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Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgages for doctors, all you need to know

The unique challenges of being a doctor

As a doctor, there are a range of unique challenges to face throughout the mortgage application process:

  • Complex employment types make it harder for a lender to establish your long term income pattern
  • Many of the job types pertinent to doctors lack stability, such as Self-Employed and locum working
  • Most doctors, particularly those who are newly qualified, will have higher student debts, due to their study duration.

The unique benefits of being a doctor

Despite the challenges you may face with a mortgage application, as a doctor, you will also have access to some unique benefits with a variety of lenders:

 

Trainee and junior doctors

Whilst junior or trainee doctors are often on a considerably lower salary than their fully qualified colleagues, lenders who specialise in mortgages for doctors will often be willing to base their mortgage calculations on your expected future salary.

Those with a clear path of progression into a more senior role are most likely to qualify for this benefit. Particularly if you have a job promised at the end of your training period.

 

Newly qualified doctors

Unlike applicants in other professions, you won’t usually need to have completed a minimum duration of employment prior to making a mortgage application. Those in paid employment or who expect to be within six months, will often be able to apply straight away.

 

Self-Employed doctor or Medical Professional

For those carrying out a Self-Employed role, such as a private practice doctor are sometimes considered for a mortgage with just one year of accounts available. There are specialist lenders who may even consider doctors without the first year of accounts available.

This benefit is exclusive to doctors as those in other Self-Employed professions usually need to often supply at least two years of accounts in order to secure a mortgage offer.

 

Locum doctors

For locum doctors, it can be very difficult for lenders to establish a stable income pattern. Whilst this can be one of the most challenging job types for a doctor to qualify for a mortgage, there are independent mortgage lenders who will consider your circumstances.

Where you have a stable history of continuous work, some lenders will use an average figure from recent months or years of income in order to establish your affordability for a mortgage.

How do you prove income if you are a doctor?

As there is a wide range of employment types that apply to being a doctor, your employment type will dictate the documents needed for proof. A Mortgage Broker who specialises in providing mortgage advice to doctors, like Yellow Brick Mortgages, can advise you about documents required for your individual circumstances.

 

There is generally more flexibility for doctors when it comes to providing proof of income. A basic level of trust, alongside a largely above average income level, means that doctors often endure less scrutiny than other mortgage applicants.

How much can you borrow if you are a doctor?

As a doctor, how much you can borrow is based on your income and overall financial stability, much like other applicants.

 

For employed doctors, your current salary band is ordinarily used to determine the loan amount. For junior or trainee doctors, however, the offer may be based on a future expected salary band.

Do I get mortgage discounts if I work for the NHS?

Whilst NHS staff in clinical positions are sometimes eligible for mortgage discounts from some lenders, this does not extend to NHS doctors.

Here at Yellow Brick Mortgages if you are employed by the NHS we will never charge a fee for our service to say Thank you for your work within the wider community.

Mortgage schemes suitable for doctors

Though there are no mortgage schemes specifically aimed at doctors, you may be eligible for one of the below schemes, which can help those struggling to buy a property.

 

Help to Buy

This scheme enables you to purchase a new build home up to the value of £250k (£450 in Greater London) with a deposit of just 5%. The government provides a 20% equity loan (40% in Greater London) to top up your deposit, meaning you only require a 75% mortgage for your home.

 

Shared Ownership

Shared ownership schemes allow you to buy a share of a property, meaning you only require a mortgage for a percentage of the value. This makes the deposit and repayments on your mortgage lower, however, you also have to pay rent on the part of the property that you don’t own.

 

Right to Buy

If you’re a local authority or housing association tenant, you are sometimes able to buy your home through the right to buy scheme. These properties are ordinarily sold considerably below market value, making the mortgage application more achievable.

Your home/property may be repossessed if you do not keep up repayments on your mortgage.
Some Buy-To-Let Mortgages are not regulated by the Financial Conduct Authority.

