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Mortgages for Medical Professionals
Why its is important to find the right mortgage advisor.
Mortgages for Medical Professionals- We can help.
If you are working as a Doctor, whether you are in an employed salaried position, self employed or working as a locum, we can help you find suitable mortgages for medical professionals.
Perhaps you have moved into a new surgery practice, if you are self-employed, you might find it difficult to get a mortgage with traditional underwriting.
Or your current employment contract may not reflect your future trajectory of your career path.
Many mainstream lenders don’t work in the doctor’s favour as traditional underwriting models simply don’t consider your contract or complex work patterns.
Most lenders require self-employed applicants to have at least two years’ accounts to verify income for their affordability assessments.
Our Specialist advisors at Mortgages with Clarity have access to mortgage lenders who are more flexible in their mortgage criteria and specialise in offering mortgages to doctors.
As Professionals, you also have access to lenders who consider higher loan to income multiples, meaning you can potentially access higher lending amounts compared to that offered by other lenders.
Having multiple income streams, this can make it harder to prove your affordability for a mortgage.
If you do locum work, or work across both NHS and private practices, the varied hours and income can make mortgage affordability difficult too, especially if your lender isn’t used to providing mortgages for doctors.
Student loans. As you well know, medical training can be a long and expensive journey. If you’re still at the start of your career, this can often mean high levels of student debt outstanding.
This can cause a problem with affordability for many mortgage lenders, as your student loan repayments showing on your payslip reduce what you can afford to pay towards your mortgage each month. So, it’s important to find a broker who can place you with a lender who will consider about your longer-term earning potential.
Who else can obtain a professional mortgage?
Professional mortgages aren’t just for doctors. They’re available to a wider group of professions associated with higher long-term earnings. This usually includes:
Doctors
Nurses
Consultants
Accountants
Teachers
Dentists
· These jobs are often seen as a more reliable long-term risk and can be considered for a range of lenders ‘professional mortgage deals’. This can mean low deposit options, lower interest rates, higher borrowing power, in many cases.
If you are a professional considering applying for a new mortgage, please seek the advice of an independent mortgage adviser, who is experienced in dealing with professional mortgages.
See our recent blog HERE to read about the ‘Importance of using a mortgage adviser’ to learn more about what difference a mortgage adviser can make for your mortgage.
If you are at the stage where you would like to find out more about the mortgage options available to you then we would be happy to help.
Your home may be repossessed if you do not keep up with the repayments on your mortgage.
Please contact us on
0800 2335599 or email samibickford@claritywm.co.uk
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