Getting a mortgage as a doctor

Despite being on good salaries, many doctors and medical professionals find it surprisingly difficult to secure a mortgage. As a doctor, you might not have conventional working patterns. You might also be required to regularly work overtime and as a result, your income might differ each month. Lenders often don’t realise the earning potential of a doctor because of this, frequently rejecting applications.

Other doctors who get mortgage approval are often not given the full amount that they should be able to borrow. This is due to high-street lenders not fully understanding how doctors working hours, pay packages and contracts work.

Contract based roles

Many doctors and medical professionals are in contract or locum roles. This also includes junior doctors who don’t yet have permanent employment contracts as part of their training. Many mortgage lenders consider any contract based jobs to be unsecure and therefore are less likely to approve your application.

Self-employed practitioners

If you’re a practice partner then you will be considered as self-employed. Getting a mortgage when self-employed is generally not easy, especially when using a lender or broker who doesn’t specialise in this area.

Mortgage approval for doctors

Proving to lenders that you have a sustainable, reliable job may be necessary if you’re a doctor looking for a mortgage. Your best chance at getting approval is if you select lender or mortgage broker who will consider your individual circumstances.

Other ways that can improve your chances of getting mortgage approval:

Save for a larger deposit

Applying with a larger deposit can considerably help to increase your chances of mortgage approval. If you’ve had experience with mortgage rejections then it might be a good idea to consider applying later on when you have saved more for a deposit and are looking to borrow less from a lender.

Use an accountant

If you have access to an accountant, they can help to increase your chances of approval, especially if you’re self-employed. An accountant will be able to help you get into a position where you’re more likely to get mortgage approval as they will have access to your accounts and be able to collect all the relevant documentation for you.

Check your credit score

Lenders will look at your credit before they consider anything else. Before applying you should make sure you do the same by checking your score with a credit company such as Experian or Check My File.

If you do have bad credit then as a specialist broker we can look into your individual circumstances and help source a suitable mortgage lender.