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Doctor Mortgages – the easy way to find a good deal
Doctors lead busy and challenging lives, and you may find it difficult to find time for financial planning and research. So when you’re looking to buy a home alongside your day job, talking to The Mortgage Centre will make the process faster and more effective.
Is it difficult for a Doctor to get a mortgage?
In general, it should be fairly straightforward for Doctors to find a mortgage. Nevertheless, some medical professionals do meet a few challenges when seeking out a good deal. Your current career stage, credit history and future work prospects can all play a role.
Your student debt could have an impact as well, because it takes so long to pay back the costs of medical school. For junior doctors, repaying that debt while funding the cost of living can be a tricky balancing act.
If you receive income from various sources it can have an effect when applying for a mortgage. You might have some NHS salary – from more than one Trust perhaps – plus payments from private practice, locum work, training or via the LLP structure of a General Practice.
The Positives about Doctor Mortgages
Often, however, lenders will be pleased to accept a Doctor as a customer. You will have a relatively high salary, are clearly a responsible individual and have excellent long term earning potential.
So as long as you have a sufficient deposit and a good credit history, most lenders will want to offer you a competitive mortgage deal. Your next priority is to find competitive rates and affordable repayments on your mortgage.
How much mortgage can a Doctor get?
In general, a lender will offer around four times your income, although some mortgage companies might extend this to five times depending on your circumstances.
Companies assess a mortgage application by looking at affordability. By looking at your income and outgoings, they will see how easy it will be for you to manage the repayments.
Proving your income as a Doctor
An important step in getting a mortgage is to prove your income. If you have a single employer, it’s very straightforward – you state your income and provide recent payslips as proof.
If your income is a little more complex – for example you gain earnings as a locum doctor or private practice – the lender might ask for recent tax returns. These state your annual income.
GPs often need to provide their practice’s annual accounts, stating their salary and any other payments.
Many mortgage lenders are very experienced in complex applications and won’t be phased by a Doctor’s income structure. Often, the biggest challenge for Doctors is to find time to gather the documents needed.
Speak To An Expert
We’re able to tap into our local knowledge to guide you through your house purchase in your chosen area.
NHS mortgage discounts
Many mortgage providers offer special deals for NHS staff as a way of thanking you for your important work. Some lenders offer reduced fees, better interest rates or more flexibility on deposit sizes and Loan to Value.
Brokers like The Mortgage Centre will help identify the providers offering NHS mortgage deals and compare the fees and costs for you.
Other schemes to help Doctors buy a home
Various government schemes can make it easier to buy a home and are worth investigating:
Help To Buy – Equity Loan
Available on new build homes, an Equity Loan will help you buy a property with just 5% deposit. The government loans you money to take your deposit to 20%, interest-free for five years. You will then apply for a mortgage to fund the rest of the house price.
Help To Buy – Shared Ownership
With Shared Ownership you can buy a 25% to 75% share of a home, paying rent on the rest. You can grow your share of the property over time as your earnings increase.
Right To Buy
If you live in a property owned by your local council or a Housing Association, you could buy it with a discount. The Right to Buy scheme can reduce the cost of a home by up to £84,200 in England or £122,300 in London.
How can a Mortgage Broker Help?
We have helped many Doctors with tailored mortgage advice. By getting to know you and your unique situation and property goals, we can find lenders who are likely to approve you for a mortgage. We compare all the best mortgage rates and deals, looking at the monthly repayments, fees, costs and terms to recommend the best options.
Our mortgage advisors will also guide you through the application process and beyond. As Appointed Representatives, we are registered in England and authorised and regulated by the Financial Conduct Authority.
Contact us today to explore how we can make buying a property simpler and cost you less.
Why Choose Us?
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