Mortgage solutions for doctors
Securing a mortgage as a doctor can be a very tricky path, especially given time constraints for most busy professionals. Where medicine is a walk in the park, mortgages can seem like being lost in a jungle for medical professionals.
This is where doctor mortgage brokers like Cleerly can add value. Whether you’re looking to purchase a property or remortgage your current one, because we partner with lenders who provide bespoke underwriting, we can offer doctors and other medical professionals tailored mortgage products that can yield outstanding rates with income multiples up to 6 times gross annual salary.
Our in-depth knowledge of the way in which doctors work allows us to expertly put together thorough mortgage applications. In fact, our specialist team of advisors have been helping junior doctors, consultants, GPs and locums to buy or remortgage their their homes for years.
If you’re tired of being treated unfairly by high street banks and lenders, especially if you're a junior doctor being told you cannot borrow enough, you’ve come to the right place. Getting in touch with our mortgage specialists is easy – you can tell us a little bit about your background and receive quotes straight to your inbox using our quick quote form, compare potential mortgages using our online mortgage calculator, or just pick up the phone and give us a ring on 02394 212912.
Introduction
What is a doctor mortgage?
A doctor mortgage is a type of mortgage that has been specifically underwritten to suit the unique financial circumstances of doctors and other similar medical professions, including but not limited to:
- Junior doctors
- Consultants
- GPs
- Dentists
- Locums
A doctor mortgage can be used for both purchasing and remortgaging purposes.
Eligibility
How to get a mortgage as a doctor
The best way to get a mortgage as a doctor is to use the services of a specialist dcotor mortgage broker. Through a broker, you will have access to both residential and buy-to-let mortgages, preferential borrowing rates (sometimes over six times your annual income), and both offset and interest-only mortgages.
Once we’ve helped you to find a mortgage that best suits your financial situation, we’ll put together an extensive, detailed application to send to potential lenders. To do this, we’ll need documentation like:
- Payslips and P60 (if you're employed)
- SA302 tax calculations (if any self-employed income is received)
- Income and expenditure accounts (if you run a limited company)
- Bank statements
- Potentially a letter from an accountant to provide projection of the current year earnings (again, if self-employed)
If you only have one year of accounts, as a self-employed GP for example, you should be able to ask your accountant for a letter containing a projection of your second-year earnings. We can also access lenders who are happy to work on just the first year of trading accounts for doctors.
First-time buyers
Getting a doctor mortgage as a first-time buyer
Through a doctor mortgage broker, doctors and other medical professionals can access mortgages with a 5% deposit, helping those who may have only been practicing for a year or so to buy a property that would have been out of reach with high street banks and lenders.
Although the government’s Help to Buy scheme has come to an end, first-time buyer doctors can still put their Lifetime ISA savings towards the deposit of a house up to the value of £450,000.
For those who are keen to get on the ladder but haven’t raised a large deposit, it’s also possible to apply for a doctor mortgage against a shared ownership property. Shared ownership properties give you the option of purchasing 25%, 50%, or 75% of the property, which means you’re only required to raise a deposit against the percentage of the property you intend to buy. There is the added bonus of certain shared ownership schemes that prioritise key workers when deciding who to sell to.
Trusted lenders we work with
