Getting a mortgage can seem like a complicated process. For some people, it is more complicated than it is for others. This is why there are now specialised mortgages available for the medical professionals out there, namely doctors. Medical professionals can see their income arrive in many different means. Given the rate of earning and job security for medical professionals, one would assume that securing a mortgage would be easier. This assumption would be wrong. There are however some lenders out there that comprehend the complexities more than others and we aim to match you with them.
As a junior doctor, you will be earning on a far lower banding than some of your more experienced colleagues. Just because you are a junior doctor, it doesn’t mean that you are not eligible for a mortgage. There are, of course, lenders out there that will take your future into account and realise that within a small amount of time, your banding will increase.
When it comes to physician contractors, providing you have a good contractor history, chances are you should not come across many problems when matched with the right lender. Medical contractors generally have a steady income that is also quite reliable.
When a locum doctor seeks mortgage advice, they will always be looked at carefully. A locum applying for a mortgage will need to be able to show some job security if being a locum is the primary source of income. A lender will want to see that there is security over the last few years of employment history.
If you are a newly qualified doctor, providing you have the capability of showing three months of employment history and you are matched with the right lender, your way forward should be relatively straightforward.
Self-employed Practice Doctor
At the point when you become self-employed in medicine, there are small bumps in the road that can occur. Self-employed physicians would need to have been self-employed for around three years in order to show enough submittable paperwork for the mortgage company even to consider them viable. There are however lenders out there now that can help you, even if your practice has only been in operation for a few months.
Consultant Level Mortgage
At the opposite end of the scale are of course the 1% mortgages. Called the 1% mortgages as that is their approval rate. These mortgages are available quickly, some within 48 hours and are for people who have next to immaculate credit and stand at the higher level of the income hill. Getting matched with one of these mortgage lenders can make a long process, very short indeed.
At The Mortgage Consultancy, we have helped countless numbers of people achieve precisely want they want most in life. If you are a medical professional and you are looking for a mortgage, look no further. Here at The Mortgage Consultancy, we want to match you with the right lender.