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Mortgages for Newly Qualified Doctors

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Mortgages for Newly Qualified Doctors

    • 4.07% Initial
    • 5 year fixed
    • 6.6% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
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    • 4.10% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.17% Initial
    • 2 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.18% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback Max £1,250
      Free Legals
      Free Valuation
    • Get quotes
    • 4.19% Initial
    • 2 year fixed
    • 8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
    • Get quotes
    • 4.20% Initial
    • 5 year fixed
    • 6% 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 Newly Qualified Doctors

Newly qualified doctors can compare mortgages

Your early years in medicine are likely to be based on fixed-term contracts rather than permanent roles if you are a newly qualified doctor or a junior doctor undergoing foundation training.

It's great to gain experience, but it can make getting a mortgage more difficult. The reason for this is that mortgage lenders tend to favour borrowers with stable employment histories. A mortgage lender who understands the unique nature of newly qualified doctors' contracts can be a good resource for getting a mortgage.  

Newly qualified doctors may want to invest in a higher end property that reflects their true earning potential. It is possible to get a mortgage based on your specific needs by working with a specialist mortgage provider.

 

New GP mortgages

If you are a newly qualified physician joining a GP practice as a new partner, you may find that standard mortgage lenders classify you as newly self-employed and therefore a lending risk.

You could be facing many of the pitfalls experienced by people in less stable self-employment when it comes to obtaining a mortgage deal because you are self-employed (at least technically).

 

Locum doctor mortgages

As a newly qualified doctor, locum work can be a great way to gain experience, but it can also complicate getting a mortgage.

As a locum, you will not have a permanent employment contract, which may be a red flag for mortgage lenders.

In particular, if you are a new locum, you will not be able to provide several years of accounts to prove your past income and job stability.

The good news is that specialist mortgage providers for doctors can help you get a mortgage that meets your needs.

 

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

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