Mortgages for medical professionals

Finding the most competitive mortgage deals for doctors, locums, nurses and other medical professionals

Securing a mortgage as a medical professional isn't always a straightforward process - this is where a specialist mortgage broker like Cleerly can help.

Get a quick quote

Specialist mortgages for doctors and other medical professionals

If you have moved into a new practice or are newly self-employed, you might find it difficult to get a mortgage with traditional underwriting. Many high street lenders won't take into account more complex work patterns and income, requiring self-employed applicants to have at least two or, more often, three years’ accounts to verify income to assess whether you can afford a mortgage.

With over 15 years in the business, Cleerly can help bring you one step closer to your dream home. We have access to specialist contractor mortgage providers who are more flexible in their mortgage assessment criteria, taking into account your affordability and future earning potential. 

Give the team a call on 02394 212912 to get the ball rolling. You can also compare potential mortgage deals using our online mortgage calculator.

Introduction

Medical professional or contractor?

Many people assume that doctors, locums, nurses and other medical professionals are traditional salaried employees and therefore cannot reasonably be defined as contractors. However, this is not necessarily the case. While the majority of hospital consultants and non-principal GPs (General Practitioners) – like those employed under CCGs (Clinical Commissioning Groups) – receive salaries in the conventional sense, since the inception of the NHS in 1948, principals and partners in General Practices operate effectively as independent contractors. Their pay is primarily determined by their ‘performance’ with the controversial ‘Quality and Outcomes Framework’ (QOF).

Doing the maths

How affordability is assessed

The performance of medical professionals is assessed through various factors. For doctors, this would include the number of patients treated, the type of treatments that were administered and the overall health of their respective catchment areas. Pay is subsequently calculated through various IT systems; namely, the Quality Management and Analysis System (QMAS), or the newer Calculating Quality Reporting Service (CQRS).

Locums and self-employed medical professionals

How lenders view different professions

Locum doctors – those who are temporarily assigned to replace absentee staff throughout various hospitals and practices – are also technically regarded as self-employed and will be designated accordingly by mortgage lenders.

The self-employed status of these specific doctors may make securing a mortgage more challenging. That said, it is important to note that lenders, in general, are inclined to look at doctors favourably – as it is regarded as a solid and stable profession – and therefore doctors are typically accommodated without any additional fuss. However, the self-employed nature of certain roles means that doctors do not always receive the best offers on the market.

Fixed term or locum?

Combining employment, self-employment and contracting income

Generally speaking, as a fixed-term medical professional, irrespective of whether you are principal or non-principal, you will be perceived in a similar fashion to a PAYE (Pay-As-You-Earn) worker. Meanwhile, locums will be seen as essentially tantamount to normal contractors.

Sometimes, the mixed nature of your income as a medical professional (a combination of employed and self-employed) has the potential to complicate matters somewhat. As always, in such scenarios, it's advisable to seek advice from specialist mortgage broker for medical professionals before proceeding with an application.

Getting the right mortgage is just as important as getting the right property

High street lenders can become confused when dealing with banded remuneration packages, often leading to misrepresentation of your gross income. They often mistake employment contracts for temporary work which also create unnecessary time delays, or worse, an unsuccessful application.

Using a specialist broker with medical professional experience will make a huge difference to the success of your mortgage application. Whether you are buying, investing, letting or remortgaging we can source a mortgage at a rate to suit you.

Cleerly has worked tirelessly to build trusted relationships with specialist healthcare lenders who are well versed in arranging mortgages for doctors.

This means we can maximise your borrowing capacity and ensure you have access to the very best rates in the market and advise on the type of paperwork you will need to present, in order to maximise your chances of securing the best deal for you and your family.

Call the specialists at Cleerly today on 02394 212912.

Why choose us as your mortgage broker for medical professionals?

With 15 years' experience working with medical professionals from all walks of life, we know what lenders like to see and how to present your mortgage application in the most favourable light possible. Your dedicated client service manager will take care of all the paperwork so you can focus on looking after your patients, safe in the knowledge your application is in the best possible hands.

We'll help you to:

Buy your dream home or build your property portfolio

Access competitive, market leading rates from mainstream lenders

Secure a deposit as low as 5%

Borrow against your real earnings, often up to five times your annual income

Trusted lenders we work with

Ready to get started?

Contact Cleerly today if you are struggling to find mortgage providers who understand your complex income and earning potential.

Use our online mortgage calculator to compare mortgages or complete our simple quote form and receive quotes straight to your inbox. Alternatively, contact our friendly team today on 02394 212912.

Do you need protection cover?

Insurance solutions for medical professionals

Income protection

Have you planned for a time when you aren’t bringing home the same money you’re earning now?

Relevant life cover

Discover relevant life cover solutions for contractors. As a specialist contractor insurance and mortgage broker, Cleerly can find the right policy for you.

Critical illness insurance

Will you and your family have enough money if you’re critically ill and need treatment?

Home insurance

Cleerly's experts are experienced in safeguarding both the structure and contents of your home from potential risks. We evaluate your specific needs, ensuring that you receive the appropriate level of protection tailored to your home. By leveraging our extensive network of providers, we aim to secure coverage that fits your requirements effectively at the best value.