Mortgages for Doctors
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Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
08.11.2023
Written by:
Alison Gibson
Ascot Mortgage Expert
Last Updated:
08.11.2023
Is It Difficult for Doctors to Get a Mortgage?
Contrary to what one might expect, doctors can encounter specific hurdles when applying for a mortgage. Despite being high-earners with a degree of job security, the nature of their work and income structures can often complicate the application process. Understanding these unique challenges is the first step to successfully obtaining a mortgage for doctors in the UK.5 Reasons Doctors Struggle to Get a Mortgage
Complex Income Patterns
Doctors often have income from various sources, including NHS and private work, locum roles, and bursaries, which can make it challenging for lenders to assess their true earning capacity.Changing Contracts
Junior doctors and those in training can frequently move between contracts, which might be perceived as instability by some traditional lenders.Student Loan Debt
Many doctors carry significant student loan debt, which can affect their debt-to-income ratio, a critical factor lenders consider.Self-Employed Status
Mortgages for locum doctors can be particularly tricky as they might be classified as self-employed, requiring them to show a longer history of steady income.Lack of Time
The demanding schedules of medical professionals can make it difficult for them to shop around for the best mortgage deals or meet the exhaustive requirements of mortgage applications.How Much Deposit Do Doctors’ Mortgages Need?
Doctors, like any other professional seeking to buy a home, are generally expected to provide a deposit. The exact amount can vary, but a deposit of at least 10% is typical. However, some lenders may offer special terms for doctors, recognizing their high-earning potential and job security, which can result in more favorable conditions, such as lower deposit requirements.How Much Can Doctors Borrow?
When considering a mortgage for doctors in the UK, lending caps are influenced by income multiples and the perceived reliability of that income. Typically, doctors can borrow up to 4.5 times their annual income, but this can increase up to 5 or 6 times for those with higher incomes or stable long-term contracts.Your Bank May Not Be the Best Place to Get a Good Deal
While it might be tempting to approach the bank where you hold your accounts, it’s not always the best course of action. High street banks often lack the flexibility to accommodate the intricate details of doctors’ finances. As a medical professional seeking the best mortgage deal, considering a wider market is a prudent move.
Finding a Good Broker
A mortgage broker who specializes in mortgages for doctors can be an invaluable asset. They understand the specific challenges faced by medical professionals and can navigate the market to find lenders with the most favorable rates and terms. They can also assist with the nuances of doctors’ mortgages, such as accounting for variable income and structuring applications to reflect the true financial picture of a doctor.
Help for First-Time Buyers
For first-time home-buying doctors, the process can seem particularly overwhelming. A specialist adviser can provide targeted assistance, from understanding how your credit score might affect your application, to assessing the impact of your student loan on your debt-to-income ratio. They can also offer insight into programs and lenders that might offer better deals for junior doctor mortgages.
Reach Out for Tailored Advice
Every doctor’s situation is unique, and there’s no one-size-fits-all answer when it comes to securing a mortgage. Whether you’re a locum looking for flexibility or a resident with a fixed-term contract, I can provide guidance tailored to your professional and personal circumstances.
For personalized advice and assistance in navigating the complexities of mortgages for doctors, please reach out at 01925 711558 or send an enquiry to [email protected]. Our team is ready to help you make the leap from doctor to homeowner with confidence and ease.
Alison Gibson is a seasoned mortgage expert at Ascot Mortgages, specialising in providing bespoke mortgage advice to professionals across the UK. To find your match and start your journey towards your ideal mortgage, you can reach out to us directly at 01925 711558 or send an inquiry through our online platform.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £399 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £879 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
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