Mortgages for Doctors
Hi, my name is Russell Maggs and I help arrange mortgages for doctors at every stage of their career. I have successfully negotiated mortgage deals for junior doctor’s just getting started in their careers all the way through to experienced consultants and GPs.
The unique way your career and income is structured can make it difficult to get a mortgage. Throughout this website I look to explore these challenges and how they can be overcome. But also why you should consider Maggs Financial Services as being best placed to help.
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?
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.
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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.
Would you like to...
If you are a first time buyer or moving 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.
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