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Doctor Taking Notes

Doctors
& NHS STAFF

Securing a mortgage can be a daunting task for anyone, but NHS staff often face unique challenges due to the nature of their employment. Here, we explore the common hurdles NHS workers encounter and potential solutions to help them achieve their homeownership dreams.

GP Partners

 

GPs are uniquely situated, being both an independent contractor and a provider of NHS care. Being outside of the NHS can lead to issues to demonstrating income to a lender.

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As a newly appointed partner for example it may not possible to show the normal two years of self employed income that the banks want to see. 

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We work with providers who understand the specific nature of GPs and can take a more common sense approach by looking at the underlying practice profits even if they were earned prior to the individual joining.

Junior Doctors

 

As a junior doctor you may have taken time off and recently returned to work, changed employer or taken a fixed term contract while waiting for a training post to become available.

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Lenders will usually want to see a minimum of a year of employment on a fixed term basis or not look favourably on significant gaps in employment. Some providers however can look to make exception in this policy for some professionals.

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In addition, income in initial roles might be significantly lower than pay expectations in the future. There are mortgage available that take this into account and newly qualified clients can benefit from increase income multiples.

Locum Doctors

 

The flexibility and often irregular income that is inherent to locuming, can be a challenge when applying for mortgages. You might be on a 6 month employed contract, have a regular work pattern or be picking up shifts on an ad hoc basis. You might be doing all of those at the same time across multiple sites. It can be difficult therefore, for lenders to fit locum doctors into their criteria policy. Are they employed, self employed, contracting? 

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A few lenders have reflected on this and have specific policy just for locum doctors. This involves looking at pay and invoices from all sources during a set period and annualising this figure. The same method means we are able to source mortgages for clients with only a few months of locum experience.

Consultants

 

Although as a higher earner it may seems logical that it would easier to secure mortgage finance, issues can arise where consultants have multiple and inconsistent income streams of NHS and private work.

 

Some mortgage providers understand the nature of the profession and can be flexible in their approach when dealing with high net worth clients. We use relationships to ensure you are not pigeonholed and secure the lending you need.

How can Knightwood Mortgages help?

 

Doctors income can often be complex. Having a broker experienced in dealing with NHS staff can help you understand all available options and give you the best chance of success with your application.

 

At Knightwood Mortgages, we're dedicated to making the mortgage application process as easy as possible. Contact us to find a suitable mortgage deal as a doctor by emailing services@knightwoodmortgages.co.uk or calling 03301 336045.

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03301 336045

12 High Street, Lyndhurst, SO43 7BD

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Knightwood Mortgages is an Appointed Representative of Mortgage Intelligence which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage, insurance and consumer credit mediation activities only. Knightwood Mortgage Ltd Registered address: 12 High Street, Lyndhurst, SO43 7BD, England, United Kingdom under number 13517392. 

We always aim to provide a high quality service to our customers. However, if you encounter any problems and we are unable to resolve them you can take your complaint to an independent Ombudsman. Our advice is covered under the Financial Ombudsman Service (https://www.financialombudsman.org.uk/consumer/complaints.htm).

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