Mortgages for Doctors

Working in certain professions, like medicine, means access to exclusive mortgage deals. These mortgages for professionals cover a range of careers, including doctors. This guide focuses on mortgages for doctors, their eligibility criteria, borrowing limits, and how to secure the best rates on them.

Do doctors get better mortgage deals?

Yes, doctors can get more competitive home loans with better terms, rates, and other perks. The key reason for this is that as a doctor, you’ll be an attractive customer for lenders due to your high employability and typically stable career. The steady nature of your work and progression opportunities means you’d present less risk to lenders.

Advantages of getting a mortgage as a doctor

Here are some examples of the sorts of benefits and perks you might get with a mortgage designed for doctors:

• Borrow more: Some lenders allow higher salary multiples for doctors, up to 6 times income, meaning you can borrow larger amounts. This can be particularly helpful if you’re a single applicant. 
• Include extra income: Some lenders will accept and include additional income you receive through overtime, contract, or locum work when calculating your mortgage eligibility and affordability.
• Use of expected earnings: Your income will likely make big leaps as you complete periods of training and development - some lenders will let you borrow using your future expected salary.
• Better rates: Lenders may offer you lower rates as they will view you as a more reliable borrower. 
• Flexibility: There can be more flexibility built into your loan terms. Perhaps allowing more overpayments than the standard 10%, the option for periodic repayment holidays, or even borrowing against payments made.

Eligibility criteria

The requirements for getting a mortgage as a doctor will be similar to standard applicants, but with some key differences:

• Your level of experience: The level or band you’re at can impact the mortgages you qualify for. The type of work you do as a doctor can also be a factor. For example, the time left on a contract, the regularity of any locum work, how long you’ve been qualified for (or still training), and other nuances specific to your role.
• Proof of qualifications: As a doctor, you may be required to submit proof of your experience. This could mean showing your registration with a professional body like the British Medical Association (BMA), the Royal College of General Practitioners (RCGP) or another organisation relevant to your speciality.
• Your deposit: You’ll still need to put down a deposit, and the size will impact your loan-to-value (LTV) ratio. Some lenders may have minimum and maximum LTV brackets, but these can be flexible for doctors. 
• Credit record: Even though you’ll present less risk to lenders, they will still want to check your credit history. If you’ve got bad credit, it’s still possible to get a competitive loan if you deal with the right lenders. 

There can be other factors involved too, especially if you’re making the most of government support schemes or looking to purchase anything other than a standard construction property.

How to get exclusive deals and rates

Getting a mortgage as a doctor is slightly more complex than for standard applicants. But some extra effort will go a long way because, as a doctor, you can access rates, deals and terms unavailable to others. 

However, these unique mortgage products aren’t usually advertised. So it’s best to explore all your options with the support of an experienced broker. Using an adviser who specialises in mortgages for doctors (and other medical professionals) means they can introduce you to the right lender for your role and circumstances.

You can have a free, no-obligation chat with a specialist mortgage broker below:

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How much can a doctor borrow?

With some mortgage lenders, doctors can borrow much more than other applicants. The typical amount someone can usually borrow for a mortgage is 4.5 times your salary. As a doctor, it can be possible to borrow more than this, at 5 or even 6 times your salary. In senior positions, this might be stretched further with bespoke lenders.

Use our calculator below to get an idea of your maximum borrowing amount with a mortgage for doctors:

Lenders and rates

Many high street lenders and banks in the UK such as Halifax and NatWest, might not have the ability to offer you a bespoke deal designed for doctors.

To find the best rates and deals for doctors, it’s worth using a specialist broker to get introduced to the right lenders. That’s because these mortgage products are rarely advertised publicly. Or, they’re offered only by niche lenders as the loan is tailored to your unique situation.

Mortgages for locum doctors

If you’re applying for a mortgage as a locum doctor, whether that’s part-time or full-time self-employed or contract work, it’s even more worthwhile getting some expert guidance. The unpredictable and irregular nature of locum work might deter some lenders. However, others recognise the high earning potential and value of your skills.

Even if you only do pieces of locum work on the side, it’s well worth using this to your advantage for a mortgage. It could allow you to borrow more, or get a better deal with a lender that will include this income in their assessment of your income and finances.

Junior doctors and trainees

If you’re still a trainee (or a newly qualified doctor), you can still access unique mortgages and rates. For example, some lenders will let you borrow based on future salary earnings, depending on what stage you’re at with your education and training. 

At the beginning of your career as a junior doctor, you may not be able to access the same deals as someone with more experience. However, it’s still well worth exploring, because junior doctors can get better rates and small advantages can make a significant difference over the life of your mortgage.

Why choose Teiro for your mortgage needs?

At Teito, our specialist advisers have proven experience securing mortgages for doctors at all career levels. This includes junior doctors and those carrying out regular locum work. 

We offer a free, no-obligation chat where you can discuss your specific situation with an impartial broker who can find you the best rates for your home loan.

Here are just some of the reasons doctors choose us for their mortgage needs:

• Our brokers specialise in mortgages for doctors
• We can introduce you to flexible lenders with great deals
• Your first chat is free with no obligation to proceed
• We have a 5-star rating on leading review sites

Ready to compare rates for free and take advantage of a free, no-obligation chat with a broker who specialises in mortgages for doctors? Get started here.