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Mortgages for doctors

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 9, 2023

Mortgages for doctors

As specialist mortgage brokers, we work daily with professional and doctors’ mortgages. We provide free mortgage advice and have many mortgage lenders on our system. We would introduce you to the specialist lenders who can give you the best mortgage deals.

While many mortgage brokers and lenders may not understand how you make your income, our advisors are specialist brokers in mortgages for doctors and other medical professionals.

We have experts in mortgages for doctors and NHS workers, get approved for a mortgage below quickly:

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Send an enquiry to receive free, no-obligation mortgage advice and guidance from one of our expert advisors. We will happily discuss the mortgage process with you.

We will match you with a broker who is experienced in arranging mortgages for doctors and medical professionals.

Use our online mortgage calculator as a guide for your monthly repayments now

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Do doctors have any difficulty getting a mortgage?

Lenders can be flexible to applicants in the medical field, but it is important to understand how your role will impact the ability to apply for a mortgage. Common issues faced by doctors include:

  • Short-term work contracts – While flexibility can be gained by working on multiple short-term contracts with the NHS, it can also prove difficult for mortgage purposes. Lenders want applicants who have stability and job security. Short-term contracts may be a sign of this. However, if the rest of your application is in line with their requirements, a lender might be able to accept your application.
  • Student debt – To become a doctor, you must have spent years studying. This can be very costly. While lenders will not count student debt against your credit score, you can pay off your monthly debts. Lenders can see your monthly expenses and determine what is affordable. Your affordability can be reduced by paying a portion of your salary to clear student debt.
  • Complex income structures – It may be difficult to determine your income, whether you are a doctor or a partner. If you have a partnership, your income will likely be in the form of dividends rather than a monthly wage. Working as a locum can lead to a variety of hours and income. Applying with the right lender can increase your chances of getting a mortgage.
  • Relocation of a job – Many jobs in the medical field require you to relocate. Frequent address changes can affect your credit score. Lenders love stability, as we’ve already mentioned. A lender who doesn’t understand the medical profession can hurt your mortgage application.

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Newly qualified doctors can get mortgages

You may be eligible for a loan if you are just starting a job or have recently qualified.

It can be exciting to start a new job and open up opportunities such as buying your home. Some lenders favour mortgages for professionals such as doctors and those working in the medical field.

You may still be eligible to get a mortgage even if your employer has not yet begun.

Lenders understand that you are qualified in a respected profession, so securing employment should not be a problem. Lenders can assess your income by requesting a draft contract or an offer letter.

This is not a guarantee that every lender will grant you this loan, so make sure to consult an expert before applying.

Locum Doctors mortgages in the UK

Locum doctor or nurse means you work irregular hours and may be working random shifts.

As long as your job is sustainable, you can use this income for mortgage purposes even if there’s no permanent job security.

The average income of the lenders considering locum work and the vagaries that come with it will be less than your last few months/years.

Your employment history is likely to be scattered if you are a locum physician. Because your hours may vary and you might have been unemployed at times, this is likely to be the case.

You may have other income streams or employment obligations that could provide financial support. If this is the case, ensure you present all income sources to your advisor. Lenders typically look at your income for the past few months or even years. This allows lenders to determine your affordability as well as what you earn on average.

Avoid certain lenders as they might not take into account income from locum work. These mortgage lenders are for locum physicians who specialise in such situations.

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Mortgage for trainee or junior doctor

As a trainee or junior doctor, you are likely to be on zero or lower wages than your more experienced/qualified colleagues. However, you are already on the progression path. A mortgage lender may offer a mortgage based upon the expected higher salary in certain circumstances.

Many junior or trainee doctors assume they aren’t eligible for a mortgage. This is understandable since inexperienced brokers may share the same opinion, but it simply isn’t true. A lot of junior doctors and trainees can be qualified for mortgages, and they are often considered credible applicants.

Sometimes, issues can arise from being employed on a zero-hour contract or with a low income. It is still possible to obtain a mortgage. Lenders may also consider the future salaries you can obtain once you have passed the medical ranks.

It is important to choose the best lender right from the beginning. The best-suited lenders can often lend maximum mortgage amounts quickly and easily. Other criteria, such as your credit history or any financial commitments you might have, will also affect this decision.

Temporary mortgages for doctors

Specialist mortgage lenders are often able to approve mortgages for doctors who have temporary contracts. As long as the temporary contract is at least two months old, it’s usually fine. It is also useful if you can show that the possibility exists that you will be renewing your current contract or expect to obtain a new one.

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Mortgage for self-employed doctors

You may be able to transition from a salaried job in certain medical fields to a self-employed role.

This is most common for dentists and private health professionals, but it can also be applicable to any other medical professional. If this happens, most lenders will deny your application unless 2 to 3 years of tax returns or accounts have been submitted.

However, there are lenders that will accept your self-employed mortgage application within a year (see our guide to Self-employed Mortgages with No Accounts if this is the case).

If you are a newly self-employed practice principal.

It is almost impossible to get a mortgage if you are self-employed and have no previous accounts.

A specialist lender will however consider your mortgage if you don’t have any income evidence or a contract. They will also establish from the practice the likely pay for your job.

This is often based on the previous year’s earnings for the same job.

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For those in the medical field, speak to a mortgage broker

Enquire if you are ready to move forward with your mortgage application or need expert guidance. We’ll refer you to a mortgage broker who specialises in mortgages for doctors.

Talking to an expert in your industry will give you the best chance of finding the right lender the first time. This could save you money, time and frustration.

We will not charge you a dime to introduce you to one of our advisors. There’s no obligation. It won’t affect your credit score.

Contact us today!

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