Mortgages for Doctors: Specialist Mortgage Advice for Medical Professionals
Securing a mortgage as a doctor can be challenging due to complex income structures, student debt, and fixed-term contracts. Many regular mortgage lenders struggle to assess affordability correctly, leading to rejections or lower borrowing limits. However, doctors mortgages are available from specialist mortgage lenders who understand the earning potential and stability of the medical profession.
At The Mortgage Pod, we specialise in mortgages for doctors, ensuring that whether you’re a junior doctor, locum, GP, consultant, or surgeon, you can access the best mortgage tailored to your circumstances.
Why Do Doctors Struggle to Get a Mortgage?
Despite having strong career prospects, doctors often face obstacles when applying for a mortgage, including:
- Junior doctors and newly qualified doctors may have limited employment history due to fixed-term contracts and placement years.
- High student loan debt can affect affordability calculations.
- Locum doctors and self-employed GPs or consultants often have fluctuating incomes, making it harder for mortgage lenders to assess earnings.
- Complex salary structures, including overtime, private practice earnings, and pay enhancements, can make it difficult to prove income.
- Long working hours mean doctors don’t always have time to shop around for the best mortgage deal.
Without expert guidance, many doctors find themselves offered less-than-ideal terms by regular mortgage lenders. That’s why working with a specialist broker is key to securing the right mortgage.
How Much Can a Doctor Borrow?
Many lenders typically offer 4-5 times your annual salary, but specialist mortgage lenders may offer higher income multiples, sometimes up to 6 times your salary, depending on your financial health and deposit.
Borrowing potential is based on:
- Employment status (NHS, private, locum, or self-employed)
- Basic salary plus additional earnings (overtime, private practice, locum shifts)
- Credit history and existing financial commitments
- Deposit size and affordability assessments
A specialist mortgage broker can assess your financial situation and match you with lenders offering the best mortgage for your needs.
Types of Mortgages for Doctors
Professional Mortgages for Doctors
Many lenders offer professional mortgages with lower deposit requirements, higher borrowing multiples, and flexible income assessments tailored to the medical profession.
Fixed-Rate Mortgages
A fixed-rate mortgage locks in your interest rate for a set period (2, 3, 5, or 10 years), ensuring stable monthly repayments. This is ideal for budgeting and protecting against interest rate fluctuations.
Variable-Rate Mortgages
A variable-rate mortgage adjusts with market conditions, potentially offering lower rates initially but with the risk of rising costs if interest rates rise.
Self-Employed Mortgages for Doctors
Many self-employed doctors—GPs, consultants, and surgeons—operate as sole traders, LLPs, or limited company directors. Some lenders struggle to assess income accurately, but specialist mortgage lenders consider:
- Salary and dividends
- Retained profits
- Net profit figures from certified accounts
We work with lenders who offer specialist mortgage advice for self-employed doctors, ensuring they get the best mortgage deal.
Mortgages for Locum Doctors
Locum doctors may experience variable income and short-term contracts, making it harder to prove earnings stability. Some lenders require 2-3 years of tax calculations, while others accept just 6-12 months of earnings history.
Mortgages for Junior Doctors
Newly qualified doctors and those in fixed-term contracts may face difficulties securing a mortgage due to their limited employment history. However, some lenders offer exclusive mortgage products recognising the future earning potential of junior doctors.
How The Mortgage Pod Helps Doctors Secure a Mortgage
At The Mortgage Pod, we understand the complexities of doctors mortgages and work with specialist mortgage lenders who offer bespoke mortgage products for medical professionals.
- Expert Mortgage Advice – We assess your income structure, contract type, and financial situation to find the best mortgage for you.
- Access to Specialist Lenders – We work with lenders who offer professional mortgages with higher borrowing multiples and flexible underwriting.
- Tailored Mortgage Solutions – Whether you’re a junior doctor, locum, GP, consultant, or surgeon, we’ll find a mortgage suited to your needs.
- Hassle-Free Mortgage Process – We handle everything from finding the right lender to arranging your mortgage offer, so you don’t have to.
FAQs
Can I get a mortgage as a newly qualified doctor?
Yes, some lenders offer junior doctor mortgages that consider your future earning potential, even with limited employment history.
Do mortgage lenders accept locum work or private practice income?
Yes, but while some lenders require 2-3 years of accounts, others will consider as little as 6 months of income history.
Can I get a mortgage if I’m self-employed or in an LLP?
Yes, but self-employed doctors need to provide net profit figures, salary and dividends, and retained profits to prove affordability. A specialist mortgage broker can match you with the right lender.
How do I get the best mortgage deal as a doctor?
The best way is to work with a specialist broker who understands the medical profession and can find mortgage lenders offering the best terms for doctors.
Do doctors qualify for higher income multiples?
Yes, many professional mortgages allow doctors to borrow up to 6 times their salary, depending on their financial situation.
Specialist Mortgage Advice for Every Type of Doctor
If you’re a doctor looking for specialist mortgage advice, The Mortgage Pod is here to help.
Contact us today to speak with a mortgage adviser and start your application.
