Get in touch for a free, no-obligation chat with an adviser about how we might be able to help.
There is no such thing as a ‘mortgage for a doctor’ but there are specialist lenders out there who are tailoring their mortgage products, making them more suitable for people in various professions.
Unique challenges of being a doctor
Here at CTA Mortgage Advice Centre, we understand there are unique challenges that doctors can face especially when it comes to mortgage applications. For example, you may be a newly qualified junior doctor and still have student debt left to clear or you might be a doctor who works through many short term contracts – either way there will be options for you.
Lenders will look at your application and take into account factors such as the likelihood that your income will increase as your career becomes more established and your pattern of short or long term contracts and we will find the right lender for your circumstances. There may even be specialist lenders offering mortgage products with incentives for doctors as they understand the profession and are eager to lend to those who work in it.
How do I prove my income as a doctor?
Whether you are employed in a private practice or prefer locum work as a doctor, you will need to prove your income alongside a mortgage application to prove you can make the repayments on your mortgage.
If you are Self-Employed or working through contracts then you need to be prepared to show your SA302 forms and tax overviews to your chosen lender. This will be so they can assess your income and see how steady it is too. It is best to try and be employed for a good period of time or have a contract in line before applying for a mortgage, the more stable your finances the better.
How much can I borrow as a doctor?
There are lenders who tailor-make mortgage products for those in certain professions, with incentives, exclusive rates and discounts for employed doctors as they understand your profession and earning potential. The longer that you have been a doctor the better and if you are a senior doctor, you are likely to have many lenders willing to accept you onto a mortgage.
Many lenders are likely to offer you up to five times your annual salary – you can use an online mortgage calculator as a rough estimate of how much you might be able to borrow. It is always important to remember to apply for mortgages that you can afford though, as if you miss repayments your home may be repossessed.
Do I get a discount if I work for the NHS?
There are lenders offering discounts and incentives for NHS staff and clinical staff but you will need to prove you are employed by the NHS and it will need to be in these areas:
- NHS Direct
- NHS GP Surgeries
- Ambulance Trust
- National Blood Transfusion Service.
Some lenders may offer flexible mortgages and lower deposit options to those in NHS professions and there are also a number of other schemes that are available to everyone that can also offer help with your mortgage.
Help to Buy
There is a Government scheme in which when you provide a 5% deposit as a First Time Buyer, the Government will add another 20% to your deposit. This gives you a larger deposit to approach a lender with.
New Buy Schemes
There are also new build homes which are part of a scheme offering a lower deposit option depending on the lender’s criteria, subject to the homebuilding company taking part too.
How can a mortgage expert at Mortgage Advice Centre help me?
As a doctor, we understand that time is precious and we want to help you take the stress out of the search. We can access a panel of over 50 lenders and gain access to specialist lenders as well as helping you with your mortgage application. We have a range of Mortgage Advisers ready to help you with your mortgage application process, give mortgage advice and help you buy a property so get in touch today.
Through Openwork, we are authorised and regulated by the financial conduct authority, meaning we are qualified to give you the advice that you need and help you find the right mortgage lender for you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.