Mortgages for Doctors Starting a New Job

Starting a new job shouldn’t have to mean delaying getting a mortgage or moving home. It’s quite common for doctors to move from one job to another, but most mortgage lenders just don’t get it. 

In the early years of a doctors career, these new jobs will also involve rotational contracts and I’ve written already about the extra complications this can bring. 

But getting a mortgage for doctors starting a new job doesn’t need to be difficult, you’ll just need to make sure you have the right people by your side.  

Why do doctors starting a new job find it difficult to arrange a mortgage?

Mortgage lenders need to ensure they are lending their money responsibly. They worry when someone starts a new job is that they may not get on with the new role, potentially leading to a period of unemployment whilst they have to search for work again. 

There are also potential fraud risks with clients starting new jobs, especially if there is a substantial increase in salary.

As a result, many mortgage lenders will ask to see several months payslips, and you are likely to be required to show a copy of your contract before being able to obtain a new mortgage.

So when can I apply for a new mortgage?

In short, at whenever is the right time for you.

There are mortgage lenders that would allow an application up to three months before you have started the new job. That’s if you can get the right paperwork from your local NHS Trust to prove it in time. 

The longer you wait, the more options you will have. For example some mortgage lenders only need you to have started the job, others need the first payslip whilst most may want three to six months of employment.

Are you going to get the best deal by waiting? Maybe? But the mortgage lenders that can consider you at the earliest stage are big, high street names that would offer extremely competitive deals. Even if they aren’t market leading on price comparison sites.

Will I be able to use my unsociable hours pay?

This depends on how many payslips you’ve had since starting the new job, and how the contract describes this income. 

Most mortgage lenders will require three to six months of history of earning this income before they will use it to increase the amount you’re able to borrow. However if this income is written into your contract it is likely to be even easier.

We could approach some of the more flexible mortgage lenders if your historical income is in line with what you’re earning today.

Can I use my higher salary when starting a new job to increase the amount I can borrow?

Yes, there are mortgage lenders that will allow you to increase the amount you can borrow if you’ve had a payrise. However, not all lenders are ok with this.

One of my clients had to pay an early repayment charge because their existing mortgage lender wouldn’t allow them to port their mortgage as their salary had risen by more than 20%. 

Why speak to Maggs Financial Services?

“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.

“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.”
Russell Maggs - Mortgages for Doctors

Russell Maggs
Mortgage & Protection Adviser