This month, thousands of newly qualified doctors start work in hospitals across the UK. After years of studying, senior colleagues will hand over the ropes and responsibility to those fresh out of medical school, as they start their first day on their ward rounds as a junior doctor.
These first few weeks in August will evoke a whole host of emotions in our shiny new medical workforce of frontline doctors, ranging from terror to tears – and no doubt everything in between.
But if amongst all this induction the worry of moving house and getting a mortgage is still playing on your mind, it may surprise you to know that the months of placement rotation and variable income that lie ahead may not actually affect your chances of getting a mortgage – if you choose the right medical mortgage broker to source your mortgage for you.
The revised 2016 junior doctor contracts have added to the mortgage uncertainty for newly qualified doctors in recent years.Many newly qualified doctors side-line plans to buy a property or buy-to-let on the assumption that their contract term will not allow them to provide enough evidence of their future earnings in the immediate term.
Struggling to provide evidence of long-term income is the most common reason why newly qualified doctor mortgage applications are turned down by high street banks. Historically, the first few years of your medical career is where you will (unfairly) face the most difficulty getting on the property ladder.
Specialist Doctors Mortgages Online broker Hugh Edwards stresses to junior doctors that there is also some preparatory work you can do to increase your chances of getting a mortgage approval as a newly qualified doctor. “By minimising your outgoings up to three months before you apply can help show a lender that you can manage your money. Using a medical mortgage broker can also give you access to exclusive lenders and the inside track on how your finances will be evaluated.”
Short sighted high street banks fail to understand junior doctor contracts and doctors pay scales in general. Using a specialist medical mortgage broker means that you can gain access to more open minded lenders who understand the twists and turns your medical career will take, and know that your earnings will stabilise over time.
If you are a newly qualified doctor looking for a mortgage, but don’t necessarily know what your salary will be during your second rotation then get in touch with Doctors Mortgages Online today. Our medical mortgage brokers can help you get on the property ladder sooner than you think.
In the meantime, enjoy your huge achievement in getting to where you are today! We are lucky to have such a dedicated NHS workforce.