Mortgages for Doctors

Junior Doctors (F1)
For junior doctors with only an employment letter from their NHS Trust and a contract issued just before starting their first rotation, securing a mortgage can be challenging. Many lenders hesitate to approve applications for individuals three months away from their start date, with some viewing them as fixed-term contractors lacking sufficient experience. In many cases, a solution can be found by guiding amendments to the employment letter and lenders will assess even three months prior to the role's start date. Applicants can then be assessed as a permanent employee for their mortgage application. Additionally, once junior doctors obtain three payslips with additional rotation hours, their income—including these hours—can contribute to higher lending eligibility.

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Consultant Doctors with Combined Incomes
A consultant doctor earning both an NHS salary and locum income through their own limited company faced challenges due to the complexity of their income structure. There are suitable lenders who will consider all components of the NHS salary without reductions (unlike others who discount these by 50–60%). Instead of using the limited company's drawn dividends, lenders can agree to base the calculation on the greater net profit figure. This approach allows the doctor to secure the required lending.

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Locum Doctors Operating via a Limited Company
For locum doctors relying on salary, dividends, or net profit from their limited company, borrowing requirements can often fall short. Lenders can be found who accept an annualised three-month average of invoiced income. This enabled the client to secure a mortgage for their new home, which had previously seemed unattainable.