Doctor Mortgages

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.