Mortgages For Doctors
Did you know that there are specialist mortgages for doctors available? Being a doctor is a very stressful profession and many will not want to go through the added stress of applying for a mortgage. Here at Davidson Deem, we are here to help you in any way that we can to ensure that you can get a mortgage that is just right for you without the stress associated with applying for a mortgage. Give us a call on 01202 884 111 to receive your own personalised mortgage broker service with Davidson Deem.
Why can mortgages for doctors be harder to arrange?
Getting a mortgage as a doctor can be a hard task as salaries can fluctuate drastically each year due to banding allowances, irregular working patterns and frequent changes in their area of work. To add to this, many mainstream mortgage lenders don’t have the underwriting flexibility to account for the complex salary differences of doctors and medical professionals.
If you are a GP looking to become a practice partner it can be difficult to gain a mortgage because of the partnership status of practices, with income made up of what lenders see as unpredictable drawings, as opposed to a guaranteed income. Doctors’ practices are Partnerships, which means that partners within the practice take their income as drawings. Many doctors taking a partnership position within a practice may come from the NHS, whereas others may combine locum work with practice income; this can result in a complex source of income that won’t meet the usual requirement for a standard high-street mortgage lender.
Newly qualified doctors may also encounter further restrictions with mainstream lenders due to the high risk nature of their application.
However, here at Davidson Deem we are experts in helping doctors and other medical professionals secure the best mortgage for them. We can use our connections to approach typically more flexible lenders on your behalf to secure a mortgage that works for you.
Mortgages for Doctors
There are many kinds of mortgages available, including specialist mortgages for doctors, which are becoming a product offering with more and more mortgage providers.
Here at Davidson Deem, we are specialist mortgage brokers that can help you find the best deals around without you having to deal with the mortgage providers yourself. We can find doctors specialist mortgage deals that can provide you with rates that are 5.5 times your income with a maximum loan to value of 95% for newly qualified doctors. These mortgages for doctors are much more favourable, as the average person will generally only be able to borrow a maximum of 4 times their income at a loan to value of 95%.
Why use a Specialist Mortgage Broker for Doctor Mortgages?
If you are a newly qualified medical professional, trainee/junior doctor, doing locum work or becoming a practice partner it can be hard to find a mortgage lender that will lend you the capital you need for a property. If you are sourcing your mortgage yourself, then you won’t have much luck with the big branded banks; only smaller companies would be willing to give you a mortgage, however often at an undesirable rate.
Getting a specialist mortgage broker to find you a doctor mortgages is the best way forward because:
- As a doctor or medical professional, you are extremely busy, and you may never know when you’ll have the time to search for mortgages; a mortgage broker can do all the work for you and relay the information between you and the lender.
- Mortgage brokers have special connections with lenders and will not only be able to find you a deal easier but quicker too.
- One of the best advantages to using a mortgage broker is that they will be able to find you the best mortgage rates on the market and some lenders will only provide the best deals to mortgage brokers instead of applicants themselves.
- Mortgage brokers help to reduce your stress levels in addition to giving you more time and freedom to focus on other things.
- Mortgage brokers can help you save money on fees as they have the knowledge and experience in the field to know what you as an individual need to pay.
How can Davidson Deem help as your Mortgage Broker for your Doctor Mortgage?
As mortgage experts we have years of experience securing mortgages for many doctors and medical professionals, as well as other complex jobs including, solicitors, lawyers, dentists, vets and business directors.
We pride ourselves on our excellent quality of service for our clients. We will provide you with a personalised, tailored approach that suits your professional and individual needs. We have experience in dealing with mortgages for doctors, therefore, we can cater our services to you.
What makes us special is that when you speak to a mortgage broker through us, you will only ever have dealings with one mortgage broker, who is a director of the firm; we believe this makes us special because you build up a level of trust and a personal relationship with your mortgage broker. You don’t want to have to keep explaining your situation to many different mortgage brokers, drawing out the process, especially if you’re having to explain this to many different brokers handling your mortgage application.
We have clients on board with us that have been dealing with the same mortgage broker for 20 years. This means that even if you want to use our services again many years down the line, we will provide you with the same mortgage broker that you had before.
