Arranging mortgages for doctors can be a complex process as lenders generally have a sketchy knowledge of the way doctors career’s progress, and how you are paid.
We deal with Doctors Mortgages every day
Fortunately, we deal with doctors every day, both hospital doctors and GPs, from trainees to consultants. This puts us in a unique position to assist you. In this video we will discover solutions to some of the more common problems that doctors encounter when looking for mortgages.
Hospital Doctors
Firstly, hospital doctors – there are a number of factors that are common when dealing with mortgages for hospital doctors. The nature of the career path is such that frequent changes of address are common, particularly, during the training stage, and this can cause issues with credit score. We often find lenders systems cannot recognise some hospital accommodation addresses.
Also doctors frequently work on fixed term or training contracts which can be an issue.
Doctors who apply for mortgages either directly or through some other brokers run into problems in that their income is not handled correctly when presented to the lender. Our extensive experience in the market means that our relationships with lenders benefit from their confidence that we understand doctors and how to handle their applications.
Doctors who are working on highly skilled migrants visas will commonly have problems arranging mortgages, and as a result we have a number of special arrangements with lenders.
Many doctors will look to rent out their existing property when they purchase. This is something that needs to be handled carefully with lenders as each has different attitudes to rented properties in the background.
GP’s
GPs entering a new practice often find it difficult to raise mortgages as they may not have the normally required three years self employed track record. This is something that we are used to handling and we regularly arrange mortgages for GPs with limited accounts or trading history.
One overriding issue for doctors is lack of time, and this makes it extremely difficult for them to deal with lenders or mortgage brokers during office hours. Our systems are set up to allow you to provide the information we need, on-line, at a time to suit yourself, whether that be 3am or midday.
We have built our processes specifically to assist doctors by cutting out time-wasting meetings and paperwork, and providing you with regular updates by email and SMS text. Arranging mortgages for doctors can be a complex process as lenders generally have a sketchy knowledge of the way doctors career’s progress, and how you are paid.
Our independent mortgage brokers are specialists in assisting doctors and we look forward to hearing from you – contact us now.
For more on mortgages for Doctors visit – Doctors Mortgage Now.
