Are you a doctor? Do you need a mortgage?

Mortgages for Doctors

Wednesday 8 February, 2023

Specialist mortgage advice for doctors

Romany Yousab is a member of our mortgage broker offering mortgage advice for doctors across Nottingham, Derby, Leicester, Birmingham, Coventry, Mansfield and the rest of the UK.

Generally, the perception would be that doctors would be able to secure a mortgage relatively easily. However, due to the often-complex way in which doctors’ contracts and income payments are set up, it can cause issues when applying for a mortgage. 

Mortgage benefits for doctors

Mortgages for doctors, taken with some lenders, can include additional benefits as these lenders offer special mortgages for working within the medical profession. It is frequently the case that these types of mortgage deals are not available to other borrowers. However, obtaining the mortgage deal approval can still be problematic, depending on how your income payments have been arranged.

At Thomas Oliver, our mortgage brokers are highly experienced in researching the most appropriate mortgage deals for doctors. 

The wide breadth of medical professionals can benefit from these specialist mortgages, these include:

  • Senior doctors
  • Junior doctors
  • Locum doctors
  • Newly qualified or trainee doctors
  • Self-employed doctors
  • Associate doctors
  • Nurses

What problems can doctors face when applying for a mortgage?

Despite some specialist mortgage lenders offering mortgage deals specifically targeted at the medical professionals, how your employment / contractual and financial position is structured can raise some issues when applying for a mortgage. 

These are often caused by common concerns lenders have based on the issues that doctors face, including:

Short-term contracts

As with any other mortgage Lender, it is still favoured that applicants can illustrate a good level of job security. Being employed on short-term contracts can potentially show the opposite. However, there are times when lenders do not place as much emphasis on this element, assuming that the rest of your application meets their affordability criteria.

Outstanding student loan

Studying for the years it takes to qualify as a doctor is expensive. Many student doctors fund their study with a student loan, which they will carry forward into employment.  Most mortgage lenders don’t include a student loan as something against you. However, loan repayment amounts each month will be factored into their assessment, therefore your monthly income and expenditure will give lenders a view of what they believe is an affordable mortgage amount.

Complicated income arrangements

There are various ways in which a doctor can be employed. You could be part of a partnership where your salary could be paid as a dividend as opposed to a monthly salary. Alternatively, if you are a Locum doctor your hours could vary from month to month which could affect your regular income. Understanding these variations is important, so applying with the right lender can help to improve your chances of being offered a suitable doctors’ mortgage deal.

Moving for job relocation

There is a potential that you may have to more frequently relocate to a new area as part of a promotion or role change. If your mortgage lender can see multiple changes of address, it can potentially raise concerns and affect your credit score. Therefore, it is important to apply for a mortgage with a lender that fully understands and appreciates the nuances of the medical profession. 

Do you need mortgage advice?

Although finding mortgages for doctors may sound complicated, with the right mortgage advice they can be found, no matter if you’re newly qualified, self-employed or on a short or temporary contract or in a long-standing medical consultant role. 

Romany Yousab is a specialist mortgage broker for doctors

He provides mortgage advice in Nottingham, Derby, Leicester, Birmingham, Coventry, Mansfield and remotely for the rest of the UK, he said:

“Due to the complexity around how a doctor’s contract and income payments can be set up, it is important that doctors seeking the best mortgage deals for their situation speak with a professional mortgage adviser. Especially considering that many of the mortgage deals for doctors are not normally available on the high street. As a professional mortgage broker, Thomas Oliver have access to the types of mortgages suitable for doctors and can provide the help and support throughout the application process.”

If you are a medical professional and are looking for a mortgage to match your complex financial situation, then please give Romany Yousab a call on 01707 872000.

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