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Mortgages for Doctors – What you need to know

When applying for mortgages, Doctors may face certain challenges. The finances of Doctors can be complicated, with not all of them on an actual salary, so although often well paid, the inconsistency of income can be problematic for Lenders. Some Lenders and Brokers also might not understand how a Doctor’s income works.

A Doctor’s income might fluctuate especially if they work as a locum or do a combination of NHS work and private medicine. This means it’s more difficult to calculate mortgages for Doctors. Hours can also vary and many Doctors don’t have a consistent timetable. If you work as a Doctor or are trying to find out more about mortgages for Doctors, here is a basic overview of information you may find useful.

Unique Challenges of being a Doctor

Lenders will look at any amount of outstanding debt and other loans you have as they will affect your mortgage application. Student debt tends to be higher for Doctors due to the length of time spent studying.

The short term nature of training contracts could also affect mortgage applications. Trainee or Junior Doctors might also spend a number of years working on a lower income compared to more experienced colleagues. Even though your salary is set to rise after a training contract, Lenders still consider the current salary when calculating mortgages for Doctors.

There are multiple NHS employers which is also a factor. The NHS employs over 1.5 million people and a lot of these find it difficult to get a mortgage. There are several ways around this, however, and you can balance your earnings in order to get a mortgage. When applying for mortgages for Doctors it’s a good idea to speak to a Mortgage Advisor with an understanding of a Doctor’s income.

How can these things be balanced against the longer term earning potential of a Doctor?

Mortgage Advisors will create an estimate using a mortgage calculator based on your earnings. Certain Lenders will provide mortgages for Doctors in training, with the understanding that their income will rise as they gain experience. It’s important to work with a Broker who understands your personal situation to help you gain access a suitable deal.

If you still have a high amount of student debt as a Doctor, this isn’t necessarily a problem. It’s more about how you manage your debt currently and how you have historically. As mortgage Lenders will take this into account. There are also other ways you can improve your credit score. Ensure you don’t have any outstanding payments of fraudulent activity on your account, for example. You can check your credit score online.

How do you prove income if you are a Doctor?

It can sometimes be difficult to prove your income as a Doctor, particularly for Junior or Self-Employed Doctors. You might also have various sources of income, or move hospital frequently due to training. Junior Doctors may also experience contractual changes.

A Lender with experience in mortgages for Doctors will often accept three months employment records from Junior Doctors. Other UK mortgage lenders will offer special terms. For example, normally you would need tax returns if you’re self-employed. Expert Lenders will be able to calculate an average annual income from multiple sources.

How much can you borrow if you are a Doctor?

How much you can borrow depends on your income. There are also other factors which will determine the rate. Compared to other professions, Doctors are quite lucky as depending on the Lender, you can borrow five to six times your annual income.

If you go with a Lender of experience with doctors, you might be able to get better terms than you would normally. This means Junior Doctors may have more options.. You will also be able to borrow more if you can demonstrate your outgoings and how you manage your money.

Do I get mortgage discounts if I work for the NHS as a doctor?

There are several schemes in place for people that work for the NHS. Help to Buy is a scheme set up for key workers and first time buyers. The Government offers NHS workers a 15% discount of the total house price as an equity loan in Scotland, and this increases to 20% in England and Wales, and 40% in London.

The Shared Ownership scheme means you can buy 25%-75% of the property. You then pay rent on the remaining share. This is a way to help get NHS workers on the property ladder, even if they can’t get a mortgage for the entire house. Housing associations organise these schemes.

Right to Buy mortgages for Doctors come without a deposit. If you live in a house as a tenant you can qualify for a discount to buy. Most mortgage Lenders ask for at least three years as a tenant, but the discount increases each year that you’re renting.

There are also New Buy schemes in place. This is a Government-backed initiative allowing more borrowers to take out a 95% loan to value mortgage on new-build properties from participating builders in England. This scheme is available to both first time buyers and existing homeowners.

Getting a mortgage as an NHS worker might sometimes be complicated, but if you go with the right broker you can get a better deal. At CD Financial, we understand the complications involved in mortgages for Doctors. Our expert team has several years of experience in dealing with varying situations, and can provide you with all the help and advice you need.

Speak to one our qualified Advisors for more information about the different types of mortgages available to you. Our friendly team are always available to answer any queries.



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