Mortgages for Locum Doctors
I specialise in helping to sort mortgages for locum doctors. Many mortgage lenders will struggle to understand the true extent and nature of your income and it won’t always be straight forward. But with the right help and guidance it is possible to secure a new mortgage with a competitively priced deal.
Please take a look through this page to gain an understanding oh how I can help. And if you think I’m the right person to sort your new mortgage deal, please get in touch using the contact form at the bottom of this page.
The tax structure of your Locum Doctor work will affect the way that mortgage lenders can assess this your income. You may still recieve NHS payslips. Or you may now be liable for the tax and national insurance yourself and file a tax return at the end of each year.
I’ll outline the main differences below.
Self-employed locum doctor.
As a self-employed locum doctor, you won’t receive payslips and will be responsible for submitting a tax return to HMRC at the ends of the financial year.
This means most mortgage lenders will treat you in just the same way as any other self-employed applicant. And you will likely need to wait until you have completed two full tax years before applying for a mortgage.
But. I have access to mortgage lenders who have approved applications after just three months of self-employment. Without needing to wait for finalised accounts.
I specialise in negotiating bespoke criteria with lenders to get you access to deals that just wouldn’t be possible without the help of a specialist broker.
NHS locum doctor.
Working as an NHS locum doctor, you will likely get weekly or monthly payslips where your tax and NI contributions are dealt with by the NHS.
Despite the regular availability of shifts. Because this work isn’t contracted and there’s no guarantee of work in the future, most mortgage lenders will treat you as working on a zero-hour contract. They’ll treat you the same as someone working in retail or hospitality. And if they’ll accept your income at all, will often want at least two years experience of working in this way.
But, as with self-employed locum doctors, I have access to mortgage lenders who have approved applications after just three months of wage slips. Meaning you can arrange a mortgage sooner.
I have access to specialist contacts within most mortgage lenders and specialise in negotiating bespoke criteria regularly getting them to waive their zero-hour-contract requirements to get you access to deals that just wouldn’t be possible without the help of a specialist broker.
Locum doctor as a second job.
If you work as a locum doctor in addition to another role. It is still possible to use this extra income to boost how much you can borrow from a mortgage lender.
Most mortgage lenders will ask a lot of questions of second jobs wanting to understand the sustainability of this income. And some will only use a portion of the extra income.
But, the mortgage lenders that are great at helping loucm doctors (as detailed above) are also well used to doctors working extra hours as a locum. They can often use all of this extra income and understand the hours you are likely to be working meaning you can get approved sooner without having to answer 20 questions!
Employed locum doctor.
If you’re employed by the NHS, a private practice or agency to provide locum doctor services, you will likely receive weekly or monthly payslips where your tax and national insurance contributions are dealt with by the employer.
If you receive payslips, you will need to provide at least three months of these. But some mortgage lenders could ask for as many as two years worth of payslips.
Self-employed locum doctor.
If you are responsible for your own tax and national insurance through an annual tax return, you will evidence your income differently.
You will normally need to provide HMRC Tax Calculations and Tax Year Overviews. And if the income is paid into a limited company you will likely be asked for the full company accounts.
Alternatively, I have access to mortgage lenders that would assess your income using your last six monthly invoices. Potentially boosting your borrowing power significantly.
Extra Reading...
Why use a Specialist Adviser to sort a Mortgage for Locum Doctors?
It can be difficult arranging mortgages for locum doctors. But thankfully I have access to mortgage lenders and specialist contacts within these firms that can;
- Accept Locum pay & second jobs with a limited history.
- Consider invoices to evidence self-employed income (rather than traditional means).
- Take a common sense approach to high quality applications
Plus, understanding the busy nature of your lives and flexible appointments to suit. Why wouldn’t you want to use a broker that specialises in mortgages for junior doctors?
Podcast; Mortgages for Locum Doctors
I host a weekly Podcast helping doctors to understand mortgages. And of course inviting you to get in touch with me to discuss how I can help you. Below is the podcast episode exploring mortgages for locum doctors.
Would you like to...
- Overcome the difficulties often faced by doctors looking to sort a new mortgage?
- Get to know me to ensure I am the best person to help?
- Without affecting your credit score.
If you are a first time buyer or moving home...
- Estate agents like to know you have spoken to a professional, rather than just filled in a few forms online.
- I can tell you how much you can borrow from a comprehensive range of mortgages from across the market.
- Meeting typically last between 30 to 60 minutes to ensure you are well prepared to start the process of buying your first or next home.
It would be great to be a part of helping you buy your new home and secure the most suitable mortgage and protection portfolio.
If you are ready to talk, please feel free to get in touch or provide your contact details below.
If you are remortgaging...
- And are looking to negotiate the best deal, rather than relying on the deals offered by your existing lender.
- Or thinking about raising more money for an extension, home improvements or anything else.
It would be great to helping you in arrange the new mortgage.
If you are ready to talk, please feel free to get in touch or provide your contact details below.
Request a call...
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Russell Maggs
Mortgage & Protection Adviser
How can Maggs Financial Services help arrange mortgages for Locum Doctors?
“I have access to mortgage lenders and specialist contacts within these firms that are sympathetic towards locum doctors. They are able to apply common sense to income from locum work. And often don’t need to see long track records of working in this way .
“Using my industry contacts & experience I am able to negotiate bespoke criteria and have been able to significantly increase maximum borrowing capabilities or secure more competitive deals for my existing clients.”