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How to Get Mortgages for Doctors

Looking to get Mortgages for Doctors? Our mortgage advisors are here to help you secure the right product for your needs, whatever your circumstances.

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Are you a doctor looking to get a mortgage?

Are you a doctor looking to get a mortgage? Well, we understand that getting a mortgage can sometimes be a hassle.
Generally, as a doctor, you can get mortgages with great perks. In fact, you can often access mortgage deals that aren’t readily available to other borrowers. However, doctors and other medical professionals can face some complications with mortgages.
So, you’re probably wondering, how big of a mortgage can a doctor get? And are there mortgage products specifically for doctors? When the Bank Says No can provide you with the answers to most of your questions and help you secure the mortgage that you need.

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How difficult is it overall to get a mortgage as a medical professional?

Getting mortgages for doctors isn’t as complicated as you might think. Lenders know that doctors are reliable and have good incomes.

For that reason, doctors can usually get decent-sized mortgages with good rates. Typically, they can get a mortgage five times their annual income. Locum doctors and physicians with temporary contracts might face some difficulties getting a mortgage. However, it’s not impossible.

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Are There Mortgage Products for Doctors?

Doctors can apply for a mortgage loan that’s only available to medical professionals. They’re typically NHS mortgages with fewer restrictions than conventional ones.

Lenders offer good mortgage deals to doctors. That’s because doctors are viewed as reliable borrowers with high incomes. Not only that, but they also have a high chance of making more money in the future.

Therefore, doctors can get more flexible deals with lower interest rates. On top of that, the loan amount is typically higher compared to conventional loans.

What Are the Main Factors That Determine Whether a Doctor Is able to Get a Mortgage?

The main factor that determines whether a doctor can get a mortgage is their income. The lender checks if the medical professional’s income would be enough to pay back the mortgage plus the interest. The second factor is the type of employment. The type of employment contract and its length can influence the lender’s decision. Lenders also check credit history and any outstanding debts.

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Why Is It Difficult for Some Doctors to Get Mortgages?

Many doctors find it difficult to get a loan mainly due to the wide range of employment contract types. For example, many doctors prefer short-term contracts for their flexibility. However, in some cases, short-term contracts can be a problem when applying for a loan.

In addition, doctors tend to have complex income structures. For example, in the case of partnerships, physicians typically receive their income in the form of dividends.

Being a locum doctor can also make it harder to get a mortgage. Some lenders are less willing to provide mortgages to locum doctors or other medical professionals employed on a more temporary basis.

They view the variable employment history and the multiple income streams as red flags. However, it’s still possible to find a good mortgage as a locum doctor.

Another concern doctors face is having to relocate due to job circumstances. Changing your address frequently can cause issues with your credit score and your mortgage application.

Luckily, When the Bank Says No can help medical professionals find a good mortgage deal, even when their income structure or circumstances may be a little out of the standard norm when it comes to mortgage approval.

Can a Trainee Doctor Get a Mortgage?

Trainee doctors are still eligible to get mortgages despite a relatively low income to begin with. As we’ve mentioned, lenders understand that doctors will have a good income in the following years, so they usually have no problem giving a mortgage to a junior doctor. However, most lenders prefer applicants to be in the same employment for at least three months before approving the mortgage. As a trainee doctor, you probably aren’t receiving a particularly high income, and that could be an issue in some cases.

Even with low income, you’ll still be eligible for a mortgage. The trick is finding a suitable lender to help you borrow the maximum mortgage amount. The expert mortgage brokers at When the Bank Says No can help you with this.

Frequently Asked Questions

How Big a Mortgage Amount Can a Doctor Get?

Similar to conventional mortgages, lenders calculate the amount that you can borrow in multiples of your estimated earnings. Therefore, the exact number will vary from one applicant to the other.
In most cases, a doctor can get a mortgage that’s around five times their annual income. Generally, it depends on the position and the income of the applicant. For example, a senior doctor can receive a much bigger mortgage than a trainee doctor.

Being a newly qualified doctor doesn’t necessarily mean you’ll have a hard time getting a mortgage. On the bright side, even if you still haven’t started your employment, you’re eligible to get a mortgage.
Lenders understand that you’re a reliable person, and they know that eventually, you’ll be bringing in a decent income from your medical role. They’ll therefore be more likely to consider giving you a mortgage.
Keep in mind that not every lender will be okay with giving a mortgage to a newly qualified doctor. That’s why it’s best to consult a specialist broker before applying.

