Doctors Mortgages

5 Expert tips for a successful new GP Partner mortgage application

Getting a Mortgage as a GP Partner: Tips, Advice, and Options

In theory now that you’re a GP Partner this should be your easiest mortgage application yet! You’ve probably had a mortgage already for a few years and your credit is good so what’s the problem? Well to put your mind at rest, it’s not you – mortgage lenders will assess your application differently now that you’re self employed.

To help you get the best chance of approval here our 5 best tips for GP Partners getting ready to apply for a mortgage.

Tip 1: Prepare, prepare, prepare!

The earlier you start your preparation the more time you’ll have to get your accounts ready.

When we say get your accounts ready we are talking about your financial accounts and your bank accounts. The main difference now that you are self employed as a GP Partner is the mortgage lender will need to be reassured of your earning potential. Your future earnings will count not your past earnings.

Three recent payslips will suffice for employed GP’s and doctors but as soon as your employment status changes your previous earnings cannot be used.

Generally, mortgage lenders need a minimum of two completed years of trading and tax documents from self employed doctors. As new GP Partner your mortgage application will struggle to get past the first checks so some due diligence of specialist mortgage lenders wouldn’t go amiss. It is a good idea to talk through your situation with a mortgage broker who has experience of dealing with similar situations.

If you are a first time buyer you will be building up your deposit, ideally to 10 or 15% as a minimum. Our guide on saving a mortgage deposit is here and will give you the best options for saving and managing your funds.

Tip 2: Think about how long the mortgage process will take

The amount of work you’ll need to do for a successful mortgage application is significant, and frankly, GP’s doing it themselves might find it very time consuming.

GP’s will be exceptionally busy as a result of the Covid-19 pandemic and with an increasing workload it can be hard to juggle work and life pressures. An experienced mortgage adviser can be best used to outsource the process of applying for a mortgage.

GP Partner mortgage advisers can probably do the job in a fraction of the time. It could help keep your bank account, time and general sanity in check over the process.

When it comes to mortgage applications, there are a few more hurdles to jump over if you’re self-employed. And finding a lender which caters to these circumstances is not always the one with the cheapest rates.

Tip 3: Mortgage rates are important but so is finding the best lender that understands how a GP Partner is paid

Each mortgage lender has different criteria, affordability and underwriting. So, finding the right one for you as a GP is important. This could mean breaking away from your current bank or building society.

It is always tempting to simply apply to the lender with the cheapest interest rate. However, new GP Partners should shop around and broaden their search. We know you want to pay the lowest possible rate but before you apply for your mortgage as a GP partner you must ensure that you fit the lenders criteria. The best available rate is not always the right mortgage product for you when your income is changing.

Doctors Mortgages Reviews from GP’s

They managed to track down much better mortgage offers for me

From my first contact with the staff of Doctors Mortgages, I found them to be personable, willing to go out of their way to help, and very knowledgeable. They managed to track down much better mortgage offers for me than any I found after hours of searching online and from other mortgage brokers, including London

Dr R Veale
GP, Torquay

Very personalized service and always at hand to answer questions

As a first time buyer I was anxious about making the move from renting to getting onto the housing ladder. I was lucky to have found Doctors Mortgages who made this transition much easier and stress free. David Marina provided a very personalized service and was always at hand to answer any questions and promptly

Dr M Ali
GP, Leicester

Understands doctors contracts to help secure you a mortgage.

This is the second time we have used Doctors Mortgages. We got quite far with another broker, but just found that they were baffled by doctors terms and conditions. It was reassuring when our broker assured us that our situation was very normal to him and that he didn’t foresee a problem getting us an

Laura Rogalski
GP, Dorset

Absolutely fantastic service and highly recommended!

The purchase of our “forever home” was always going to be complicated to say the least. My wife and I were in the process of buying a substantial off plan New Build home, entering self-employed status as a new GP partner with no previous accounts and to complicate things further, having to factor in maternity

Drs Burki & Jaunbocus
GPs, Liverpool

Brilliant

Really pleased with the help David provided from start to finish. Guided me through what was a difficult process with having recently become self employed. Easily contactable and always ready to help Would

Matthew Tansley
GP - Cheshire

Super efficient

David Marina was helpful, friendly, and extremely efficient. He gave clear advice and we were able to beat the recent interest rate increase by securing a mortgage

Louise Noble
GP, Essex

Absolutely fantastic

I have found the service provided by Doctors Mortgages to be absolutely fantastic. They have been very professional, catered exactly to what my financial needs are and have found me a very good product at a very good price. They have also saved me a lot of time in trying to find the best deal

Dr S Clarke
GP, Cheshire

Efficient and prompt service

I was impressed by the efficient and prompt service I received; eg emails are answered the same

Dr S Parmar
GP, London

Explained complex issues in detail

Doctors Mortgages have been very helpful in advising on general financial planning, particularly with regard to pensions. They keep up to date with financial issues relevant to the medical profession which is invaluable. They have also researched and advised on the best ways of borrowing money from the banks which has been helpful. They have

Name and address supplied
GP, London

Good value, honest, straightforward and clear

I can testify that the financial advice I have received from you has been good value, honest, straightforward and clear. I would recommend Doctors Mortgages highly to others (and have!) and will continue to use your services in the future years. Many

Dr C Benson
GP, London

Cheerful, responsive and helpful!

Quick and straightforward advice and got me a good rate at a difficult time, particularly being self employed as locum. Very quick responses to queries, made my life very much

Kate Lanary
Locum GP Bournemouth

Highly recommend!!

