Doctors have dreams just like anybody else, to own their home and have a sanctuary to return to, after countless shifts on their feet. With a good career path ahead of you and a steady job under your belt, how hard can it be to get in the home you deserve?
We’ve taken five different doctors and examined exactly how they got into their homes in a bid to highlight the complexity of doctors’ pay structure. Many doctors struggle to get mortgages with high street lenders as they don’t understand their additional pays. Some will ignore them altogether and only use basic pay, whereas others will only use a % of additional pay.
Doctors Mortgages Online have a close relationship with several mortgage lenders that will use 100% of both basic and additional pay. It is because of this we were able to place the following mortgages with these four doctors, all at very different stages of their careers working all over the UK:
Dr Brookes (31), Gloucester
Working as a locum doctor in Gloucester, Dr Brookes longed to move to Manchester to be closer to her family. We were able to source a mortgage in Manchester for her, based on her locum income in Gloucester and potential future work available in Manchester, which was referenced by the locum agency. Dr Brookes also enjoyed a month off work between her finishing work in Gloucester and moving to Manchester.
Dr Asaaf (24), Liverpool
A Junior Doctor, Dr Assaf received his contract last April and was due to start his foundation role last August. We were able to source a mortgage for him last June, just two months after his FY1 contract was in his hands (basic plus any bandings/rotations).
Dr Thomas (28), Norwich
Looking to start his GP training following a gap year travelling around Australia, Dr Thomas returned to the UK last May. With a planned start date of August, we were able to source Dr Thomas a mortgage using his contract in June, despite him still being two months away from returning to work.
Dr Gregory (32), Cardiff
Dr Gregory was a registrar and had been offered a new job as a consultant. She decided to take a break from work before starting her new role. She left her registrar role in March and wasn’t due to start as a consultant until June. This meant a 3 month break between jobs. We were able to source a mortgage for her during this ‘break from work’, using the consultant contract. This contract outlined her future start date and income, which satisfied the lenders requirements.
Are you looking for help with your doctor’s mortgage?
If you’ve had difficulty getting a mortgage as a doctor, then speaking to our specialist medical mortgage advisers can help. Give us a call on 01656 332600.
Doctors Mortgages online is a trading name of MPI who is authorised and regulated by the FCA. Your home is at risk if you do not keep up repayments on your mortgage.