mortgages for doctors
MORTGAGES FOR DOCTORS – At MDFS, we understand your needs and circumstances as a Doctor and can assist you in getting a Doctor mortgage.
As a doctor, including as a locum doctor, you may find yourself working for short periods of time on random shifts and doing flexible hours. This could result in you having several gaps within your employment. There are currently a range of lenders which will consider lending based on your annualised contract rate. You may also be able to borrow more than you think, as this will ensure that any tax deductions on your payslips will not affect the mortgage affordability.
Mortgage advisers are able to help Doctors and Locum Doctors obtain a mortgage in the following circumstances:
- Variable working hours and shift patterns
- Have a short term contract (e.g. locums) or a temporary contract
- Are a trainee or junior Doctor
- Are running or are a partner in a private practice
- Any of the above combined with PAYE income
We can save you the time and hassle of approaching a high street lender who will not be able to fully understand your employment status as a locum and will more than likely decline your mortgage application.
For Doctors, MDFS can offer
- Streamlined processes to avoid paperwork and any delays
- Support of a dedicated consultant
- Access to the same competitive rates that are available to permanent employees
Document Requirements for Doctors
Documents required specifically for Locum Doctors are similar to what would need to be provided for a mortgage application for a self-employed borrower. You will generally need documents which prove home address, income, credit history, outgoings, and deposit.
Specifically, the following would normally be required to support your application:
- Identification – passports, driving licence, and VISA if applicable
- Proof of your address – utility bills or credit card statements from the past few months
- Credit report – Lenders will usually obtain this automatically as part of the application process
- Bank statements – up-to six months personal bank statements
- Proof of earnings – Payslips, P.60’s and/or HMRC Tax Calculations/Tax overviews
- Proof of deposit – you will need to show that you have the funds available to support the required deposit for your mortgage
What Rates can a Doctor expect?
A Doctor can expect to gain access to the same rates and offers as other borrowers. Even though the process can be different, this will not impact the rates offered.