Single versus joint income mortgage application

When applying for a mortgage, it is often a case of two heads are better than one. When you apply for a joint doctors mortgage your incomes are combined, and so are any financial assets that are carried in your individual names. Combining your income and assets strengthens your application, making it more likely that you will qualify for the doctors mortgage you want.

Size of your deposit

Mortgage lenders will look at two key issues before deciding how much you can borrow: the size of your deposit and the size of your income.

The smaller your deposit, the more you’ll struggle to find a mortgage and a decent rate. Combining a deposit with a partner, spouse or friend will give you a bigger pot of money to put down on a property and help you access the best rate deals.

Size of your income

When mortgage lenders look at your income, they will take into account your outgoings and existing borrowing commitments.

For example, they will ask for information about your outstanding monthly repayments on loans and credit cards, or consider the number of children you have (because you are financially responsible for their welfare).

Based on this information, they use complex criteria to work out what they think you can afford each month – and therefore the maximum they will lend to you.

But still, lenders differ significantly when it comes to this criteria.

Joint buyers with decent salaries

For joint incomes where one income is £50,000 or more, Doctors Mortgages Online can access mortgage loans of 5 times joint income. So for example, if one income is c.£60,000 and the second is c.£40,000, Doctors Mortgages Online could obtain a mortgage of £500,000.

For higher joint incomes, where one income is in excess of £100k, and there is a second income, then Doctors Mortgages Online can access mortgage loans of up to 7 times joint income at a current fixed rate of 1.8% on a repayment mortgage.

Access a lender that understands your doctors income

Finding the most generous lender could make the difference between you being able to afford a property in your area and being priced out of the market altogether. To access specialist lenders that understands how doctors pay scales work, speak to Doctors Mortgages Online today. Not only will be able to find the right mortgage deal for you, but we make the whole mortgage process fuss-free and easy to manage. There is no need for a face-to-face meeting. Call us on 01656 749902.