Mortgages for Doctors
Being a medical professional as a GP, Hospital Doctor, or locum, is a rewarding profession which combines academic intellect, hard work, and social and people skills. It will generally take around seven years of study and vocational work to become fully qualified.
After this considerable commitment many Doctors then begin to earn their corn (and deservedly so) however, settling down is not always simple.
An area which Doctors often find problematic is finding the right mortgage provider.
There are Doctor’s mortgage specialists in the market that have knowledge of the lenders that understand those in the medical profession.
Typically a Doctor’s mortgage professional will offer medics a specialist service covering a range of mortgage types; neither is this an exclusive club. First-time buyers can also obtain access to Doctor’s mortgages.
But why do Doctors require their own specialist mortgages?
The answer (or part of it) lies in bureaucracy and financial packaging. This may not come as a surprise to those who experienced mortgage lenders before.
Where Doctors can experience problems is due to their banded remuneration packages provided through the NHS. Many lenders will not consider the entirety of a Doctor’s income when offering lending.
urther, Doctor’s contracts can often be treated as temporary or freelance/self-employed arrangements. This leads to lenders turning down Doctors for mortgages despite their strong earning and employment potential.
This is not a problem that is exclusive to Doctors. Borrowers that are freelance, self-employed, or currently new and serving probation a job can all run into difficulties. Often past experience, credit history, availability of deposit, or other mitigation, can be ignored by lenders meaning that an offer is not forthcoming.
Thankfully Doctor’s mortgage professionals cover the gap in the market that allows young, new, and experienced medical professionals to get the lending they seek without detriment to their career or working aspirations. In a competitive housing market with prices booming, particularly in the south and London, finding the right home can be hard enough.
Such difficulty does not need to be compounded by short-sighted mortgage lenders putting a spanner in the works. For Doctors the safest bet is to seek specialist providers or agencies through which to obtain support and avoid disappointment.