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Why your bank might not be the best mortgage provider

Securing a mortgage should be an easy process for doctors. Usually, doctors are in secure employment, unlikely to default on mortgage payments, and earn a reasonable salary. But often, this is not the case. 

If you listened to our recent podcast on mortgages, it doesn’t have to be difficult to get a great deal on a mortgage, and this is where Medics Money can help.

Your first port of call when it comes to getting a mortgage might be your bank, but that’s not necessarily the best place to get a loan. 

If you work with an independent broker who specialises in working with doctors and understands the intricacies and special circumstances doctors face, you’ll be better positioned to find the right mortgage deal for you. 

Despite having a relationship with your bank, there are hundreds of providers out there who can offer a better mortgage product, but they won’t tell you about the other options available to you because they want your business. You might think that since they are privy to your financial history, it will be a smoother process, but in fact, working with a specialist broker who has cultivated relationships with hundreds of lenders makes you better positioned to find the lender that’s best for you. 

How do lenders treat those in the medical field?

Not every lender knows how NHS staff income works in terms of pensionable basic pay and allowances on top of that and it varies from lender to lender whether additional pay is accepted or not. 

Most lenders are looking for reliability, so if there is any way a prospective borrower can provide that, the whole process will run more smoothly. Of course, finding a provider that will take all income into account will open up more options and better deals.

  • Locums: As far as locums go, many providers just don’t know how to handle the sporadic income patterns and proof of said income. 
  • Self-employed: In terms of self-employed GPs, lenders might require additional history or supporting evidence that the borrower can afford the mortgage, but this can all be easily remedied with the additional support and the guidance of specialist mortgage brokers. 

The majority of the time, lenders are looking for consistency and a history of provable income so if you’re thinking about purchasing a property in the near future and considering self-employment, be sure to start the process of applying for a mortgage before making any changes to your working situation. 

What about debt?

All lenders will look into your recurring expenses and debts such as car payments, credit card debts, student loans, maintenance payments, etc – anything that will have an effect on a borrower’s disposable income gets taken into consideration in the decision. 

Additionally, each lender will have their own affordability criteria, and beyond the special circumstances associated with being a doctor, everyone’s individual financial situations will play a role. You might be better placed with one provider but won’t know that if the only place you search for a mortgage is with your bank.

What does Medics Money do?

Come to Medics Money for comprehensive, hands-off advice from start to finish. You’ll find independent, whole of market advisers all verified by us with reviews from GMC registered doctors. We like to establish a relationship with our clients to match your individual requirements to the best adviser for you – so that’s the full financial spectrum from mortgages and pension planning, to building investment portfolios, obtaining wealth protection, and more. 

What medical school didn’t teach us about money

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