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What is a Doctor Mortgage?
There are no specific NHS mortgages out there or Doctor mortgages, the same mortgages that are there for everyone else are accessible to medical staff too. There are specialist lenders out there who cater their mortgage products to Doctors and medical professionals.
You might have outstanding student debts to pay or only have short-term contracts to provide to your lender, as a doctor it can be challenging but there are lenders out there who can cater to your situation. You should seek the help of a Mortgage Broker and explain your situation so they can find the right mortgage lender for you and help you through the application process.
How do I prove my income as a Doctor?
You will need to prove your income no matter what your profession when it comes to mortgages. Lenders want to know that you can afford the mortgage repayments and that you are financially stable before allowing you to borrow from them.
If you have a lot of debts or gaps in contracts because for example, you are a junior doctor or a locum working in multiple locations then it is important to seek mortgage advice. Lenders understand that the job of a Doctor can cause some issues with affordability checks but you shouldn’t let that stop you from buying a property.
If you are a member of the medical staff or doctor underneath the PAYE payroll system then lenders can easily access your income from the past however long. If you are Self-Employed, a locum doctor, or a contracted medical member then you will need to prepare the correct documents for your lender.
At least two years’ worth of accounts are needed by your lender to prove your income and that you pay taxes when you are Self-Employed. There are specialist lenders if you do not have the years of accounts behind you but sometimes it can be worth waiting to get lower mortgage payments.
You will need to provide three months of bank statements to no matter your profession to prove that you are handling your current monthly outgoings. You may be better off acquiring the help of a Mortgage Broker.
How much can I borrow as a Doctor?
Doctors can sometimes access discounted and exclusive rates if they approach the right specialist lenders. As a doctor lenders will respect your employment and favour it too, if you are a senior doctor, some lenders will even offer incentives to get you to borrow from them.
Typically you can access up to five times your annual salary but this will depend greatly on your current financial situation and your credit rating. You should ensure that you have closed any unused accounts and you are registered on the Electoral Register to keep your credit score correct.
Can I get mortgage discounts if I work for the NHS?
NHS workers can find specialist lenders who will offer flexible mortgages or incentives to cater towards them. You can always access one of the schemes which are there for everyone too:
Help to Buy
If you are a First Time Buyer, you can access this scheme, if you provide a 5% deposit the Government will provide you with a loan for another 20% to put towards your new home.
If you cannot afford to buy a property alone then this may be the scheme for you – shared ownership means lenders will allow you to buy up to 75% of the property and the rest you will pay rent on until you can afford to purchase it.
Right to Buy
As someone in a home underneath the local council or Housing Association after you have been in that home for at least three years, you may be given the option to buy at a discounted rate. For NHS workers there are no deposit or reduced deposit options also.
New Buy Schemes
This scheme is allowing more borrowers to take out a mortgage with a 5% deposit on new build properties from builders who are taking part in the scheme.
There are even lenders out there who will accept you if you have bad credit or do not fit all the needs of a standard lender, it is just about finding the right lender for you. You need to make sure that you can afford the repayments on your mortgage so finding the right mortgage rates for your needs is so important.
How can a Mortgage Broker help?
We are Whole of Market Mortgage Advisers and have access to products not available on the high street and exclusive deals through our Network Quilter Financial Planning Ltd. We will ask you about your current financial situation before delving into the confusing world of mortgages to select the right options for you.
Mortgage Advisers know what paperwork you need alongside a mortgage application, they know the lenders and they know a range of different mortgage products too.
Buy to Let mortgages are not regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on your mortgage.