Happy Clients

barbara kisolo
barbara kisolo
02/10/2023
I was introduced to Mortgage Matchmakers Limited by a friend who had used them before. From the moment we contacted Paul, he walked the journey with us until exchange of contracts. Paul was reachable 7 days a week and would answer his calls even outside the normal working hours. He was constantly updating and advising us on each step of the way including engaging the solicitor severally when things stalled. He provided useful advice whenever we felt like giving up. The fee was far less than what these guys offer and Paul was so patient with us. We are glad we chose Mortgage Matchmakers. Thank you so much Paul. We can't thank you enough.
Suman Pandey
Suman Pandey
19/09/2023
I cannot express enough how grateful my family and I are for the exceptional service provided by Bhavna Grover during our mortgage approval process. In just two short days, Bhavna worked tirelessly to help us secure our mortgage, and her dedication and expertise were truly outstanding. What truly sets Bhavna apart is her unwavering support and her wealth of knowledge in the field. She patiently and thoroughly explained every aspect of the mortgage application process, providing us with invaluable advice that allowed us to make informed decisions. Bhavna's friendly and easy-going demeanor made the entire process feel seamless, and we genuinely enjoyed working with her. Throughout our interactions, Bhavna demonstrated a high level of professionalism and competence. But beyond her professionalism, Bhavna's personal touch was what made our experience truly exceptional. She made us feel comfortable, and her ability to explain complex concepts in a language we could easily understand was greatly appreciated. She was not just a mortgage expert but also a trusted advisor and friend. Thank you, Bhavna Grover, for going above and beyond to help us achieve our mortgage goals.
Chetna
Chetna
06/09/2023
Fantastic service! Mohit and Bhavna were super efficient & quick - more importantly, they were able to get me a great mortgage rate. I loved that they were so responsive and I was able to call/message anytime and they would respond almost immediately. I'm so happy with their service and would highly recommend them!
Tim Bashforth
Tim Bashforth
17/08/2023
If I may start by saying I never leave reviews but in this instance I felt compelled to. As this was my first time getting a mortgage it felt quite daunting but from the first time speaking to Mohit he put my mind at rest and talked me through the process. When I had concerns or questions he was just a phone call away to give an answer and was always happy to help even after three calls in a row when I had forgotten some of my questions. He made the process of getting my mortgage a stress free experience and I would strongly recommend Mortgage Matchmakers to everyone. To be honest five stars just isn't enough! my experience couldn't have been any better, if you are looking for a mortgage adviser look no further and give them a call, you won't be disappointed.
Ayan Sengupta
Ayan Sengupta
10/08/2023
Very informative discussion with Mortgage Matchmakers. Mohit is really helpful and willing to go the extra mile in assisting clients depending on their circumstances.
Diana Terence
Diana Terence
24/07/2023
Mohit thank you for sorting our buy to let mortgage. You've been excellent in giving us good options and advise on terms. Thanks again
Kam Zaman
Kam Zaman
09/07/2023
Paul Asare was fantastic he kept me updated all the time and explained things clearly. I’d recommend this company a lot they were great and gave me the best deal.
Emi
Emi
08/07/2023
I remember 2 years ago I was in a difficult situation in my life and I was looking for a good mortgage advisor. I searched online and Mohit's name came up. I read all his reviews and decided to give him a chance. So we met and OMG, Mohit is such a warm person with such a positive attitude, he told me all the possible options that I had and advised me the best choices for me. But unfortunately things went wrong in my personal life, so I didn't contact Mohit for another 2 years . After 2 years I was afraid to call him again and ask for help with my mortgage (because of last time) but Mohit helped me out again and he was so polite and professional. He tried his best, he was always in contact with me and I had my mortgage offer within a week !!!!!!! Honestly I am so happy I returned to Mohit, he helped me with everything, advice on things and I finally got my mortgage with my name only and it only took him a week! I really couldn't believe things happened so quick 😊 Mohit did something which other brokers couldn't ! I've been told I can't get a mortgage on my own but here I am and I got one with Mohit's help 😊 I will always recommend Mohit to my friends if they need help with their mortgages. Thank you Mohit for everything 🙏
Anthya Fernandes
Anthya Fernandes
12/06/2023
Mohit and Bhavna has been a huge help in my buying process. As a first time buyer and with rates changing all the time due to the economic uncertainty, I've been more than a little out of my depth, and Mohit and Bhavna has done a fantastic job of making the entire process simple to understand, straightforward, and stress-free. For the peace of mind that has given me alone, I could not recommend them highly enough.
Jaideep Pathak
Jaideep Pathak
11/06/2023
Mohit has been extremely professional, responsive and quick in helping me find a great offer. The entire process was seamless and I was surprised how quickly I managed to get an offer. Mohit cares for his clients and patiently addresses all questions. I would highly recommend his services.