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Buying a home is the most exciting and rewarding things that many people will do in their lifetime. Mortgages for doctors can seem complicated and more difficult to obtain, but we’re here to help! In this page you’ll learn everything about mortgages for doctors.
Any lender will offer doctor mortgages, so most doctors looking for a mortgage will have access to the whole of market subject to your circumstances. However there are certain lenders that will offer doctors more preferential rates and lend more too, these are called professional mortgages.
They are not just available to doctors but doctors are one of the professions that have access to these exclusive mortgages. Lenders that offer doctor mortgages with more preferential lending criteria are not all specialist lenders. For example Clydesdale, Platform are some of the top lenders in the UK so their rates are competitive.
The Kensington and The Darlington are more specialist lenders that may not be as competitive on cost but can be even more generous on their income ratios, but this is not an exhaustive list of who will offer doctor mortgages and it may be that the mortgage you need will fit on a more standard product.
Mortgages for doctors can come with exclusive rates dependant on your situation, if for example you have adverse credit then this could impact your ability to obtain lower rates. Generally speaking doctor mortgages are usually some of the best rates the high street has to offer.
There are many types of mortgages for doctors. It really depends on your own personal circumstances, if you are an employed doctor vs a consultant on a contract then this will affect what lender and mortgage we recommend. It will however be more than likely that you will have access to a broad spectrum of lenders.
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
No, doctors do not get special mortgages. Mortgages for doctors are the same as any other mortgage, but doctor mortgages may come with exclusive rates and most importantly more preferential criteria, criteria is the set of rules a lender has in regards to how they lend their money.
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
The amount of money you can borrow for a mortgage will depend on your income, outgoings, credit commitments and credit history. Mortgages for doctors can unlock higher loan to income ratios which can be especially usefull for newly qualified professionals, Some lenders will lend up to 5.5x to 6x income for doctors and other professionals such as Veterinarians or dentists.
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
The current rates are as follows:
0% – £125,000
2% -£125,001 – £250,000
5% -£250,001 – £925,000
10% -£925,001- £1.5 million
12% – 1.5million +
More information can be found on the gov.uk website
Conveyancing is the legal process of transferring the ownership of property from one person to another.
The cost for a standard conveyancing transaction is usually around £1700 although it can vary significantly depending on the complexity of the deal and the price of the property.
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
A fee charged by the mortgage lender to carry out a valuation of the property you want to buy. This is usually around £150
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
These are fees charged by the mortgage lender for processing your mortgage application. They can vary from lender to lender but are typically around £999
Its always worth talking to a mortgage broker for doctors as they will be able to ascertain what is the most sutiable more for your needs, the lowest mortgage rate may not always be the best to achieve your goal.
Estate agents fees are paid by the seller of a property to the agent for finding a buyer. The fee is usually around 0.75% – 1.25% +VAT of the sale price but can be higher or lower depending on the agent and the location of the property.
These are costs incurred when moving house and vary depending on how much furniture and belongings you have to move but you would typically pay between £1000 – £1500 for this service.
If you recieve a bursary or stipend while your in training then you may be able to get a trainee doctor mortgage as some lenders such as West Brom that will allow income from a bursary.
If you are a Junior Doctor and have had difficulty in obtaining a mortgage from your bank this is usually becuase you are on a fixed term contract while on your foundation years. You will likely still be able to get a junior doctors mortgage even if you have a short initial contract (sometimes as low as 6 months) or if you have recently started your employment.
Yes, you can get a locum doctor mortgage if you have been working as a locum for at least 12 months.
It can be important to tell the full story to a lender to convince then to lend to you which is why a specialist mortgage broker for IT contractors will fully look i nto your financial circumstances, current contracts, past employment, and expected income so we can present a case that passes all the lenders criteria.
There are many Mortgages For Doctors available, so it is important that you speak to a specialist mortgage broker that has extensive experience in complex income, Momentum Mortgages are mortgage brokers based in Sevenoaks, Kent and we help people all across Kent and the UK including the following popular areas we have previously helped clients: Tonbridge, Bromley, Maidstone, Dartford, Swanley, Orpington, Tunbridge Wells and more.
Mortgages for doctors come with preferential criteria that other borrowers may not get access to, such as higher loan-to-income ratios and more understanding and flexibility around fixed-term contracts.
Get in touch for a strategy call.
As a limited company director, you’ll need to be able to provide information on your income as part of your mortgage application. This includes the salary and/or dividends you’ve withdrawn from your company, the net profit of the business, and proof that your income can be considered stable.
While your application is slightly more complex than usual, our specialist mortgage advisers are here to guide you. After all, we know the ins and outs of finding a mortgage in these circumstances! By assessing your unique requirements, we’ll be able to find the competitive deals to suit your needs.
Lenders will typically expect your company to have been trading for at least two years. But some will consider one-year trading along with future income projections.
You will also need to provide:
If you have less than one year’s accounts, unfortunately lenders are unlikely to consider you, However one of our core values is preparation and what we can do is help you to plan for your mortgage journey. That’s why we offer a free strategy call so we can discuss your business and what you need to do to make your application look as positive as possible.
Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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Your home or property may be repossessed if you do not keep up repayments on your mortgage.
Momentum Mortgages is an Appointed Representative of PRIMIS Mortgage Network registered in England Wales, company number 11806827.
PRIMIS Mortgage Network is a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.
We will charge a fee of between £99.00 and £999.00. The amount we will charge is dependent on the amount of research and administration that is required.Please refer to the Terms of Business for further information.
The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
The Financial Conduct Authority does not regulate all Buy to Let mortgages
