Mortgage solutions for locum doctors
As a locum doctor, we know lenders can sometimes struggle to assess your income, which can give rise to concerns about long-term affordability for a mortgage. That's where our expertise comes in.
We'll work closely with you to gather the right evidence and documentation to demonstrate your experience to validate you will have stable, reliable earnings - whether you're self-employed, employed or use an umbrella company. Our strong relationships with lenders mean we can find the perfect mortgage solution at best possible rate.
Your financial situation is unique, and Cleerly’s mortgage experts treat it that way. Whether you're a newly qualified locum or have years of experience, Cleerly’s mortgage consultants will take the time to understand your individual needs and goals, and more importantly, be able to present your income in the right way.
A locum doctor can be therefore be confident that they're getting the borrowing they deserve and there are no affordability concerns.
Our in-depth knowledge of the way in which locum doctors work allows us to expertly put together mortgage applications with income presented in the right way for success. In fact, our specialist team of mortgage consultants have been helping locum doctors to buy or remortgage on market-leading rates for years.
If you’re frustrated at having to explain your professional world and how you earr your income to high street banks and lenders, 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 locum doctor mortgage?
A locum doctor mortgage is a type of contractor mortgage that has been specifically underwritten to suit the unique financial circumstances of doctors who have locum income, whether that is in addition to employed earnings, or the sole source of earnings. Cleerly can obtain locum doctor mortgages for professionals in a variety of settings, including: -
- Hospitals
- Practices
- Clinics
A locum doctor mortgage can be used for both purchasing and remortgaging purposes.
Eligibility
How to get a mortgage as a locum doctor
Given the challenges in getting lenders to understand how you work, it is important that a specialist broker like Cleerly is used to manage the lender. Through a broker, you will have access to both residential and buy-to-let mortgages, access to the whole market and therefore competitive borrowing rates, and both offset and interest-only mortgages if you need flexibility around how you earn.
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:
- Timesheets or invoices
- Umbrella company payslips
- SA302 tax calculations
- Income and expenditure accounts
- Bank statements
- Potentially a letter from an accountant or umbrella company to provide a projection of the current year earnings
If you only have one year of locum history, we can still help with information from your accountant, agency or umbrella company confirming likely income/assignment details.
First-time buyers
Getting a locum doctor mortgage as a first-time buyer
Through a specialist locum mortgage broker, locum doctors 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. The best thing is, Cleerly can go back to the High Street to get you a competitive mortgage!
Cleerly can also help locum doctors utilise 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 locum doctor mortgage for shared ownership schemes. 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.
Trusted lenders we work with
