Are you a locum GP? New into practice? Junior doctor or a consultant? Got your eye on your dream property? Thinking of buying a new home? Well if so, chances are you are in fact a ‘medical mortgage misfit’ (even though you may not know it yet), with an income that doesn’t tick the standard boxes when it comes to finding a lender willing to offer you a mortgage during your medical career.
Tougher rules under the Mortgage Market Review brought into play back in 2014 have made the mortgage market a tougher place to play, which has only added to the burden high street lenders can be on medical professionals when it comes to getting a mortgage. Most of the problems lie with the fact that high street lenders struggle to understand a doctor’s pay scale due to their strict lending criteria, which can lead to many medical mortgage applicants being turned down.
Doctors Mortgages Online takes a different approach to mortgage lending – one that moves away from blinkered ‘tick box’ mortgage application process, and offers doctors a far more considered approach when it comes to assessing income and affordability. The ‘computer says no’ high street lender approach is simply denying too many perfectly good medical professional applicants a loan.
So, what if you are a medical mortgage misfit? What can you do to get a competitive mortgage deal?
The answer to this question is basically don’t try and go it alone. Not only will scouring the high street lenders take a huge amount of time, more often than not it will result in a less favourable outcome. Find yourself a specialist medical professional broker who has established relationships with specialist lenders and you will undoubtedly save time AND get your desired outcome.
Doctors Mortgages Online can even access lenders who are willing to grant mortgages up to 3 months before your contract starts. The entire mortgage application process is completed over the phone and via email, so you don’t even need to take time off to meet face-to-face with our medical mortgage brokers.
Give Doctors Mortgages Online a call on 01656 332 600 to discuss your mortgage woes, and never suffer the inconvenience of being a medical mortgage misfit again!