As a professional, qualified in a reputable occupation you’d be right in thinking that lenders tend to favour mortgages for doctors and other medical professionals.
However, we know that being a doctor or medical professional is far from straightforward and can result in a complex source of income.
Whether you’re a locum doctor who also has a private practice, you’re newly qualified, or are a doctor on a temporary contract, it is possible to get a mortgage. They may also come with some great perks.
How do you get a mortgage as a doctor?
For starter’s you’ll need to approach a flexible lender who will take a broader view of your income, taking other financial information into account. Whether it’s private banks or smaller building societies, you’ll need to be able to prove a sustainable income stream and/or the projections of your expected income.
This can come from a variety of sources which might include:
- Your NHS P60 and CV to establish your income potential.
- Using accounts from any partnerships, including statements to establish projected income.
- Looking at future salary progress through the medical ranks from being newly qualified.
- Offer letters or draft contracts.
- Proof of future contracts or extensions.
- Self-employed accounts.
With so much flexibility in the way doctors and medical professionals can work you need to be able to showcase your income to lenders in any way possible.
Approaching and having a mortgage broker on side who specialises in mortgages for medical professionals can make the process less of a headache.
They’ll take into consideration your individual circumstances and work to find and put you in front of mortgage lenders from the whole of market. They know the best lenders to approach, putting you in the best possible position for mortgage acceptance and making the process more seamless.