Doctor Mortgages

Mortgages for doctors, all you need to know

The unique challenges of being a doctor

As a doctor, there are a range of unique challenges to face throughout the mortgage application process:

• Complex employment types make it harder for a lender to establish your long term income pattern
• Many of the job types pertinent to doctors lack stability, such as Self-Employed and locum working
• Most doctors, particularly those who are newly qualified, will have higher student debts, due to their study duration.

The unique benefits of being a doctor

Despite the challenges you may face with a mortgage application, as a doctor, you will also have access to some unique benefits with a variety of lenders:

Trainee and junior doctors

Whilst junior or trainee doctors are often on a considerably lower salary than their fully qualified colleagues, lenders who specialise in mortgages for doctors will often be willing to base their mortgage calculations on your expected future salary.

Those with a clear path of progression into a more senior role are most likely to qualify for this benefit. Particularly if you have a job promised at the end of your training period.

Newly qualified doctors

Unlike applicants in other professions, you won’t usually need to have completed a minimum duration of employment prior to making a mortgage application. Those in paid employment or who expect to be within six months, will often be able to apply straight away.

Self-Employed doctor or Medical Professional

For those carrying out a Self-Employed role, such as a private practice doctor are sometimes considered for a mortgage with just one year of accounts available. There are specialist lenders who may even consider doctors without the first year of accounts available.

This benefit is exclusive to doctors as those in other Self-Employed professions usually need to often supply at least two years of accounts in order to secure a mortgage offer.

Locum doctors

For locum doctors, it can be very difficult for lenders to establish a stable income pattern. Whilst this can be one of the most challenging job types for a doctor to qualify for a mortgage, there are independent mortgage lenders who will consider your circumstances.

Where you have a stable history of continuous work, some lenders will use an average figure from recent months or years of income in order to establish your affordability for a mortgage.

How do you prove income if you are a doctor?

As there is a wide range of employment types that apply to being a doctor, your employment type will dictate the documents needed for proof. A Mortgage Broker who specialises in providing mortgage advice to doctors, like Yellow Brick Mortgages, can advise you about documents required for your individual circumstances.

There is generally more flexibility for doctors when it comes to providing proof of income. A basic level of trust, alongside a largely above average income level, means that doctors often endure less scrutiny than other mortgage applicants.