Mortgages for Self-Employed Doctors
We specialise in arranging mortgages for self-employed doctors. The self-employed have their own unique challenges when arranging a suitable mortgage. I’ll outline these challenges below and why Maggs Financial Services are best placed to help.
As a self employed doctor, there are a few different ways that your income will be considered. You won’t be able to rely solely on payslips and there will likely be some extra questions asked of you.
As a sole trader, you would be expected to produce tax calculations and overviews from HMRC to evidence any income earned from self-employment.
As a limited company director, there are two main ways in which your income will be assessed.
Most mortgage lenders will look to consider your income from salary and dividends. This is normally evidenced by providing your tax calculations and overviews from HMRC.
However there are some lenders that can look at your company accounts in more detail and look to consider your share of company profit after tax and any salary earned.
Income from partnerships is most common for GPs who own a share in the surgery where they work. The way you can evidence your income will vary depending on how long you have been established within the partnership.
Regardless of the status of your-self employment. The best place to start is by downloading your tax calculations.
As a sole-trader this will show your profit from self-employment.
As a limited company director this will show your pay from all employment and your dividend income.
As a partner within a parntership this will show your income from partnerships.
The majority of mortgage lenders will assess your income in one of the above ways. If you can obtain a competitive deal within your desired budget, this is normally the best place to start.
Log in to your HMRC online account (go to www.online.hmrc.gov.uk) and select “self-assessment.”
A lot of banks and building societies will tell you that you need two or three years history of self-employment to get a mortgage, but that isn’t always the case.
There isn’t a one size fits all approach to this. But if you receive regular drawings from a GP practice or work as a locum there may be other ways to evidence your income, rather than with the income on your tax calculations and overviews.
If you are a limited company director, you may not take all of your income from the business at the moment. There are some lenders that can look at your profit, rather than income drawn when assessing what you can borrow.
Why use a broker that specialises in Mortgages for Self-Employed 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;
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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How can Maggs Financial Services help arrange mortgages for self-employed 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.”
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