Experience & expertise where it counts for doctors in need of a mortgage
When it comes to getting a mortgage as a doctor it can be complex. You want a mortgage broker who understands your industry and has experience of helping others doctors just like you.
We we’ll always offer you the best advice and help you achieve your financial aims.
Do you have a question about a doctor mortgage?
Can I get a mortgage if I am on a training contract?
A doctor who has a training contract is a complex employment scenario. At best some lenders often misunderstand or mis-interpret the way this type of morgage application needs to be assessed. At worst, their lending criteria does not allow for the flexibility that is required.
A doctor going through a training contract is likely to have worked in different departments, have fixed contracts, worked for different trusts or some other complexity.
The reality is the training contract can cause a lot of confusion for lenders who are not familiar with the training contracts of doctors.
We have helped numerous doctors on training contracts and the reality is a lot of lenders do struggle to understand your circumstances.
Working with a mortgage broker who has experience of helping doctors on training contracts is critical. They need to find a lender who will be suitable and willing to lend to you. Equally important, they then to present your application in the correct way, and the only way they can do this, is if they really understand your circumstances.
But like I said the short answer is yes you can, so don’t fret, just get in touch with any mortgage questions you may have.
Can I get a mortgage if I am buying into a GP practice and going self employed?
If the individual is also considering getting a mortgage this can cause complexity as the trainee will be moving from an employed/fixed term contract into a self employed role.
It is important to identify a lender who will be comfortable with lending to a newly self employed individual. For most industries a lender will not consider lending unless a self employed person has 1-2 full years self employed history.
However there are some lenders who understand the transition between the training contracts and a doctor joining a GP practice. As a result some lenders will be happy to assess the self employed income based on the history of the practice. Often a practice manager will be able to confirm what the new GP’s earnings will be or obtain the accounts of the practice.
Can I get a mortgage as a locum doctor?
So when it comes to getting a mortgage it is important to start planning early.
Becoming a locum means you are self employed and as such it is likely a lender wil only lend to you once you have at least 1 full year self emplyed accounts.
It might be possible to have less, but this will be dependant on very specific crtieria being fullfilled.
A lender might accept a projection if you’ve been in the role less than one year.
If you are working for only one entity/practice, then a lender may look to assess you as a contractor.
The simple point is that lending rules do change, so don’t assume this won’t change.
Doctor Mortgage Calculators
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We’re completely independent. So we can access the whole market
We’re best positioned to get you the best mortgage deal. Because we’re independent, we’re not tied to just one lender, ensuring our customers get the best possible deal.
Our Success Rates
(Fourth quarter 2018)
- We assess
- You instruct us
- We research
- We find the best deal for you
Agreement In Principle
- You agree to the deal
- We submit the first stage of your application
- You get an agreement in principle
- We submit the second stage of your application
- We present your application in the best possible manner
- They assess your situation
- We support you throughout the process
- They assess your property
- You receive your mortgage offer
- Technically our job is done with getting you the mortgage offer, but we like to go the extra mile
- We liaise with solicitors and estate agents
- We keep you updated
- You achieve your goals