Mortgages for GPs
We help to arrange mortgages for GPs. Whether you’re a specialty registrar, joining a practice as a new partner, or are an established GP. Each face their own unique challenges which I will outline below. And explain why Maggs Financial Services are best placed to help.
If you’re a junior doctor working as a Specialty Registrar in General Practice (GPST), it will be worth checking out the extra information I have put together for junior doctors. Because you will likely have many of the same challenges when it comes to your rotational contracts, additional pay and future job changes.
It’s difficult applying for finance when you move from being a salaried GP to a partner. Suddenly mortgage lenders are treating you as self-employed and will likely want to see two to three years worth of practice accounts with you as a partner.
To explain this in more detail, I’ve put together a whole page dedicated to doctors joining a GP practice.
As an established GP, you may be permanently employed by a practice or have a share in the partnership where you work.
If you are permanently employed, obtaining a mortgage should be fairly straightforward. However, we have access to mortgage lenders with specialist deals for people working within the medical profession that could also increase the amount you are able to borrow.
If you have a share in the partnership where you work, you will be considered as self-employed by most mortgage lenders. This will likely mean having to provide lots of history about yourself & the practice.
This could be quite time consuming as releasing partnership accounts and bank statements often needs approval from each partner in the practice.
Going for the wrong mortgage lender could have you tied up in paperwork and seemingly endless requests for further information for weeks.
It’s not uncommon to arrange mortgages for GPs with a second job. But many mortgage lenders need a lengthy history of doing both roles at the same time.
Why use a broker that specialises in Mortgages for GPs?
There are some unique challenges when it comes to sorting mortgages for GPs. But thankfully I have access to mortgage lenders and specialist contacts within these firms that can;
- Take a common sense approach to trainee GP contracts.
- Accept income from partnerships without a lengthy history.
- Simplify income evidence requirements for GP partners
- Accept Locum pay & second jobs with a limited history.
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?
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Russell Maggs
Mortgage & Protection Adviser
Why trust Maggs Financial Services as your specialist mortgage broker?
“I have been helping to arrange mortgages for doctors for the vast majority 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...
- 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.