. Equally, this is true if you are self-employed, or a partner in an Limited Liability Partnership (LLP). Talk to us, we can help.

Mortgages For Doctors

Mortgages for Doctors Online

We offer doctor mortgages online. In fact we offer all types of mortgage, refinance, and insurance advice online, over the telephone, by video call and email. We understand your profession. We know you may work shifts and unsociable hours. You may live abroad. However, you have no need to attend an inconvenient face-to-face meeting. We can offer face-to-face advice via video call. We offer a free appointment ‘out-of-hours’ on a day and time to suit your working schedule. Contact Us to book a consultation

Do Doctors Get Better Mortgage Rates?

Sometimes. Lenders like a secure profession. However, specialist mortgages for doctors can involve higher amounts of borrowing. We have access to specific mortgage lenders who provide mortgages for doctors and other medical professionals.

Obviously, the best mortgage rates are available to those who can choose from all the available lenders on the market. Therefore any specialist elements to your circumstances will reduce the amount of lenders you will have access to. Hence, this limits whether you can get better mortgage rates.

We will assess your circumstances for free. We will advise whether you can apply to a mainstream mortgage lender or require a more specific solution. 

Doctor Mortgage Calculator

Mortgage calculators give you false hope. There is no one size fits all. There is one way to accurately understand how much you can borrow and how much this may cost per month. You need to have a bespoke appraisal of your situation. We offer this service to you for free. 

Generally, most mortgage lenders will be happy to lend most mortgage applicants up to 4.5 times income (less any existing debt). This could be increased to 6.0 times income or more for mortgages for doctors. This is an estimate as mortgage lenders moved away from multiples of income some years ago. Consequently, mortgage lenders now use an affordability lending basis. This means in order to calculate how much mortgage you can borrow your income and expenditure must be assessed .

Mortgages For Doctors

Mortgage Advice For Doctors

Offering mortgage advice for doctors means understanding the profession. We understand the different types of working arrangements doctors have within the medical profession. You may be self-employed, employed, or within a period of training. You may have a mixture of these employment types.

If you are self-employed the ideal situation is to have two to three years tax accounts available to demonstrate your income. However, this is sometimes at odds with general accountancy practice. Clearly, your accountant will try to minimise your taxable income to reduce tax. This is done by using expenses and allowances. Nonetheless, a mortgage lender will want to see a evidence of sufficient income to satisfy themselves you can afford any mortgage.

As such it is worthwhile getting in touch with a mortgage advisor very early in the process. This enables us to add specialist value. We do this by helping to prepare your financial position to best present to a mortgage lender. We will work alongside your accountant to achieve this.

How Much Mortgage Can A Doctor Get?

The amount of mortgage you can get will primarily be based on four factors. Your income, expenditure, existing financial commitments, and credit status. 

As a rule of thumb 4.5 times income is a good starting point. However, some lenders have designed specific mortgages for doctors. As such, these products can allow up to 6 times income to be borrowed. Usually, subject to a larger deposit being provided. 

That said, it’s important to understand lenders no longer use income multiples to calculate how much they will lend for mortgages for doctors. Lenders assess how much a mortgage an applicant can afford by looking at their personal circumstances. Income multiples are now a matter of underlying company policy.

For example, a bank may lend up to a maximum of 4.5 time income to all applicants, while another lender may go up to 5.5 or 6 times income for mortgages for doctors. Commonly, this comes with a myriad of exclusions and caveats to the eligibility criteria to qualify. And of course is subject to an affordability assessment.

Mortgages for doctors are sometimes limited to practicing medical doctors. Additionally, you have to be registered with a professional body such as The General Medical Council.

As such it’s important to understand this criteria and apply to the correct lender. It equally important to position your mortgage application in the best possible light to achieve a positive mortgage decision. That’s where we come in.

Junior Doctors Mortgages

It can be a challenge to get junior doctors mortgages. As a junior doctor you will have a lower salary than your counterpart qualified colleagues. Also, you may be on a fixed term contract. Generally, lenders don’t like fixed term contracts. This is because it indicates a lack of security for mortgage repayments. We have access to bespoke junior doctors mortgages from lenders who understand your career path and progression. Lenders such as Buckinghamshire Building Society. Specialist junior doctor mortgages may allow you to borrow more, subject to an affordability assessment.

Mortgages For Doctors

Locum Doctor Mortgage

Being a locum doctor does not mean you cannot get mortgages for doctors. However, it is important you present your income in the correct manner so it is understood by the lender. You should clearly demonstrate to the lender whether you are employed with a salary or self-employed. This will likely depend on how long you have been a locum and whether you have qualified or not.

The main issue with self-employed income is fluctuations.  It is true, doctors do have more job security than many other industries. Typically, lenders want to see a steady track record of earnings. However, accountants generally want to reduce taxable earnings by all available costs. They do this to maximise profit. As such, this can sometimes be at odds with obtaining a mortgage. Speak to a mortgage advisor as early as possible. A good advisor will liaise with your accountant to get you mortgage ready.

Mortgage Broker For Doctors

In conclusion if you are looking for a mortgage broker for doctors, this is the right place. We offer bespoke advice to the medical profession. To assist with purchasing your first home or remortgaging your current home. Perhaps buying additional property for personal use or investment, such as buy-to-let. Our practice principals have worked with medical professionals for over 20 years.

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