When looking for mortgages for doctors, it can be a very costly process and many people do not want to spend any extra money on a mortgage broker as they simply cannot afford it. However, here at Davidson Deem, we want to minimise the costs for the borrowers as much as possible, therefore, we provide a fee-free service! This means that if you’re applying for a mortgage loan over £100,000, you won’t have to pay a fee for your mortgage broker, instead we make a commission from the company that is providing you with your mortgage.
Additionally, Davidson Deem can provide mortgage advice for people who are looking to buy their first home, buy a second home, buy to let, remortgage and even a commercial mortgage. We will provide you with professional, quality advice, even if that means we receive less money in commission, as we only want the best for you. Here is a testimonial from one of our clients here at Davidson Deem:
“I have found them to be excellent in researching the best products for me and giving fair advice- this includes advising me not to remortgage when appropriate (even though this meant they did not receive a fee).”
Davidson Deem is only able to provide advice for mortgages; we are unable to provide financial advice as we are not regulated to do so. However, with mortgages, you may need an independent financial advisor, insurance policies and an estate agent in order to complete your entire mortgage process. Even though Davidson Deem cannot advise or help you directly, we have a platform of many great advisors that we are happy to recommend that will be able to assist you.
Need a Mortgage as a Doctor or Have a Question about Doctor Mortgages?
Whether you are training to be a doctor, newly qualified, are a locum doctor or a highly experienced doctor, here at Davidson Deem our team of highly qualified specialist mortgage brokers can help you find the perfect mortgage for you and ensure you get the best deals and rates possible. To get in touch with your mortgage broker at Davidson Deem, call us today on 01202 884 111 and start your journey towards buying a property.
We have provided a list of frequently asked questions below, regarding getting a mortgage as a doctor or a medical professional.
Frequently Asked Questions
I’m a locum doctor, can I still get a mortgage?
Yes, it is possible to get a mortgage. Most traditional mortgage lenders might find the irregular pay an issue, however, there are a number of mortgage lenders that take a more realistic and flexible approach to your situation. These mortgage lenders will often look at your average earnings over previous months to establish the appropriate income level and use this as the base of their mortgage affordability calculations.
Can I get a mortgage if I have just joined a doctor’s practice from the NHS or if I’m a GP who has just become a practice partner?
Yes, we will use the combination of your previous earnings from the NHS and the forecast earnings of the practice to make a personal case to put forward to prospective lenders. In some cases niche financial lenders may be willing to use other financial records as the base of their mortgage affordability calculations.
I’m extremely busy as I work long unsociable hours as a doctor, are you able to work around my schedule?
Here at Davidson Deem we work with a vast range of mortgage applications and therefore we make sure that we work with you and your schedule to get your mortgage complete.
I’m a newly qualified doctor, can I get a mortgage?
If you have literally just qualified as a doctor or medical professional and have started a position or are about to start a position you may be eligible to get a mortgage, however it may be worth getting in touch with Davidson Deem to discuss your situation. Your mortgage specialist will be able to provide you with more information.
I’m a trainee/junior doctor, can I get a mortgage?
As a trainee or junior doctor you are likely to be on zero or a low wage, which may prevent you from applying for a mortgage at this time. However, the mortgage lender can sometimes offer a mortgage based on prospective earning. Call Davidson Deem today to discuss your situation with one of our specialist mortgage advisors who will be able to provide you with more information.
I’m a self-employed doctor, can I get a mortgage?
Within certain medical professions you may find yourself going from a salaried position to becoming self-employed. If this happens you may still be able to get a mortgage. Here at Davidson Deem we have connections with a variety of lenders who may offer you a mortgage depending on your situation. For more information get in touch with one of our experienced mortgage advisors who will be able to assist you and provide you with more information.
I’m on a temporary contract as a doctor, can I get a mortgage?
Obtaining a mortgage as a doctor on a temporary contract is not normally an issue, as long as you have a couple of month’s remaining in the contract and there is a likelihood that the contract will get renewed or you’ll get a new contract elsewhere.