Finding a one size fits all mortgage for healthcare professionals is quite a challenge. Most healthcare professionals, including doctors, nurses, and contracted staff in the medical world, work in irregular shifts, locum work, and other complicated work patterns that mortgage providers find hard to come to terms with.
A critical factor mortgage providers look at when determining if you are eligible for a loan is a stable income. Professionals in traditional jobs that provide a standard monthly income have an advantage when borrowing a mortgage, leaving those with a less predictable income like healthcare professionals behind.
For a doctor, it only looks better when you can account for multiple sources of income, for instance, a side income from locum work. Some mortgage lenders can discount the additional income leaving you short on paper although you are fully solvent in reality.
Luckily a recent rise in specialist mortgage lenders and advisory services like the Right Mortgage UK make it possible to find a suitable mortgage no matter your complicated circumstances. This is great news for those who work in the healthcare industry.
Why Is It Challenging For Healthcare Professionals To Get A Mortgage?
Several circumstances may make it hard for you as a medical professional to get a regular mortgage. They include:
The complicated nature of your earnings
Many mortgage providers shy away from lending medical professionals because they don’t comprehend the complicated nature of their earnings. For instance, you may be earning income from several streams, including national health service, private practice, and locum work. High-end mortgage lenders may decide that you do not meet their criteria. Thankfully, specialist mortgage lenders who understand the complexity of your income are your best solution.
You are not necessarily buying a house to live in due to your mobile work
In your medical profession, you may be expected to move hospitals and between cities at least in your early career life, which is when you need a mortgage. In such a case, you want to invest in property but want the flexibility of being able to let out your property while you are away.
Your regular mortgage lender may not be willing to consent to let, which is where things get tricky. You may also need to relocate permanently and convert the mortgage for the property into a buy-to-let mortgage, and your lender may not be willing to do that.
You want to buy property while working abroad.
Another challenge is when you want to buy property in your home area while working abroad. It is common for medical professionals to work overseas and purchase property there and still need a second mortgage to buy a property back home.
You are a newly self-employed doctor.
Some medical professions may require you to go from being employed to being self-employed in your private facility. Many lenders may turn you down in the first years because they want proof of consistent income.
The Bottom Line
Specialist mortgage lenders for healthcare professionals understand their complex income situations. They can process your mortgage application without any hiccups and even offer flexible terms like being able to rent out your property while away.
