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Doctor Mortgages: A Few Tips

Whilst there are no specific Doctor mortgages as a stand-alone type of mortgage there are lenders who specialise in meeting the needs of NHS workers who may offer lower interest rates.  Being a professional doctor you may have outstanding balances of Student Debt to pay or short term training contracts which is why it is important to find a lender who understands your circumstances. 

How Do I Prove my Income as a Doctor?

You will need to prove your income to prove that you can make repayments on your mortgage. No matter what type of medical professional you are, whether a self-employed doctor or a locum doctor you will need to have your income ready for your application process.

To check your income your mortgage lender will most likely require a check into your pay checks and most recent W-2 form.  Some lenders will require an income letter from your employer as proof of employment.

You will be required to provide at least two years of accounts to show the lender your steady income. If you are a self-employed doctor, then SA302 forms are going to be the main income verification.

If you cannot provide at least two years worth of accounts then there will be other options there for you but you will need to search for a more tailored lender for your needs. This may require the help of a Mortgage Broker.

How Much Can You Borrow if you are a Doctor?

As with most mortgages and mortgage applicants the figure is usually around 4.5 times your annual salary will be accessible to borrow. Doctors can sometimes get exclusive rates due to the nature of their profession or can access them due to being within a senior role.

How much you are able to borrow will also greatly depend upon your credit rating. You can check your credit rating for free online on sites e.g. Experian. It is important to keep up with monthly outgoings and avoid payday loans and your overdraft. If you are not yet, register yourself on the Electoral Register too.

Can I get Mortgage Discounts if I work for the NHS?

As an NHS worker you will find that there are lenders who will offer incentives to entice NHS workers to their mortgage products. You can access First Time Buyer Schemes as well as Buy to Let Mortgages. The Government also has a Right to Buy Mortgage scheme available with discounted rates.

Shared Ownership

If you want to buy but cannot afford a whole property you can opt for shared ownership. Lenders will often offer discounted rates on shared ownership as an incentive. You will be able to choose to own between 25% and 75% of the property.

Right to Buy Mortgages

For NHS workers there are lenders who will have reduced or no deposit options available. If you live in a house as a tenant for at least three years you can qualify for a discount to help buy your home.

New Buy Schemes

This scheme is allowing more borrowers to take out a mortgage with a 5% deposit on new build properties from builders who are taking part in the scheme in England.

How Can a Mortgage Broker Help?

It can be daunting looking for a mortgage and it is a huge financial commitment. With your profession already causing you enough stress why add to it by not seeking mortgage advice from an expert mortgage advisor?

A Mortgage Broker can help you to find the right mortgage product and mortgage rates based upon your own personal financial circumstances and needs. A Mortgage Broker will take your personal details and tailor advice completely to you. They are registered in England, authorised and regulated by Financial Conduct Authority meaning they are qualified to give you advice.

As a doctor it can sometimes be better to opt for a private lender which is found. Some lenders are hiding away amongst the ever changing mortgage market and a broker can point you to the right option for you with no fuss.

A general enquiry will not incur a fee as we want to make sure you feel more educated about decisions you are making which will affect your future. Get in touch with a member of the team today to start paving the way to your future and get yourself closer to buying a property.