A self-employed doctor will usually be eligible to get a mortgage. However, the mortgage process for getting a self-employed mortgage can be hard, unless you have at least three years of accounts.
Doctors with two years of accounts or less might face some trouble securing a mortgage. That doesn’t mean a self-employed doctor with less than three years of accounts can’t get a mortgage. Many specialist lenders can still use the current income and projected accounts to assess the affordability and income.
Mostly, the amount of money you can borrow will be calculated using the earnings evidenced in your SA302 document. Lenders also check the tax year overviews for the previous three years.

As a locum doctor, getting a mortgage can be a little challenging. That’s because not all lenders will accept income from locum work, and some can have a problem with multiple income streams.
However, it’s still possible to get a mortgage. A specialist mortgage broker can calculate your average income for the past few months or years and present this to lenders in order to give you the best chance of securing a mortgage.

All lenders will check the same things before approving a mortgage.

First, they check their credit history. When it comes to credit history, each lender has specific criteria.

Second, they check the income and the bank statements. They also look at your position and age.

The answer to this question can be a little complicated. It mainly depends on the time you have left in your contract.

For example, if you have two months remaining in your contract, you might be on the safe side. On the other hand, having less than one month left in your contract can put you in a tough situation. You might struggle to get a mortgage, as lenders will consider you a risky borrower.
Generally, you need to convince the lenders that you’ll be able to make all your payments on time. More importantly, you need to find a lender that specialises in mortgages for doctors on temporary contracts.

You don’t have to be a British doctor to get a mortgage. Foreign doctors can get a mortgage too!

How to prove your income if you’re a doctor?

Many people looking to get a mortgage have a hard time proving their income, especially locum and self-employed doctors. Luckily, this isn’t a big issue, as you can prove your income in many ways, such as your bank account history.

In any case, lenders view doctors as reliable borrowers. So, getting a mortgage should be easy.

When you apply for a mortgage, you’ll need to prepare some paperwork for the lender. The paperwork you need to prepare can differ depending on your employment situation.

Here’s the essential paperwork that you’ll need to prepare:

  • Proof of identity
  • Proof of address
  • Contract of employment
  • Proof that you’ve been working for the past three months
  • A bank statement
  • A copy of your tax return for the past two years

Although doctors have good incomes, the average house price is £290,000, as of January 2023. That’s £17,000 higher than in 2022, and the numbers are expected to rise.

The most important advantage of applying for a mortgage as a doctor is that it’s easy. You’ll get a good, flexible deal. On top of that, paying your mortgage on time can help improve or maintain your credit score.

Additionally, paying your mortgage makes you eligible for the mortgage interest tax deduction.

When compared to bank loans, mortgages are cheaper and easier to obtain. Overall, many consider mortgages to be a good type of debt.

Doctors might have to relocate a lot, which can harm their credit scores. Here’s how to improve your credit score:

  1. Make Regular Payments

Paying your accounts on time each month is a good way to improve your credit score. That can show lenders that you’re a reliable person.

  1. Use Less of Your Available Credit

It’d help improve your credit score if you lower your utilisation. Using less credit will help you lower your utilisation rate.

  1. Keep Old Accounts Open

Keeping your old accounts open can show lenders that you’re a reliable person who can manage multiple credit accounts. Credit scoring models typically reward you for having old credit accounts that you don’t highly utilise.

The key workers’ first homes scheme is perfect for a junior doctor. The UK government introduced this scheme back on the 4th of June 2023. It can help key workers, including NHS workers, to buy their first home.

To qualify for this scheme, you need the following:

  • Have a household income of less than £80,000
  • The property you want to buy must cost less than £250,000, or £420,000 in London
  • The property must be your first home

The good thing about this scheme is that it’ll allow you to buy your first home at a discounted rate. The rate is typically around 30% to 50% of the market value.

Getting a mortgage with a bad credit history can be challenging. Generally, you’ll have to prove to your lender that you can afford the monthly payments.

It’s essential to convince the lender that you’ll be able to make all the payments on time and in full amount. A doctor can still get a mortgage with a bad credit score. However, it’ll be a tricky process.

Yes! Medical professionals, including nurses, pharmacists, and dentists, are eligible for mortgages with the benefits we’ve previously mentioned. However, it’s essential to find a specialised broker to help you with the process.

How Long does it take to process mortgages for doctors?

The time it takes to process a mortgage can depend on many factors. On average, it can take around two weeks to hear back from the mortgage company.

How much mortgage deposit do doctors need to pay?

Typically, a 10% deposit is more than enough. In some cases, a deposit of 5% can be enough. However, the bigger your deposit, the better the interest rates. So, a bigger deposit can make the mortgage cheaper in the long term.

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