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Mortgages for doctors

Speak to our team of fully qualified mortgage experts with over 20 years’ expertise in helping to find the best mortgages for doctors.

Firstly, one of the most important things about getting mortgages for doctors is understanding your income and profession. You can potentially save money and time by speaking to one of our mortgage specialists, because we understand your needs more than most.

We work with over 50 of the UK’s biggest lenders and have access to thousands of deals to help you to save on your doctors mortgage.

According to recent figures from the Department of Health, in January 2021 there were 123,813 registered Doctors and 301,491 Nurses employed by the NHS. These were record numbers and are expected to increase by a further 50,000 nurses in the following two years.

Getting the right mortgage advice for doctors can make a significant difference to both your mortgage rate and the amount of time it takes to get your mortgage.

A fully qualified and experienced mortgage advisor will understand how to get the right deal and know exactly what they need to do to get your mortgage sorted quickly. It is especially important in the current economic uncertainty, to get the right advice from a mortgage advisor with the right background and expertise.

You will also need to speak to a mortgage advisor who has a broad panel of lenders to be able to get the best deals and rates.

How does mortgages for doctors work?

Generally it is not an issue for doctors to get accepted for a mortgage, and often the rates are extremely competitive.

There are however, several potential areas where mortgages for doctors can be slightly more complicated than standard mortgage applications. On the other hand, there are also some potential benefits or incentives that may be available to doctors applying for a mortgage.

Income is often the biggest element of getting the best mortgages for doctors, simply because doctors pay can be slightly different to normal paid employees.

Main factors with doctors income for mortgages:

  • Self employed doctors
  • Doctors with temporary contracts
  • Locum doctors
  • Trainee or student doctors
  • NHS doctors (PAYE)
  • Doctors with second incomes
  •  High net worth doctors and surgeons

Which are the best mortgage lenders for doctors?

It can sometimes be difficult to find the best mortgage lenders for doctors for several reasons, which can have an impact on your borrowing and your repayments.

There are a number of things to consider which can be for positive reasons and sometimes there can be negative factors, such as adverse credit or complex income. The best mortgage lenders for doctors will also vary depending on your own circumstances, which is where getting good advice can really help.

Some of our top mortgage lenders for doctors include:

  • Accord Mortgages
  • Barclays
  • Halifax
  • HSBC
  • Natwest
  • Newcastle Building Society
  • Santander
  • And more…

However, you should consider that each mortgage lender has a very specific lending criteria and therefore might not be suitable for you. Some of the main elements that come in to play when sourcing the best mortgage deals for you are:

  • Income type
  • Credit history
  • Loan to Value
  • Property type and construction
  • Type of borrowing

Each mortgage application will be different from another and there will usually be something either complex or non-standard about it. In the case of finding the best mortgage lenders for doctors, it is usually around income and often property types.

How to find the best mortgages for doctors

Your mortgage rate will depend on your circumstances but also will be driven by the way that you apply for a mortgage.

There are a number of ways in which you can apply for a new mortgage or a remortgage which can have an impact on your interest rate. Some of the most common ways to get a mortgage currently are:

  • Speak to a mortgage broker or mortgage advisor which is still the most common approach for customers looking to borrow money against their property. Usually this is the least difficult because you’re dealing with someone who can advise you and will have a panel of lenders to consider.
  • Apply to your Bank or Building Society direct can also be an easy option for some borrowers where they have a good relationship with them and no complications. This can also be slightly more limited as options from one lender will always be fewer than a broker who has a panel of lenders.
  • Apply for a mortgage online or via a price comparison site which is growing in popularity for mortgages but still can be confusing or time consuming. There are reasons for wanting to go down this route such as convenience and cost, but there are also other factors that might not suit doctors such as the time this can take and we know how busy doctors tend to be.

What is the best mortgage for NHS doctors?

A mortgage for an NHS doctor will usually be slightly less complicated because of the more simple income structure.

Income is one of the main areas where a mortgage lender will assess suitability for a loan as well as profession or occupation. Usually, a mortgage for NHS doctors will be looked at more favourably because of the stability of your job and the higher levels of pay.

Often the best mortgage for NHS doctors will be based on your mortgage requirements and your property.

