Mortgages for Newly Qualified Doctors
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Compare Mortgage for Newly Qualified Doctors
If you are a newly qualified doctor or a junior doctor undergoing foundation training, the early years of your medical career are likely to be based on fixed-term contracts rather than permanent roles.
This is great for gaining the experience you need to succeed, but it can make getting a mortgage more difficult. This is because mortgage lenders tend to favour potential borrowers with what they see as a stable employment record. In order to get a mortgage it can be a good idea to approach mortgage lenders who understand the unique nature of newly qualified doctors’ contracts.
As a newly qualified doctor you may be keen to buy a higher end property that reflects your true earning potential. A specialist mortgage provider can help you get a mortgage based on your specific requirements.
Mortgages for new GPs
If you are a recently qualified doctor and are joining a GP practice as a new partner, you could find that standard mortgage lenders class you to be newly self employed and therefore a lending risk.
Because as a GP you are self employed (at least technically) you could face many of the pitfalls also encountered by people in less stable self-employment when it comes to trying to obtain a mortgage deal.
Mortgages for new locum doctors
Locum work can be a great way to gain experience as a newly qualified doctor, but it can also be a headache when it comes to getting a mortgage.
This is because as a locum you will not have a permanent employment contract and this can be a red flag to mortgage lenders who may see you as a greater lending risk.
This can be especially true if you are a new locum as you will not be in a position to provide several years’ worth of accounts to prove your past income and job stability.
Fortunately, specialist mortgage providers for doctors can help you to get a mortgage that takes your circumstances into account.
We could help you find a lender who understands the mortgage needs of newly qualified doctors – call today on 0117 403 4474 for the latest mortgages for doctors. To speak to one of our mortgage advisers click here »