At Regal, we specialise in finding products for professionals, including Doctors, so they can make the very most of their money with their mortgage.
As a doctor, getting a mortgage isn’t often an issue. Good salaries in a secure job is often a lender’s dream, so many doctors mortgages come with the best mortgage rates available.
However, the road to being a fully qualified, practicing doctor can be a long one in comparison to many other professions. The benefits of mortgages for doctors aren’t necessarily the same if you’re a junior or locum doctor, but there are still options available to you.
Locum doctors that typically fill in where there is a shortage may find it more difficult to get a mortgage. Similar to supply teachers, irregular working patterns can result in an irregular income, which makes it more complex for banks to make a lending decision. That said, if you can demonstrate that you’ve earned enough to be able to make consistent mortgage repayments, a lender may consider your application.
Junior doctors are often recently qualified doctors that are on a two-year training programme. As they are still within a foundation period and not yet granted full General Medical Council (GMC) membership, lenders may not consider their employment not permanent. In addition, if you are very newly qualified, lenders will want to see a history of income via payslips and bank statements, which you need to accumulate over time. Doctor mortgages are available to junior doctors, but it may be through a specialist lender.
Similar to locum doctors and most other temporary contract positions, mortgages can be more difficult to get. It could be that you’re contracted for a prolonged period, which makes approval more likely. Even still, provided you can evidence sufficient, consistent income to cover would-be mortgage repayments, lenders will consider your application.
A common mistake people make is to only visit high street banks when looking for a mortgage, especially if their circumstances aren’t totally straight forward. Where standard banks create mortgage products for the masses, specialist lenders focus more on individual cases, which they’re more likely to approve. Independent mortgage brokers could help you find the best doctor mortgage rates available to you. That includes going through specialist lenders if your application is more complex.
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