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Doctor Mortgages – We answer all your questions
There are no specific Doctor mortgages out there but there are specialist lenders out there who tailor their mortgage products to entice specific professions through lower deposit options and discounted rates. A specialist lender can give you access to more competitive rates and they tend to understand your profession a bit more.
You may be a newly qualified Doctor with outstanding debts to pay or even a locum working Doctor, no matter what type of Doctor you are, there will be mortgage options and deals for you. Lenders will look at your profession and feel a sense of security in knowing your employment status is unlikely to change.
Mortgage lenders are looking for low-risk borrowers. This is ideally people who are good with their money with a steady income to ensure they can afford the repayments on their mortgage.
How do I prove my income as a Doctor?
No matter if you are a junior Doctor, Locum Doctor or working in private practice you will need to prove your income when applying for a mortgage during the application process to prove you can afford the mortgage deal you are applying for.
All lenders will carry out affordability checks to ensure you are earning enough to cover the cost of the mortgage you are applying for. It is important to make sure your finances are in check before approaching a lender as bad credit ratings can mean higher interest rates.
If you are paid through a PAYE system, then your salary will be easy to trace alongside the taxes you have paid as the payroll is handled by HMRC themselves. If you work as self-employed then you will need to provide all the documentation of earnings that you have, along with any contracts or agreements you have had for work or upcoming work.
Lenders tend to ask for at least two years’ worth of accounts to prove your income. If you are paid a day rate, then lenders will estimate a figure for your overall income whilst taking into account the days you are likely to have off.
It is best to speak to a Mortgage Broker who can further advise you on the right mortgage lenders and deals for your personal situation. They can also help you gather all of the documents you will need to provide with your mortgage application.
How much can I borrow as a Doctor?
As a Doctor, there are specialist lenders out there who offer exclusive mortgage rates and incentives to try and get you to pick them to borrow from. If you approach the right lender for your situation you could end up borrowing more for less. The more senior you are in your role as a Doctor the better as lenders will see this as security your income isn’t likely to change anytime soon.
Typically you can access up to five times your annual salary but this is subject to you having a good or better credit rating. You need to check what criteria you need to fill for your chosen lender to understand what you will need to access a mortgage.
How can a Mortgage Broker from Purely Financial help?
Here at Purely Financial Planning, we have access to the independent mortgage market meaning we can access mortgage deals and lenders that are not available on the high street. We will listen to your situation and then give you tailored mortgage advice when guiding you towards lenders that will fit your needs.
As a Doctor you should want to make the most out of your position but we know time can be precious so you might not have time to look through specialist mortgage lenders. Take the stress out of searching today and get in touch with an expert from Purely Financial Planning.
We are an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority, you can trust us to take away the hard work of finding a mortgage to suit you.
Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.