Can I get a mortgage as a locum doctor?
Mortgage lenders assess applications based on income consistency, employment history, and financial stability. Therefore, since locum doctors often work on an ad hoc basis, proving a stable income is key to securing a mortgage offer.
Most lenders require locum doctors to provide evidence of income through tax returns, bank statements, and pay slips. If you are self-employed or operate your own limited company, you may need at least two to three years of tax calculations to demonstrate your earnings. Some specialist lenders, however, may accept as little as 12 months of locum income.
Is it harder for a locum doctor to get a mortgage?
Locum doctors can find it more challenging to secure a mortgage than salaried doctors because of their fluctuating income. However, with the right lender and expert mortgage advice, many locum doctors successfully secure competitive mortgages.
Having a strong track record of locum work, a good credit rating, and evidence of income stability can make the application process smoother. Mortgage brokers like Goldmanread can help identify mortgage lenders who understand the unique financial situations of locum doctors.
Factors to consider when applying for a locum mortgage
When searching for a mortgage, it is essential to consider the following:
- Employment history: A longer track record of locum work makes it easier to get approved for a mortgage. Some lenders require at least 12 months of work history, while others prefer 2-3 years of stable income.
- Contracts: A long-term or rolling contract can strengthen your application, while a record of shorter, more sporadic contracts may require additional documentation to prove income stability.
- Financial history: Your credit history, outstanding debts, and bank statements will influence lender decisions. Always check your credit report before you apply for a mortgage through a reputable provider, such as Experian, TransUnion or Equifax.
- Deposit size: A larger deposit results in a lower loan-to-value (LTV), improving your mortgage options and available interest rates.
How do mortgage lenders assess my income as a locum doctor?
Lenders consider different income structures when assessing mortgage applications from locum doctors. Depending on whether you are self-employed, operate under a limited company, or are paid through an umbrella company, the required documentation may vary:
- Self-employed locum doctors: Most lenders require two to three years of tax returns and accounts showing a net profit.
- Limited company locum doctors: You may need to provide tax returns, business accounts, and evidence of salary and dividends.
- PAYE locums: If you are employed through an agency or NHS trust, you may need recent pay slips and bank statements to prove your income.
How a mortgage broker can help you find a locum doctor mortgage?
Goldmanread is an experienced mortgage broker that works with many lenders to secure bespoke underwriting solutions for locum doctors. We help you find the right lender who understands locum income and employment structures.
We can guide you through each step of the mortgage process, from assessing your eligibility criteria to submitting the mortgage application. Our expert advisers offer tailored mortgage advice to help you get the best mortgage deal available.
Contact us today to get started.
First-time buyer locum doctors
If you are a first-time buyer, we can help you understand how much deposit you need, what lending criteria apply, and which lenders are best suited for locum doctors. Many lenders require a track record of at least one to two years of locum income, but we can identify options that may accept less.
Remortgaging solutions for locum doctors
If you already own a home and want to remortgage, we can help you secure a better interest rate, release equity, or switch to a more favourable mortgage deal. We work with both high-street and specialist lenders to find the best option for you.
Buy-to-let mortgages for locum doctors
Locum doctors looking to invest in property can benefit from our buy-to-let mortgage expertise. Lenders typically require a strong financial profile, and we can help you meet the necessary eligibility criteria to secure a mortgage for investment properties.
What if I am a newly qualified locum doctor looking for a mortgage?
Newly qualified locum doctors may face additional challenges when applying for a mortgage, as they have a limited employment history. However, some lenders offer bespoke underwriting that takes future earning potential and contract structure into consideration. Goldmanread can help identify these lenders and guide you through the mortgage application process.
Frequently asked questions about mortgages for locum doctors
What type of mortgage can I get as a locum doctor?
Locum doctors have access to the same types of mortgages as anyone else, including fixed-rate, variable-rate, and buy-to-let mortgages. Whether or not you are eligible depends on your income structure and financial stability.
How long does the mortgage application process take for a locum doctor?
The mortgage application process typically takes four to eight weeks, depending on the lender’s requirements and how quickly you provide the necessary documents.
Do I need a permanent NHS contract to qualify for a mortgage?
You don’t need a permanent contract to qualify for a mortgage, but you do need to show a stable and reliable income. Lenders will assess your earnings over time, looking at tax returns, pay slips, and bank statements to ensure you can afford mortgage repayments.
Do locum doctors get special mortgages?
Locum doctors do not have access to exclusive mortgage products as such, but there are specialist lenders who offer mortgages tailored to their unique income structures. These lenders take into account the flexible nature of locum work and may apply bespoke underwriting to assess actual income over a shorter period compared to traditional high-street lenders. While standard mortgage products are available, working with a mortgage broker like Goldmanread ensures you find the most suitable lender who understands your employment situation.
