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Doctor Mortgages Some Questions Answered
There are no specific NHS mortgages as a stand-alone type of mortgage, but there are lenders who specialise in meeting the needs of NHS medical professionals who will offer discounts. Being a professional doctor, you may have outstanding balances of Student Debt to pay or short term training contracts which is why it is important to find a lender who understands your circumstances.
There are a lot of different mortgage rates and types out there and no matter whether you are a locum doctor or belong to a private practice, getting the right rate for your financial situation is so important. If you undertake a mortgage and cannot keep up with repayments on your mortgage then your home may be repossessed.
How Do I Prove my Income as a Doctor?
You will need to prove your income no matter what type of doctor you are. Whether you are locum or self-employed you will need to be prepared to provide proof of your income.
At least two years’ worth of accounts will need to be shown to your lender and it is best to provide a steady income if you can. There are specialist lenders if you do not have all the accounts you need or if you have gaps between contracts. If you are
If you cannot provide at least two years’ worth of accounts, then there will be other options there for you but you will need to search for a more tailored lender for your needs. This may require the help of a mortgage broker.
How Much Can You Borrow if you are a Doctor?
Doctors can sometimes access exclusive and discounted rates if you approach the right lender- if you are in a senior role, lenders will favour you also. You will typically be able to borrow up to 5 times your annual salary as standard with most mortgages.
How much you are able to borrow will also greatly depend upon your credit rating. You can check your credit rating for free online on sites such as Experian. It is important to keep up with monthly outgoings and avoid payday loans and your overdraft. If you are not yet, register yourself on the Electoral Register too.
Can I get Mortgage Discounts if I work for the NHS?
As an NHS worker you will find that there are lenders who will offer incentives to entice NHS workers to their mortgage products. You can access First Time Buyer Schemes as well as Buy to Let Mortgages. The Government also has a Help to Buy and Right to Buy Mortgage scheme available with discounted rates.
Help to Buy
This scheme was started as an incentive for first time buyers. It is funded by the Government and they will give buyers 20% of the property’s value towards a deposit to help you onto the property ladder.
If you want to buy but cannot afford a whole property you can opt for shared ownership when buying a property. Lenders will often offer discounted rates on shared ownership as an incentive. You will be able to choose to own between 25% and 75% of the property.
Right to Buy Mortgages
For NHS workers there are lenders who will have reduced or no deposit options available. If you live in a house as a tenant for at least three years you can qualify for a discount to help buy your home.
New Buy Schemes
This scheme is allowing more borrowers to take out a mortgage with a 5% deposit on new build properties from builders who are taking part in the scheme in England.
How Can a Mortgage Broker Help?
It can be daunting looking for a mortgage and it is a huge financial commitment. With your profession already causing you enough stress why add to it by not seeking mortgage advice with the help of an expert mortgage advisor.
A mortgage broker can help you to find the right mortgage product based upon your own personal financial circumstances and needs. A mortgage broker will take your personal details and tailor advice completely to you whilst helping you with your application process. They are authorised and regulated by the financial conduct authority and are qualified to give you advice.
As a doctor it can sometimes be better to opt for a private lender which are found by whole market mortgage brokers. Some lenders are hiding away amongst the ever changing mortgage market and a broker can point you to the right option for you with no fuss.
A general enquiry will not incur a fee as we want to make sure you feel more educated about decisions you are making which will affect your future. Get in touch with a member of the team to help with your mortgage application today to start paving the way to your future.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Some buy to let mortgages are not regulated by the Financial Conduct Authority