Doctor Mortgages

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.