Doctor Mortgages - Mortgages for Doctors
At Medic Mortgages Made Easy, we specialise in providing high-quality, professional advice on mortgages for doctors. We have worked on behalf of many medical professionals who receive income through a variety of mechanisms, including PAYE, locum/private practice streams and even combinations of the two.
When looking at mortgages for doctors, lenders often do not understand the remuneration structures and as such will not assess income in the correct manner.
Where NHS related income is assessed, usually via payslips, the lender will see the various salary elements and often assess these as non-guaranteed overtime or part-time income. This will conflict with parts of their lending criteria and as such they will often only take into account a basic element plus a small percentage, if any, of the additional parts.
If all or part of the income is locum/private practice based, a new doubt arises for the lender. Much of this work will be arranged on short-term or fixed-term contracts and will be paid in a tax-efficient manner. The lender will frequently only look at a net or drawn amount which may be fairly low and likely insufficient for the levels of borrowing required. Couple this with the lenders view that short-term and fixed-term contracts are “temporary” and cracks start to appear in the process. Both of these issues can conflict with standard lending criteria and can cause an application to fall down at the 11th hour.
This is where our expertise comes in to help you find a mortgage that is right for you. We have liaised with senior underwriters within high-street lenders and arranged bespoke underwriting for mortgages for doctors. These arrangements can provide doctors with sufficient provable income to maximise their borrowing potential based upon agreed documentation, and a clear explanation of the individual’s working situation.
As part of our bespoke proposition, we can negate the need to approach your employer for any confirmation of earnings. We will work closely with the underwriters to ensure that we have a clear and concise list of documentary requirements based upon the individual circumstances prior to the submission of any application. This ensures that the underwriters have a full understanding of the circumstances and can provide a positive lending decision.
Find out more about our great rates best buys We can provide you the most competitive deals on the market as well as hold your hand through the process and provide you with the clear advice you need.
So, rather than trawling the high street and agonising over your choice, you could save time and potentially a large amount of money, by contacting us and getting the very best mortgage deal for your situation.
Please feel free to call us on 0844 44 88 800 or request a callback.