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.