Some of the other factors that can play a part for NHS doctors can be:

  • Do you have a second income such as private work
  • Have you still got a student loan
  • Are there any issues with credit history
  • Do you have any special requirements such as property type

Otherwise, finding the best mortgage for NHS doctors is often down to your mortgage advisor and their ability to find you the best deal.

The most common mortgage deals for NHS doctors will be:

  • Fixed rate mortgages for NHS doctors
  • Discount rate mortgages for NHS doctors
  • Tracker rate mortgages for NHS doctors

Can I get mortgages for doctors in training?

We’re often approached by doctors and other medical professional in training, who are looking for a mortgage.

The most common types are new mortgages for doctors in training to buy a new property or first time buyers. There are a number of key points to consider that can have a significant impact on your ability to borrow and the level of borrowing.

Some of the main factors with mortgages for doctors in training:

  • Credit history (do you have a credit score or any bad credit)
  • Income and expenditure
  • Student loans and other debts

Are there any special mortgage deals for doctors?

Yes, as a doctor or health professional, there are lenders who offer preferential deals for your occupation class.

There are reasons for this and one of the most important elements to getting special mortgage deals for doctors, is job security. You will also be viewed more favourably because of the levels of pay and earning capacity throughout your career.

Special mortgage deals for doctors can sometimes be offered by specialist lenders or by some well-known high street lenders. This can be particularly helpful for newly qualified doctors looking for a good deal.

There also may be some potential limitations to mortgages for doctors, depending on your circumstances. However, it is more likely that your situation may be more favourable and you should be looking to special mortgage deals for doctors.

Mortgages for self employed doctors

It is a common scenario that we come across and often we are asked about mortgages for self employed doctors.

There is a significant percentage of doctors and other medical professionals working on a self employed or contract basis, possibly doing locum work. This can be a better way for working for some people who want more flexibility and be able to dictate their own working life.

The most important areas when finding the right mortgages for self employed doctors are:

  • Accountant references can be very important to provide evidence of positive periods of trading as well as to verify your earnings. Most qualified accountants will be able to provide this service for their clients for a small fee.
  • Two or Three years accounts is the standard requirement for most lenders when they assess a self employed mortgage application, regardless of your occupation. If you have less then you may still be able to get a mortgage, however, your rates may reflect this as it is considered higher risk.
  • Credit score and history is also an important element with mortgages for self employed doctors to show your payment profile for other types of borrowing. Your score will show how well you have managed your finances and whether your business has caused any personal payment problems.
  • Loan to Value (deposit) is another area where things can be different for self employed doctors because of the potential added risks for the lenders. You might find that you can borrow less against the value of your property with some mortgage deals.

Can you get special mortgages for junior doctors?

There are certainly differences in the types of mortgages that are available to doctors of all levels.

Special mortgages for junior doctors are available through some mainstream lenders and also some specialist lenders. Some of the key areas where you might find that special mortgage deals for junior doctors can be different are:

  • Income multiples might be higher simply because of the fact that junior doctors pay is almost guaranteed to increase, and quite quickly.
  • Loan to Value levels can also be more favourable for junior doctors so that they can purchase a property with a smaller deposit.
  • Student loans and other borrowing may also be discounted from the income multiple calculation as these will often be repaid quickly or at a lower level.
  • Multiple application mortgages are also something that we see quite often for junior doctors who purchase a property with other individuals or medical professionals.

Where to find the mortgage brokers for doctors

There are a few ways to find mortgage brokers for doctors and others working in a medical profession. Some of the key things that you should be looking for are:

  • Personal recommendations are always good if you know someone who has used a particular broker and had a good experience.
  • Reviews and testimonials will often be a good sign of whether a particular mortgage broker is highly rated or not. You should also make sure that the reviews are genuine and come from a valid review website (e.g. Feefo or Trust Pilot).
  • Website and online presence will usually be a example of how much a particular broker knows about mortgages for doctors.
  • Social media (e.g. Facebook, Linkedin, and Twitter) will also show whether the broker has published much about mortgages for doctors or what they know. You should also be able to see any conversations about the subject.

Useful resources

Citizen’s Advice – Buying a home

Gov.uk – How to buy a home

Statista – Number of doctors registered in the United Kingdom (UK) from 2012-2022

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