Mortgages for Doctors

Hi, I’m Russell Maggs, a specialist mortgage broker Helping Doctors get Mortgages. 

I take great pride in negotiating bespoke deals for;

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Is it easier to get a mortgage as a Doctor?

Lets start with the hard news. It’s often more difficult to get a mortgage as a doctor. But my understanding of your career and pay progression. And industry experience and contacts. Allows me to negotiate bespoke deals on your behalf. That (in my opinion) just wouldn’t have been possible without the help of a specialist broker.

Can you get a mortgage as a Junior Doctor?

Yes! I’ve had great success arranging mortgages for Junior Doctors. But it’s not as straight forward as you might have hoped. There are a few things mortgage lenders just don’t like…

Using my knowledge of your career and pay progression. I can negotiate bespoke deals with mortgage lenders that (in my opinion) just wouldn’t be possible without the help of a specialist broker.

Can you get a mortgage as a Locum Doctor?

Yes! Sorting mortgages for locum doctors has become a specialty of mine. Locum doctors are massively underserved by mortgage lenders. To assess your borrowing capacity I will review…

And be able to make a formal recommendation on the most suitable mortgage deal available to you. 

Do Doctors get Better Mortgages?

It depends what you mean by better? But if Nationwide have the most competitive deal and you’re eligible for the mortgage, being a doctor may make little difference…

Some banks offer exclusive deals for doctors. That are often more cost-effective than other deals available from them. But they typically have more flexible rules for your situation. And be willing to accept your application when other mortgage lenders may not. Rather than just saving money.

There are also banks that could lend you more money because you’re a doctor. Especially in the early stages of your career. 

Can Doctors get higher Mortgages?

Some banks do allow doctors to get higher mortgages by increasing the maximum “income multiple” available to them. This is generally only available in the early stages of your career. And subject to a full affordability assessment. 

Can Doctors get special mortgage rates in the UK?

Occasionally… there are some banks and building societies that have specific mortgage deals for doctors.

But more importantly, I have access to specialist contacts within mortgage lenders that allow me to negotiate bespoke mortgage deals. This could get you a “special mortgage rate”  which (in my opinion) wouldn’t be possible without the help of a specialist broker.

How much can Doctors borrow?

Some mortgage lenders will allow doctors to borrow up to SIX times their income. But a more common income multiple would be between four and five. 

But the main thing that will determine the most suitable mortgage lender for doctors isn’t normally how much you can borrow. Banks can be quite fussy about who they lend to. And you will want to speak to a specialist mortgage broker who can help you navigate their rules and work out your maximum borrowing capacity.

What is a mortgage broker?

As mortgage broker (or adviser) I am responsible for helping you arrange the most suitable loan to buy or refinance property. 

There’s a lot that goes into working out what deal is most suitable. And this doesn’t always mean the cheapest. Here’s a few things that will affect the type of deal you can get;

But arranging a mortgage for a doctor gets a bit more complicated. As the way your income and career is structured causes unique difficulties. But also some unique opportunities. 

Why use a broker that specialises in mortgages for doctors?

There are some unique challenges to arranging mortgages for doctors. But what makes specialising in this area so rewarding is the potential opportunities available to you. 

Whilst there are some mortgage lenders that are renowned for their approach to working with doctors, there are plenty that fly under the radar. Speaking to a specialist could be the difference between the obvious choice and something really bespoke.

I have access to specialist contacts within mortgage lenders that have the ability to negotiate specialist criteria that means you can access deals that otherwise wouldn’t be possible. This could be;

Add to all of this the obvious essentials. Understanding your income, contracts and career progression because of how regularly we deal with people in your line of work. Flexible appointments to fit around your time off. One point of contact throughout the entire process.

Why wouldn’t you want to approach a specialist that regularly arranges mortgages for doctors?

Why is it difficult arranging mortgages for doctors?

You and I know that your profession and skills are in high demand. And the likelihood of long periods of unemployment due to not being able to find work is slim. But there are parts of how your income and contracts are structured that can make some mortgage lenders nervous.

Short term, rotational contracts.

As a junior or trainee doctor, much of your early years in healthcare will be spent working on rotational contracts. Often only for six months at a time.

If a mortgage lender doesn’t understand this. And many still don’t. They could see this as a lack of job security and wonder where your next contract will come from? 

Complex income.

If you are a partner within a GP Practice. or carry out regular work as a locum. It can be difficult to evidence the true level of your income when mortgage lenders are used to looking at payslips or company accounts.

Fluctuations in your income across bank statements can make it difficult to show you can afford a mortgage at the levels often wanted. 

And so you will want to approach a mortgage lender that is used to working with doctors, and take a common sense approach to understanding your income.

You move around a lot.

At the beginning of your career you will like have moved around a lot. Whilst keeping up with different rotations in your contracts. And it may even have delayed your decision to buy a home.

But it does also cause problems when applying for a mortgage. As changing your address regularly can have a negative effect on your credit score if you aren’t good at updating your bank every time you move and can’t evidence where you’ve been living. 

And if you’re not a British doctor and have moved to the UK from abroad. Or have spent time working overseas in the last few years, this can affect your mortgage options too. 

I often get asked about the best mortgage lender for doctors. And in truth, there is no one definitive answer. 

Those that could be considered the best often have a manual approach to their underwriting. They allow you to speak directly to underwriters. And can bend the rules slightly. However, this will often come at a cost and will unlikely be the cheapest deal available. 

I have started to compile a directory of the best mortgage lenders for doctors. Which will be regularly updated. And you can also listen/watch these updates by subscribing to my podcast.

Russell Maggs - Mortgages for Doctors

Russell Maggs
Mortgage & Protection Adviser

Why trust Maggs Financial Services?

“I have been helping to arrange mortgages for doctors for most of my career. So when I setup my own firm it made sense to continue this specialism.

“I take great pride in arranging mortgage finance for health care professionals with “non-standard” income streams. In my opinion, some of these deals just wouldn’t have been possible without the help of a specialist broker.

“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.”

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