How to get a mortgage as a doctor | WIS Mortgages
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3rd February 2023

How to get a mortgage as a doctor

Securing a mortgage that fits all of your needs can be difficult no matter what job you do, however, some professions face different issues from others. Doctors and other medical workers can face very specific challenges when looking to purchase a property, so it is important to be aware of these potential setbacks if you plan on getting a mortgage in the near future. In our latest blog post, we look into the particular problems a doctor might face when getting a mortgage, how to get a mortgage as a doctor in a number of fields and how WIS mortgages are your go-to mortgage broker for full support as a medical professional.

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Problems doctors may face when getting a mortgage

There are a number of factors that come with medical professions that can make acquiring a mortgage difficult. Read on below for more information on the struggles with getting a mortgage as a working doctor:

The nature of your earnings

Some lenders may be hesitant to lend to doctors due to the fact that their earnings are often complex and varied in nature. Doctors often have multiple streams of income from different places. For example, some of their income may be from the NHS, while a chunk of it also might come from work in a private practice. Typically this multi-funnelled income does not meet the requirements of many high street lenders.

You may not be wanting a house to live in

Doctors in the early stages of their careers typically travel frequently or may have to move up and down the country to progress in their profession. This is particularly true for those looking to specialise in a particular field. A doctor may find themselves in the situation of wanting to purchase property to let out for a period of time, this means the lender would have to approve a buy-to-let mortgage for them.

You need to work abroad

Similarly to the above, some doctors may find they have to study or work abroad for periods of their career, but still wish to purchase property back home. This can prove tricky if the doctor also has another home purchased in their country of work.

You're self employed

Some doctors will choose to work in a self-employed capacity whilst also seeking a mortgage. After 2-3 years of accounts and tax returns, this might not be an issue, but lenders are cautious to give money to those early in a self-employed career due to concerns around stable income.

Your current earnings don't reflect your future ones

Junior doctors often spend their first few years in the profession carrying out numerous roles on varied incomes. While the wage of a doctor is usually always set to rise as they progress, high street lenders will often only take your salary at face value.

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How to get a mortgage as a doctor depending on your field

The role of a doctor is certainly not a one size fits all category. Depending on your specific job role, you may face different challenges. Read below for our advice on how to get a mortgage as a doctor depending on your field:

Junior doctors

Junior doctors have just as much chance of getting a mortgage as their more experienced counterparts. Your best bet for being approved for a mortgage is to carry out your research and choose a lender that takes into account your future salaries, which is what WIS mortgages have experience in.

Locum doctors

Locum doctors' income can be varied due to irregular hours and potentially some periods of unemployment. Look to work with a lender that will help take into account an average income to work with you and secure a mortgage.

Newly-qualified doctors

No matter how experienced you are, many lenders favour professionals in the medical field, so even newly qualified doctors have a good chance of getting a mortgage. This may be an option before you even start your employment.

Self-employed doctors

Getting a mortgage as a self-employed doctor is more difficult but not impossible. Ensure to have a minimum of three years of accounts and tax records to present to your potential lender, and this should make the process a lot easier for you.

Improving your chances of getting a mortgage as a doctor

There are several steps you can take to help improve your chances of being accepted for a mortgage when working as a doctor. Primarily, you want to ensure that your credit score is as good as possible. While this can be tricky, especially for doctors who regularly spend time working out of the country, a good credit score can be a game changer for lenders. There are a few simple things you can do, like make sure you are on the electoral register and that your address history is accurate and up to date. You should also check to see if your file is linked to another person that may be causing a poor score or see whether there are any errors appearing on your credit file. For example, lending that you never took out.

WIS is a mortgage broker/mortgage advisor in Kent determined to help you secure the house of your dreams. We offer free advice and specialist advice for contractors, reach out to us today to find out more.

As a mortgage is secured against your home/property it may be repossessed if you do not keep up with the mortgage repayments.

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