Sometimes mortgages can seem a little too black and white - and if you don't fit in the box then you can be rejected by many non-specialist mortgage companies before you even get to speak to a real person.
This can be particularly true if you are a doctor or other health professional. With so many different ways that your income can be determined, you will need expert help to get a mortgage deal that properly reflects your position.
Mortgages for newly qualified doctors
In many professions, the mortgage lender is looking for at least three months of stability in employment before they'd consider lending, but you can use the trusted profession of being a doctor in your favour.
We work with a wide range of mortgage providers and have a good relationship with those who put great stock in those who have qualified as a doctor and are looking to start work, whether for the NHS or a private healthcare organisation. Doctors often relocate across the UK to match that perfect job and having the opportunity to buy immediately rather than have to waste substantial finances renting for six months or a year before being able to secure that mortgage can be very beneficial.
The best mortgages for doctors can be offered to those who can show their work contract for a position even if you haven't yet started - in fact, at The Mortgage Hut we are able to help with mortgages up to six months in advance of your first day as a fully qualified doctor.
Speak to our specialists today about getting your mortgage early.
Junior doctors and trainees
The good will towards doctors extends to those who are not yet earning a full doctor's salary. In some cases, we can help you secure a mortgage based on expected earnings if you are coming towards the end of your training or have an promotion coming. It's worth speaking to our experts early to see what's available and get some detailed advice to put yourself on the right path.
Temporary contracts and locums
With undefined shifts and non-set hours, being a locum doctor or one working with temporary contracts can prove difficult. Obtaining a mortgage is largely about risk assessment and when your work isn’t obviously stable, it can be hard to get the mortgage you are after.
Thankfully, our relationship with specialised lenders who regularly work with people on fluctuating hours and periods between employment means that at The Mortgage Hut we can offer advice and help you present your income and finances in the right way to the mortgage providers.
Working at a practice - LLP or self-employed
Getting a good mortgage deal when you are self-employed or a partner in a young business has traditionally been very hard, and doing so in the first year or two without detailed accounts history is impossible for most professionals.
Helpfully, however, our specialist lenders are able to look at the situation with a holistic perspective, understanding that past performance at the surgery for your colleagues is a good indication of your predicted earnings. Many of the lenders we work with are willing to listen to your situation in-depth and provide dedicated underwriting to bring you the best mortgage deal possible.
As more specialist lenders enter the market, the chance of you successfully applying for a mortgage increases each month.
The usual rules apply - credit rating, deposits and affordability
Of course, while there may be a lot of trust in the medical profession, doctors are still subject to the same basic criteria as other professionals.
Credit rating
The healthier your credit history, the better it is for you when looking for a great mortgage deal. Your credit report details the last six years of financial activity, so if there has been any unfortunate issues with your finances in that time you may find it harder to get the best deal.
Don’t worry! Here at The Mortgage Hut we have a team of bad credit specialists who can work alongside your main medical-profession mortgage advisor to look at mortgages that fit your situation.
For more in-depth information about getting a mortgage with bad credit, read some of our other articles here at The Mortgage Hut.
Deposits
With a stable and respected role such as a doctor, you will find many mortgage companies willing to discuss mortgages for as little as 5% deposit.
This deposit usually either comes as a gift from loved ones (read this article to learn more), or from savings you have managed to put aside, and remember, the more you can invest into the property, the better the deals and rates will be available to you.
Talk to us further to learn more about your deposit and how much you should be putting aside.
Affordability
Affordability and the stress test are factors that go into determining your mortgage eligibility that are often overlooked by many prospective buyers. Your affordability is the level of disposable income you have and makes a significant impact on your mortgage application. If you often end the month with a substantial amount to go into your savings, then your affordability is high and will help you get the very best mortgage rates, but if you struggle to get to the next pay cheque then you may want to look at your finances to see if you cut back on some non-essentials prior to your final mortgage application.
Give our advisors a call to learn more about affordability and how it affects you.
Getting a specialist doctor's mortgage with The Mortgage Hut
Getting the right mortgage can make a huge difference with your monthly outgoings and interest payments. At The Mortgage Hut, we look at each of our client's situations in full and match the right mortgage providers to you to give you the best fit. Our team of experts have worked on behalf of hundreds of medical professionals, finding mortgages that properly reflect the full doctor's income as well as having the right level of flexibility for any changes that might happen in life.
Fill in our contact form or give us a call to speak to an advisor today - our service is no-obligation and it costs you nothing for a chat, no matter how in-depth! So why delay? Call now and get that much closer to your perfect home.
023 8023 5555