Mortgages for Doctors in the UK, benefits of working with a specialist mortgage broker
The mortgage market can be confusing and difficult to understand. Many mortgage lenders want you as a client to lend to, but that doesn't mean you can get a loan with them. There is a lot of mortgage jargon, different products to choose from and a huge range of options to decide upon. So how do you work out what's the best mortgage for you? What if you don't have the time to research the market and become an expert yourself?
Being a medical professional means you are unlikely to have huge amounts of time. No matter what stage you are at in your career, time is precious and valuable. Working with a specialist mortgage broker can help fast track your mortgage application.
At Mortgages for Doctors, we work around you. We have an in depth knowledge of your career trajectories, your work patterns, what income on your payslip can be used for borrowing purposes, and how to present your application to lenders to ensure a smooth and fast turnaround.
Securing a mortgage deal means time is of the essence, especially if we are seeing interest rates rising. Getting a mortgage approval quickly is also important as you want to ensure you are in the best possible position to remortgage quickly if your deal ends soon, get the keys to your first home or move into your new home!
At Mortgages for Doctors, we understand the need for flexibility. You are able to book an online consultation with one of our experienced Mortgage & Protection Advisers at a time convenient for you. Normally, we will hold an online meeting with you, work with you via email or our secure portal, or on the phone if you'd prefer. The need for a physical face to face meetings are no more!
This means whatever your preference is, we can accommodate this. Ultimately, we want to ensure you can secure the property you want, remortgage your home quickly, or understand just how much mortgage you can borrow.
There are a whole host of lenders who provide mortgages for professionals such as medics, but that doesn't always mean they are the cheapest or the best option for you.
Sometimes, these options may come with very prescriptive criteria of who they will lend to, or be provided by mortgage lenders who are not the most competitive rate in the market. As there are many lenders in the market, it is important to have access to the whole of the market when it comes to finding a mortgage.
Your payslips can be complicated for some mortgage lenders to understand. You have to remember, they are looking at the whole population in the UK, and basing their lending criteria on a wide range of industries and income streams. This sometimes means the way you are paid and how your payslip displays your income can be troublesome for lenders to understand.
If you are self employed doctors, such as a locum doctor, partner at a GP surgery or running a limited company, this can complicate matters further.
Click on the links to take you to our specialist guide pages to explain the considerations you need to take into account when getting a mortgage as medical professionals.
There are a number of comparison sites available which you can go to and find out what the best buys are. Whilst this is great to understand what options might be available to you, you will then need to either go direct to the mortgage lender and take time out to go through the application process with them, or you will be put in touch with a broker who has a link with the comparison site.
For a proportion of medical professionals, you could go direct to lender, meet their criteria easily and have no issues in getting a mortgage. Normally, this will be when you have significant income which is way above the multiples needed to secure a mortgage, you have straight forward working patterns and no external factors which could impact your borrowing ability.
If you are trying to maximise the mortgage you can get, or gain a better loan to value mortgage or have complex income structures, going direct to a lender may be more problematic. If they don't understand your income streams, this can cause issues. Often, we will speak to doctors and other medical professionals, who have approached a mortgage lender direct and then had to come to us as they've hit issues along the way.
Can you list the best providers when the options are so varied? A great benefit of dealing with specialist Medical Mortgage Brokers is their extensive knowledge and understanding of which lenders will best suit what you require.
We can see the best mortgage rates each day in real time due to the research tools we have. Lending criteria is different for each mortgage provider and although we can see the best mortgage deals, sometimes, the best mortgage rate wont be available to you due to your personal circumstances.
Getting a mortgage in the first place is sometimes the biggest hurdle.
It's fairly common to see doctors who work and own properties abroad, who would like to have a second property in the UK.
Also, we often see newly qualified doctors who are looking to work abroad for a period of time but want to get a foot on the housing ladder here in the UK.
Do you need to find a buy to let mortgage if you are buying a second home that you won't live in? What are rules around rental income needed, deposit size required, should you buy in personal names or through a limited company?
If you think you may go abroad in the near future, will the mortgage lender you take a mortgage with, allow you to rent out your property on your current residential mortgage? Will they force you to get a more expensive buy to let mortgage?
It's imperative you seek professional help from a mortgage broker if you have have any of these questions to ensure you find the best mortgage with the right lender.
Book in for a free consultation with one of our specialist mortgage and protection advisers to discuss your circumstances.
As newly qualified doctors, on job rotation and moving potentially to different hospitals, can mean you don't think you can get a mortgage on future earnings. You know your income will rise in 3-6 months time, you want to find a home where you will be located but can't afford it on based on your existing income shown on your NHS Payslip.
Using a specialist mortgage broker becomes more important than ever. It is possible to get a mortgage in these circumstances using your proposed income that you will have in 3 to 6 months time. We can coach you on what you need to do to enable this to happen and can present to specialist lenders or mainstream lenders in the right way.
For help in understanding your options, please book an online video call with one of our specialist mortgage advisers.
Do forget that when you apply for a mortgage, you need to consider your credit history. Lenders will be looking for the following:
You can check your credit history by using free services such as Credit Karma.
