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Mortgages for Doctors

Best Mortgage Rates

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Mortgages for Doctors

    • 3.89% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 3.92% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.94% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.97% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.98% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 3.99% Initial
    • 5 year fixed
    • 6.5% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 5 year fixed
    • 6.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 5 year fixed
    • 5.9% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.00% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes

Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages For Doctors

As a doctor, you are likely to have a good income and hold a professional position, but due to the nature of many doctors' work contracts and salary arrangements, it might be difficult to demonstrate this to a prospective mortgage lender.

It can be difficult to find a residential mortgage as a doctor - after all, you may expect to be viewed as an attractive proposition by mortgage lenders as an above-average earner.

For a lender, doctors can be very attractive mortgage borrowers - after all, you have professional employment and may have more capital available than most homeowners.

When it comes to proving that you have a reliable income and can make the required mortgage repayments, there are certain factors to consider, such as contract work and locum work. The difficulty of getting a mortgage may vary for different types of doctors, such as:

  • You may need to move around a lot if you are a junior doctor for different placements or training posts, which can mean regular changes in your payment and contract terms. As a result of moving around during training, you may have multiple previous addresses, which can sometimes make getting credit more difficult. Even if you currently have a lower income while training, some mortgage lenders will consider your anticipated salary on qualification. 
  • Due to the nature of locum work, such as gaps in employment, random shift patterns, and the fact that you may also have salaried employment, it can be difficult to prove that you have a steady salary stream. The nature of locum contracts may not always be fully understood by standard mortgage lenders. 
  •  As a general practitioner, you may encounter issues when approaching mainstream mortgage providers since you are self-employed. It is a good idea to seek out a specialist provider to maximize the chances of your mortgage application being approved if you are self-employed. 
  •  In a senior medical position, such as a consultant, you may have a variety of income sources.

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

Mortgages for Doctors Get Specialist Advice
Mortgages for Doctors Get Specialist Advice