Mortgage for a Locum Doctor after just three months!
Dr. R got in touch with me after listening to one of my podcast videos on LinkedIn.
She had recently left her permanently employed job and started working on a locum basis. Dr. R was applying for a position as a trainee GP due to start in late 2022. She wanted to move into working as a locum doctor to help save more money for her deposit whilst she waited to start the new role.
As shifts aren’t normally guaranteed. Most mortgage lenders will treat locum doctors as zero-hour-contractors. And treat you in the same way as someone working in hospitality, retail or logistics. Then needing one to two years experience of working in this way; if they would consider your application at all.
As you will know. Whilst locum work is technically a zero-hour-contract type job. The work is regular and consistently available. And the reasons for this are well documented.
I was able to approach a mortgage lender who takes a common sense approach to how they assess mortgage applications. And whilst Dr. R didn’t fit the normal rules set by banks and building societies; it was possible to arrange a new mortgage.
One of the biggest Building Societies in the country was able to annualise the income earned from Dr. R’s first three months payslips. This new income was well in excess of her previously earned income and the anticipated future income as a GP trainee. The Building Society did not need to use the higher income from the locum work to ensure Dr. R could afford the new mortgage. In fact the old employed income and the anticipated income due to start later this year would have been more than sufficient. And as a result they agreed to use a small portion of the income as a locum doctor to allow Dr. R and her partner to purchase their first home together.
In my opinion, this deal wouldn’t have been possible without the help of a specialist broker.
I have access to specialist contacts within many mortgage lenders. And these relationships that I have built up over my time in the industry allow me to negotiate bespoke deals on my clients behalf.
If you’re a locum doctor looking to buy your first home, next home, or simply need to re-finance. Please get in touch to discuss how I can help.