Mortgages for Doctors Mortgages for Doctors

As a junior doctor, now known as a resident doctor, it is absolutely possible to get a mortgage. However, there are some things that you should be aware of before you dive in.

If you’re a resident doctor, you likely have a variable income due to complex employment contracts. Or you move around a lot to fulfil your training needs, working on temporary or zero-hour contracts.^[3]

So, although you’ve completed your medical degree, from a high street lender’s perspective, these factors can make a resident doctor a higher-perceived risk than someone with a stable, fixed income.

However, fear not. Just because you don’t fit the criteria for some lenders, doesn’t mean that you won’t fit the criteria of others. Special mortgages for doctors can be found through specialised lenders.

If you are newly qualified or still a doctor in training, you may still be able to get a mortgage.

Due to this area of lending being so specialised, we do recommend that you seek professional advice to ensure you’re getting the right deal for your situation.

At IMC Mortgage Brokers, we understand the busy schedules of resident doctors and how dealing with a rejected mortgage application adds stress that could be avoided. You can count on the support of the knowledgeable mortgage brokers and advisors at IMC Mortgage Brokers.

Working as a locum often means dealing with irregular shifts, variable hours, and occasional employment gaps,^[3] whether you rely on locum work entirely or balance it with another job.

Traditional lenders may see the unpredictability of locum income as a challenge when assessing mortgage affordability.

However, many smaller, specialist lenders take a more flexible and realistic approach. Instead of requiring a permanent contract or consistent hours, they evaluate an average of your income over several months or years to determine your mortgage affordability.

To mitigate the risk, some lenders may even ask you to provide a higher deposit, especially if your income fluctuates significantly.

With frequent overtime, variable shifts, or income streams from multiple roles,^[3] many mainstream lenders struggle to accommodate the financial nuances when assessing mortgage affordability for GPs. Despite the high-income potential of GPs, standard mortgage underwriting can be restrictive.

If you’ve recently become self-employed or moved to a new practice, securing a mortgage through traditional lenders can be difficult. Most lenders require 2–3 years’ worth of accounts to verify income, which can be a significant obstacle for newly self-employed GPs who haven’t yet established a long financial history.

Additionally, fluctuating income from locum work or overtime isn’t always recognised in full by mainstream lenders, leaving you underserved despite your strong earning capacity.

Thankfully, specialist lenders do exist who understand the complexities of being a GP and offer tailored mortgage solutions. These lenders take a more flexible approach to assessing your income by considering alternative financial indicators.

As a whole of market mortgage broker, we at IMC Mortgage Brokers have access to exactly that, the whole of the market. Our advisors are on hand to help you get the right mortgage for your needs.

As a dentist, whether you are employed in a practice, self-employed, or running your own dental surgery,^[4] your income structure may differ from traditional salaried roles. Dentists often experience fluctuating income streams from NHS contracts, private work, or a combination of both, which can make securing a mortgage through mainstream lenders more difficult.

Many high street lenders have rigid income criteria and may struggle to accommodate the variable income that many dentists receive. This can be particularly challenging for dentists who are newly qualified or have recently become self-employed, as lenders often require  2–3 years of accounts to assess your income stability.

However, specialist lenders who understand the financial complexities of the dental profession are more likely to take a flexible approach. They may consider:

• Your projected earnings based on your career trajectory
• The financial health of your practice or partnership
• The combination of NHS and private income streams

At IMC Mortgage Brokers, we have access to the entire mortgage market and are experts in securing competitive mortgage deals for dentists. Whether you’re a first-time buyer, remortgaging, or looking for a buy-to-let mortgage, our advisors can help you find the right lender that understands your specific situation.

As a nurse, your work schedule can often be unpredictable, with varying shifts, overtime, and potentially part-time contracts. These factors can create challenges when applying for a mortgage, particularly with mainstream lenders who may struggle to assess your variable income accurately.

Many traditional lenders typically require a stable income history of 2–3 years to verify your financial situation. However, this can be problematic for nurses who work on short-term contracts or are in roles that involve frequent shifts, making it difficult to meet conventional lending criteria.

Fortunately, specialist lenders recognise the unique financial circumstances of healthcare professionals, including nurses. They offer more flexible mortgage solutions that consider:

• Your average income over a specified period, rather than just the last few years
• Additional income from overtime or shift differentials
• The stability provided by your role within the healthcare system

At IMC Mortgage Brokers, we are dedicated to helping nurses navigate the mortgage market to find tailored solutions that fit their needs. Whether you’re a first-time buyer, looking to remortgage, or interested in buy-to-let options, our experienced advisors can connect you with lenders who understand your profession.

As a medical consultant, you occupy a vital role within the healthcare system, often balancing multiple responsibilities, including patient care, administrative duties, and possibly private practice.^[5] With a typically higher earning potential, securing a mortgage may seem straightforward; however, your unique financial circumstances can present challenges, particularly with mainstream lenders.

Many lenders may not fully appreciate the complexities of your income, which can include a mix of NHS salaries, private practice earnings, and additional fees for consultations or surgeries.

Traditional mortgage providers often require a minimum of 2–3 years’ worth of income documentation, which can be cumbersome for consultants who may have recently transitioned into private practice or changed employment.

Fortunately, specialist lenders recognise the specific needs of medical consultants and offer more flexible mortgage solutions. They may consider:

• Your average income over a designated period, rather than strictly adhering to conventional income histories
• Income from consulting, private practice, and any other relevant financial streams
• Your potential for future earnings, which may be significant in this field

At IMC Mortgage Brokers, we understand the demands placed on medical consultants and are here to help you navigate the mortgage landscape. Whether you are a first-time buyer, seeking a remortgage, or exploring buy-to-let opportunities, our dedicated advisors will work with you to find the right mortgage solution tailored to your situation.

Yes, working for the NHS can enhance your mortgage prospects. Many lenders appreciate the secure employment and stable income associated with NHS roles. However, depending on your role or contract type (e.g., permanent vs. temporary), a specialist mortgage broker can help you navigate the best options available.

Some lenders offer better mortgage rates or lower deposit requirements for NHS staff as part of special professional mortgage schemes. These rates can vary, so working with a mortgage broker who understands NHS employment structures can help you find the most competitive offers.

The First Homes Scheme provides opportunities for NHS staff looking to purchase homes. These mortgages for NHS staff and keyworkers are available depending on your local council’s criteria on what constitutes a key worker and may be available for:

• Key workers, as defined by the council
• People who already live in the area
• Those on lower incomes