Mortgages for doctors and medical professionals
- Tailored mortgage advice for doctors and surgeons our speciality
- Locum, umbrella or agency contractor, NHS PAYE, Ltd company, LLP or inside IR35
- We’ll present your income to secure you a competitive mortgage
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Get expert advice from one of our experienced brokers.
Several high street lenders offer bespoke mortgages for doctors. But getting a doctor’s mortgage in your local branch isn’t as simple as you’d think.
Yes, lenders recognise that both qualified and trainee medical staff are specialist borrowers. And, in theory, accommodate their income.
But in-branch advisors can become perplexed when dealing with medical professionals’ remuneration packages. That uncertainty often results in a reduction in the loan the lender eventually offers.
Over the years, we have worked hard to build trusted relationships with lenders. Whether you’re practising or training, we know it shouldn’t matter. We can align you with a lender well-versed in arranging mortgages for doctors of all types.
A specialist mortgage broker for specialist borrowers
You wouldn’t ask a paramedic to carry out brain surgery, would you? They’re smart, but their skills lie in other areas.
That’s doctors with mortgages, in a way. You’re smart, but how much experience do you have dealing with mortgage providers?
Appealing to advisors is one thing; convincing an underwriter is another hurdle altogether. And, yes: because of your income structure, you need to appeal to an underwriter. You have to bypass the advisor and go direct.
The problem is, quite often, you can’t. Most specialist underwriters only deal with their own underlings and intermediaries and brokers. That’s where we come in (as a broker, not an underling!).
Using a broker experienced in dealing with medical professionals can make a real difference. They can turn a rejected mortgage application waiting to happen into a successful one!
It doesn’t matter if you’re a first-time buyer, moving home or investing in property. Even if you’re just refinancing, we can help you get a competitive mortgage rate that suits you.
Why can mortgages for doctors be difficult to arrange?
Doctors’ practices are often incorporated utilising an LLP structure. From that company structure, they take their income in the form of drawings. Other doctors combine locum work with private practice and have different income streams.
Either way, advisors struggle to assess doctors’ full earnings potential. This ignorance can lead to rejection or a mortgage offer less than your income warrants.
Over the years, we’ve worked tirelessly to build trusted relationships with specialist lenders. We now inherently know which are skilled in arranging mortgage loans for doctors.
Locum doctors, nurses and other medical professionals pose a different problem. Your job demands variable hours and erratic shifts, often with gaps in employment. Plus, you may take on locum work alongside your main job.
As long as you can prove you can maintain this income, it should be valid for mortgage purposes. Lenders will base your affordability on an average of your earnings over the past few months or years.
Newly-qualified doctor mortgage
Don’t worry if you’ve recently qualified and just started working. Nor if you’re about to begin a job (within the next 6 months).
You’re still potentially eligible for a mortgage without the ‘3 months in employment’ norm criterion. Some lenders see your potential and weigh it against risk.
Doctors on temporary/fixed-term contracts
Doctors on fixed-term, daily/hourly rate contracts shouldn’t have issues securing a mortgage. Our lenders recognise both your skill and the demand for it.
We have relationships with many high street lenders that offer contractor mortgages for doctors. These use your day rate as the basis of your affordability.
You may only find mortgages that use your post-tax accounts on the High Street. Underwriting based on your contract will avail you of much larger borrowing potential.
Self-employed doctor mortgages
People working in the medical field often switch from a salaried to a self-employed role. You may now operate through your own limited company or are working as a sole trader.
Again, the type of trading structure you utilise won’t pose a problem. We can secure you a mortgage with only one year’s accounts. Or, as a limited company contractor, with contract-based underwriting (as above).
How much can doctors borrow to buy a home?
How much a doctor can borrow to buy a home depends on a few aspects.
The main factor is the lender you go to and their attitude to your payment structure. Beyond that, it’s how an advisor or broker presents your mortgage application.
If they assess you properly, you’ll get an offer of between 4- to 5 times your annual income. Some lenders even offer multiples of up to 5.5 times your income.
The key will be what the lender or underwriter classes as annualised income.
If you go to the High Street and they use your SA302 ‘salary’, the offer will be low. If you go through a specialist broker, they’ll use your gross ‘annualised’ contract rate. The difference is vast, as you can imagine.
What interest rates can a doctor get?
There’s no reason doctors can’t secure the same competitive rates as other borrowers. In fact, some lenders offer preferential rates to people in the medical profession.
Doctors’ potential earnings and the demand for their skills lowers risk. Mortgage providers like low-risk and their borrowing terms reflect that.
Why trust Mortgage Quest to arrange your mortgage?
Mortgage Quest has specialised in self-employed and contractor mortgages for years. Doctors and medical professionals are regular professions for whom we’ve secured bespoke mortgage loans.
We fully understand your income structure and the difficulties that you face. You’ll benefit from the groundwork we’ve put in with lenders over time. Simple underwriting, efficient processes and key relationships mean our doctors’ mortgages complete quickly.
We can deliver our service entirely over the phone or online, whichever is most convenient for you. From the moment our advisor receives your enquiry, they’ll be with you from start to finish.
As in medical practice, we believe that relationships are key to success. Call us on 0208 421 7998 or enquire now to begin that partnership (no appointment necessary).