Doctors Mortgages – Expert Mortgage Advice

Doctors mortgage applications will be assessed against the lenders criteria so it’s very important your mortgage broker carries out due diligence to ensure you apply to the best lender in your circumstances. Sometimes doctors are not able to borrow as much due to a fixed term employment contract or self-emploment but your specialist mortgage broker will help you choose the best mortgage so you can maximise your earnings.

The majority of mortgage lenders will need to see least 2 years’ accounts or HMRC tax returns. However, it is possible for doctors to get a mortgage with accounts for just 1 years’ certified accounts and in certain circumstances mortgages can be arranged without any accounts at all. This is usually only available for newly self-employed doctors. If you have been self employed for more than 2 years lenders will require 2 years’ accounts or HMRC tax returns. not able to borrow as much due to a fixed term employment contract or self-emploment but your specialist mortgage broker will help you choose the best mortgage so you can maximise your earnings.

Some lenders offer mortgages aimed at professional applicants such as doctors, lawers and accountants. A Professional Mortgage offers advantages such as higher income multiples that mean you may be able to borrow more than you would on the standard mortgage product range. employment contract or self-emploment but your specialist mortgage broker will help you choose the best mortgage so you can maximise your earnings.

Interestingly, being a doctor can open special deals from lenders but they are few and far between. The majority of mortgage lenders don’t use the applicants profession when assessing a mortgage application. This means that the deals on offer are the same for all applicants.

There are however a small number of lenders who recognise the needs of professional mortgage applicants such as doctors. These lenders offer enhanced product ranges with sympathetic underwriting suited to the different types of employment a doctor may pursue.

We believe doctors should always look to get the best mortgage deal and most medics will have no difficulty applying, but sometimes there is a compromise to be made between mortgage approval and getting the best mortgage deal on the market. For example junior doctors pay and short term contracts are widely misunderstood by the majority of mortgage lenders. Doctors should be prepared for a narrow range of options if they look to take out a mortgage early on in their career. As specialist mortgage brokers working solely on behalf of UK doctors our job is to help manage the expectations of our clients looking for a mortgage.

The Financial Conduct Authority (FCA) who regulate the UK mortgage market has rules that require lenders to undertake a full in-depth review of applicants circumstances before they give advice on their own mortgage products. Lenders are no longer able to give any information without having assessed the customers position.

This process can take well in excess of an hour to complete for each lender approached. Your time is better spent with a specialist broker who gives mortgage advice for doctors and understands lenders criteria and deals on offer from across the market.

Mortgage approval as a doctor can be more difficult than it used to be. It’s more important than ever that doctors consider using the services of a professional mortgage broker. Their specialist knowledge to will match doctors mortgage requirements to a lender and make the whole process a lot easier.

There are always options available for a doctor buying a property or re-mortgaging their existing home. A professional mortgage adviser will ensure doctors are always getting the best deal whatever their circumstances.

Medics mortgage brokers have an in depth knowledge of a variety of mortgage lenders criteria. They will save time and effort for any doctor looking for a mortgage. With one point of contact doctors will have access to the main mortgage deals and some exclusive products and rates that wont be available by going direct to the lender.

Mortgage lending has been scaled up to the point now where most decisions are based on computer algorithms. They are programmed to assess an application against a lenders set criteria and policy. It can be frustrating as a doctor with a secure career path and above average earnings to find themselves refused a mortgage. Mortgage lenders will only accept basic earnings in their calculation of affordability or require a permanent contract of employment. Junior doctors could be particularly frustrated by this.

The days of explaining your financial position to an open eared local bank manager are unfortunately long gone. Nowadays doctors need to do some homework in order not to fall foul of the new regime. It’s an obvious suggestion but we would urge doctors to seek mortgage advice from a specialist mortgage broker and take advantage of their knowledge and expertise in this area.