You would think getting mortgages for doctors should be easy. Strangely this is not always the case. As professional independent mortgage advisers we help doctors from Devon to London and are well versed in the complexities, but importantly we can help. If need some help and divine inspiration, this blog is designed to:
- Help you get started.
- Tell you things you need to do.
How do I get a mortgage as a doctor?
The first critical question you need to ask yourself is can you actually get one? I’m not expecting you to know this answer right now, but this is the first critical step.
As a doctor you might be employed, self employed or even on a training contract. For most mortgage brokers and banks they will probably struggle to grasp your situation. Click To TweetThis is where it can all fall down. If the person who is supposed to advise you, can’t understand your situation, how can they help? Luckily as experienced independent mortgage brokers in this area we understand the complexities and can help which may include:
- For Junior doctors the complexities of training contracts.
- For GP new or existing practice partners (less than one year for new partners is okay).
- For locums we understand the complexities of your role and less than one year can be okay.
- For consultants we are able to maximise your borrowing capacity by taking into account all elements of your income and are comfortable with dealing with complex income streams.
Establish the facts for a doctor mortgage
One of the next critical steps is getting all your paper work together and organised. I know this is the worst bit for lots of people, but if you can get organised now this will help you save time and will make your life easier in the long run.
Typical documents might be:
- The latest 3 months payslips if you are employed
- If you are self employed, then your latest 3 years accounts and SA302’s (less is possible but speak to us first).
- Your latest 3 months bank statements (make sure you can get these, I know clients struggle with this).
- If you are employed, your latest P60
- Depending on your situation there could be other things too, but your adviser can tell you at the time.
Once you have these it will make the life of any broker looking to help you, a lot easier. What ever you do, do not take it as red that you can do something until the person you are working with has seen all of your documents. Click To Tweet
As a doctor looking for a mortgage, you might want to know things are done properly!
It is very typical for a broker or indeed a bank to do a credit check on information given over the phone or rough approximations. This does make your life easier and you (hopefully) will have good news. However if I'm honest this process is doing you no favours and is a dis-service to you. Click To Tweet
We have had numerous (too many to count) clients approach us after unprofessional brokers have done 5+ credit scores with various lenders in the vague hope one will stick (and this is all without visibility seeing any evidence). Banks are no better with numerous clients coming to us after the bank had passed them on credit scoring based on rough figures, only then for the lender to turn them down when they applied with their documents. We think there is a better way.
Would it not make more sense, to do the job right first time every time? We think so. Which is why we will tell you yes or no and are not afraid to do so. We believe in complete transparency and being open and honest with people. Its not complicated but we still scratch our heads when we hear these stories.
Our Mortgage process for doctors
- Phone conversation or meeting with a professional adviser to determine if we can help or not.
- Collect relevant documents
- Assigned a client manager which will be your ongoing point of contact.
- Research with all the correct documents to find the best deal and best solution.
- Mortgage application
- Help you throughout the process, which will include, chasing the lender, liaising with solicitors and if applicable estate agents.
Simple really. Don't just rely on someone giving you a rough idea. Click To TweetYou need a clear plan and strategy and a professional mortgage broker like us can help guide you through this.
Making life easier for doctors getting a mortgage:
Just to share with you we have expertise not only in residential mortgages, but all types of investment properties from holiday lets, to buy to lets, HMO’s and student lets.
We also have a specialist team for commercial mortgages and business finance for the health care sector. Whatever your enquiry we have the experts to help and although you may speak to different advisers (depending on your needs) you will always have the same client account manager to rely on and provide that friendly voice on the end of a phone.
The reason we have taken the time to offer a full service is because we believe strongly in making life easier for our clients. We know how hard and complicated things can be, but by enabling our clients to only have to deal with one firm hopefully makes life a lot easier for you.
Now it’s time to say goodbye and wish you all the best with your exciting future, but just remember to speak to a professional even if its not us, don’t just speak to the bank.