Having been through the mortgage application before with another company/mortgage broker, I can honestly say this has been the most stress free process. Our application was complicated by me being a newly locum/self employed GP, but David Marina has been exceptional mortgage adviser. We managed to secure a great deal with a bank that I

Dr D Ali
Locum GP, London

I cannot thank David Marina enough!

I cannot thank David Marina enough; he has been absolutely fantastic throughout the whole process. Professional, efficient, knowledgeable and so very patient. I would highly recommend him to anyone looking to get a mortgage. Thank you so

George Hawche
GP, London

Professional

Has been first class service start to finish despite several changes of plan on my part. Won’t hesitate to use David Marina again for my future mortgage needs due to the high level of professionalism and transparency he has shown throughout. Very happy customer. Thank you

Liam Baister
GP Lancashire

Highly recommended!

From start to finish Doctors Mortgages (in particular David Mariner) were brilliant! They managed to secure us a great mortgage rate when mortgage rates elsewhere continued to rise and they helped tremendously at navigating the process of securing the deal. They were easily contactable by phone and I never had to wait long to get

Roger Sepping
GP, London

David has been most helpful,

David has been most helpful, creative and professional in helping me find a mortgage beyond my expectations. The patience, flexiblity and perseverence through the process much

Domnita
GP, Bristol

Tip 4: Time to understand your credit file

Having the best possible credit file is important when applying for a mortgage, and not just for GP partners. There are 3 main Credit Reference Agencies in the UK and it is important that you (and your mortgage broker) know what data is held on you that will be shared with lenders.

Luckily, there are some simple things you can do to ramp-up your credit-worthiness.

One quick and easy boost is to make sure you're registered to vote, and your current address is updated for bills and statements. As a doctor you may have moved frequently and it is important you don't have any old addresses on bank accounts or credit cards.

In the UK, it's estimated that over 9 million of us aren't registered to vote with a current address. When it comes to updating our addresses, this is so important as your credit file can be negatively affected by having financial connections to property you no longer reside in. Following this simple tip could boost your credit-worthiness and make that approved mortgage application a step closer.

Tip 5: Be a GP Partner for as long as possible before applying for a mortgage

When you become a GP Partner you become your part of a business and self employed. Generally, as a self employed person there's no guarantee of a steady income so mortgage lenders usually want to see that you've got a bit of history under your belt. You see, mortgage lenders won't distinguish you as a self-employed doctor or GP partner and you will be judged as a new start up business.

They'll be looking to see that you can sustain an income throughout the year and be able to afford your monthly payments. This is why you'll normally need two full years of accounts before lenders will consider you.

A small number of lenders will consider an application with a minimum of one-year self-employment with accounts and tax returns finalised and submitted, the majority of lenders would require two years as a minimum.

The good thing is you will have considerable experience in the same line of work or industry which is a definite plus point. Mortgage lenders will look at an application much more favourably as a doctor who has changed their employment status but its not a guarantee of acceptance.

Despite the challenges ahead, new GP Partners shouldn't feel put off. There's lots you can do to get ahead and make sure you're in the best position possible to buy your next home.

Can a GP Partner get a mortgage without 2 years accounts?

Yes, there are a few lenders we deal with regularly that will accept your mortgage application as a new GP Partner with no prior experience of self-employment. You wont be able to use your payslips from previous employment as tax status will have changed and you will be Self-employed as a GP Partner.

If you have previously been self employed or locum GP before becoming a Partner we can still use these mortgage lenders as they will recognise your new, projected income. This sometimes helps as you will likely be increasing your income by becoming a partner and using a projection can help you get a bigger mortgage if required.

As individual circumstances are unique it's a good idea to discuss your plans with us and we can help you with your GP mortgage.

Frequently asked questions about getting a mortgage as a GP Partner We have provided answers to some of the most frequently asked questions. If you have any others or want to discuss your own situation please get in touch

What documents would I need provide?

Mortgage applications will require supporting documentation from the following:

  • utility bill (to prove current address)
  • passport or driving licence (to prove your identity)
  • last three to six months bank statements of your current account
  • statement of two to three years’ accounts from an accountant if self-employed
  • tax return form SA302 and associated Tax Year Overview (provided by HMRC) to prove past earnings if you are self-employed
  • business bank statements showing regular income which supports the SA302, such as business bank statements.

Do I need 3 years accounts to apply for a mortgage as a GP Partner?

Most mortgage lenders will require a minimum of 2 years accounts (3 years avarage can be used where income fluctuates significantly).

If you have recently joined an established GP Partnership and don’t have any self employment history we can use a different method to verify your income.

How long do I need to be self employed to apply for a mortgage as a GP Partner?

We can apply for a mortgage for you from the day you join the partnership.

Do lenders offer good interest rates if I apply for a mortgage with no accounts?

Yes, the interest rate will be the same as offered to all customers. You will not be penalised by having no accounts.

Can I get a mortgage from day one as a GP Partner?

Yes, as long as you can provide the supporting documentation required by the lender.

My bank has turned me down for a mortgage , can you help?

Yes, in most situations we can help. All mortgage lenders have different criteria and we will match you with a lender who can help.

We can help new GP Partners looking for a mortgage We are experts in sourcing and arranging mortgages for GP's and we have an exceptional reputation for customer service. Deal with us and we'll guide you through the mortgage application process from start to finish.