Proving your income as a doctor
Looking for a mortgage as a doctor can prove more complicated than you might expect. On the one hand, you have a professional job and may well have more capital than the average buyer at your disposal, but on the other hand, factors such as fixed term contracts, band earnings and locum work can all be an issue when it comes to demonstrating your income. Various medical professionals can face different challenges when it comes to getting a mortgage:
- GPs can face problems when approaching mortgage lenders because many of them are technically self-employed. This can narrow down the mortgage options available to them.
- Consultants can have a variety of income streams through NHS and private practice.
- Newly qualified or junior doctors may have to move around frequently for various rotations or training courses, leaving them with multiple sources of income and frequent changes in their employment terms.
- Locums can find it hard to demonstrate consistent income and they can sometimes be considered freelance or self-employed by mortgage lenders unfamiliar with their exact role.
How are mortgages for doctors assessed?
Mortgage applications for doctors may be assessed differently from traditional mortgage applications. There are various specialist firms that may be able to help secure a better deal on mortgages for doctors. A specialist mortgage broker could help you find a lender who understand the medical profession and who will assess your application for a mortgage on those terms.
To find the best mortgage deals use the tables above or call our mortgage team on 0117 332 6063.