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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
Sharmila Rumpa2024-05-28Excellent and professional service, wanted to call out Bhavna Gover especially, she helped me to sort out a Ltd Company buy to let mortgage. She's very thorough in her work. Please ask for Bhavna if you need a mortgage in future, she will be happy to help for sure.
Kash Anis2024-05-23We approached Mortgage matchmakers regarding to get an options as we alreday tried few brokers before.Mohit introduced Bhavna which helped us out through out our journey.We felt it was difficult as our situation was bit tricky, but Bhavna worked out the best resoultion and sort this out. We have no words to say thank you, as it was amazing support from Bhavna and got the mortgage offer. Bhavna was fantastic,friendly and very passionate person, she is very professional Mortgage Advisor. Once again I would like to say Thanks so much for helping through out my journey to get mortgage for my new house.
Larushhh O2024-05-18It was a pleasure working with Paul over the last few months with my remortgage. He took away the stress of remortgaging with his professionalism and patience till the deal was finalised. I highly recommend him as a broker. Thanks for your support and help once again.
Aromes Bienmaison2024-05-15Paul was very helpful and provided a great guidance throughout the whole process
Shalaka2024-05-14We couldn't have asked for a better mortgage advisor! Mohit has been an absolute asset, always there when we had a question, and believe me, we had plenty! Being first-time buyers, his guidance was invaluable. What we appreciated most was his honesty and the fact that he never made us feel rushed into any decision. We're still in the process, but we already feel confident with his support. Totally recommend him to anyone in need of mortgage advice!
Dinesh Johnson2024-05-13Mohit was simply brilliant and helped us to understand all the options available in the market and choosing the best and importantly the right product for our need. Mohit is very efficient, he goes out of his way to help his clients and keep his client’s interest at top of his priorities. He was very professional and knowledgeable, would certainly don’t think twice to get his service in the future. I would highly recommend him to anyone who needs advice and support in sorting their mortgages. Thank you soo much Mohit for your hard work and support in sorting our both residential and BTL mortgages! Tharaka & Dinesh
Bagya P2024-04-30If anyone looking for hassle-free mortgage process, then I would suggest to discuss with Mohit. Mohit explained the process more in detail, assessed the situation very well and gave perfect suggestions to get the process done. Also, he closely connected with Solicitor and made the whole process easy. Additionally, I would like to thank Bhavana for her exceptional work. She tried many options to get the better deal from different Vendors. She explained all my queries on time and appreciate her professionalism. Thanks a lot once again Mohit and Bhavana for all your support.
Oliver Harris2024-04-24Mohit was a great help with finding my first mortgage. He talked through all options clearly and found the best deal to suit my needs. I'd thoroughly recommend using his services.
Veronica Ihonor2024-03-03The team was very professional with spontaneous delivery in line with agreement. Well done guys
Ogechi Eke2024-01-14If you’re looking for a professional mortgage broker who actually goes above and beyond his role then look no further. Ankur Daru is your main man. He is extremely helpful and knowledgeable. Even when the interest rate dropped for my lender, without prompting, he sent me an updated deed. There are so much more I could write but I’ll sum him up in a few words: Professional, knowledgeable and helpful. Thank you for securing the deal for me Ankur! I look forward to the next one! Ogechi