Mortgages for Locum Doctors

As a Locum Doctor, Goldmanread can help you to find the most beneficial mortgage to suit your career stage and budget.

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Welcome to Goldmanread, Mortgage Brokers For Locum Doctors

As demands on the NHS grow and GP surgeries are increasingly becoming short staffed many doctors are taking the route of working on a locum basis. This provides flexibility and potentially good earnings but the question is what effect does this have on a locum doctors ability to arrange a mortgage?

Professional Mortgage Services for Locum Doctors

Can I get a mortgage as a locum doctor?

The simple answer is yes, you can get a mortgage as a locum doctor but it depends. Locum doctor work can be well paid but what lenders look for is consistency when providing proof of income. In these circumstances it’s always advisable to get the best mortgage advice when applying for a mortgage.

Generally locum doctors can pay themselves via some kind of self employed arrangement i.e. establishing a business as a Limited Company or Sole Trader or alternatively as an employee. Sometimes they will be employed via an agency who take care of the payment of tax and national insurance. This is sometimes referred to as an Umbrella company.

Whether employed or self employed, in both of these cases the lender will want to see a track record of this income being paid. Generally, if working on a self employed basis, most lenders will want to see the last 2-3 years accounts. Sole traders will normally be asked to provide 3 years worth of tax calculations.

This track record provides a clear guide to the applicants level of annualised income, though there are some lenders who will look at a short term i.e. 12 months.

Sometimes lenders will want to see copies of past and current contracts to confirm that income from this source is sustainable and supported by past income history.

Unlike standard forms of employment lenders will not generally look for a basic salary when assessing income as most locum doctors will tend to be paid on a certain day rate income.

Is it harder for a locum doctor to get a mortgage?

If you are a doctor who has only just started working on a purely locum basis or someone who has not kept clear records of their income from this source, then this may make it harder for you to arrange a mortgage.

If however you have a track record of locum work and can provide sufficient documentation to support this income i.e. account, tax confirmation or agency payslips then this will make it easier to arrange a mortgage. This is the case whether you are a full time locum doctor or work part time on a locum basis to supplement your income.

Factors to consider when applying for a locum mortgage

When applying for a mortgage for locum doctors it is important to consider the following factors when searching for the best mortgage lender:

  1. Time: How long have you worked on a locum basis? Is this sufficient to be able to provide a proven track record to the lender of income. In this respect it’s important to be able to demonstrate as clear career history.
  2. Nature of employment: Are you employed via an agency or have you set up some kind of self employed structure to receive payment?
  3. Contract: Are you on a permanent contract or is you contract a “Zero Hours” or temporary renewable contract?
  4. Financial history: Lenders will take into account any other debts as well as looking at your credit history.

How Goldmanread can help you find a locum doctor mortgage?

Goldmanread is a mortgage broker who offer mortgages for locum doctors from across a large number of mortgage lenders. We know which lenders to apply too and can help you in your search for the best mortgages for locum doctors. This means you won’t waste time and most importantly won’t be repeatedly applying to lenders who decline your application and therefore worsen your credit rating. Our goal is to help you get the right loan amount from the range of mortgages on the market.

We will assist you through each stage of the mortgage application. Our specialist advisers provide expert advice to help you navigate the many different lenders. We aim to recommend the best mortgages suited to your individual circumstances.

We also provide you with a number of mortgage tips to help guide you towards the best solution to your own mortgage needs.

Our specialist team treat each mortgage application on a case by case basis and provide you with clear information on the most suitable mortgages to fit your circumstances. This may be a fixed rate or variable rate. We take into account not just rate but the typical fee and overall cost of the mortgage before making our recommendation.

What if I am a newly qualified locum doctor looking for a mortgage?

A newly qualified locum doctor will be treated in the same way as any other doctor when looking for a mortgage. By this we mean that what matters in assessing your mortgage is how you are employed or self employed, your employment and income history and background factors such as your deposit and any background debts.

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Why should you choose Goldmanread for your Locum Doctor mortgage?

Free Initial Consultation

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We serve a wide range of professional clients

As well as mortgages for Locum Doctors, Goldmanread offers the highest level of service to other professional clients, and pride ourselves on our personal approach.

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Why choose Goldmanread for your Locum Doctor mortgage services?

Goldmanread have been helping locum doctors, both employed and self employed secure the best mortgage deals since our inception in 2019. We work with a large range of mortgage lenders from High Street banks to specialist mortgage providers who only work via mortgage brokers.

We provide all of the guidance you will need to arrange a locum doctor mortgage. This may range from which self assessment forms are required for a self employed borrower to those employed via umbrella companies. We can also look at lenders who may assist your with only a limited track record pf employment.

Arranging a locum doctor mortgage requires the advice of an experienced mortgage adviser. At Goldmanread you will find the complete mortgage service with the provision of comprehensive mortgage advice.

Talk To A Mortgage Expert Today

Feel free to phone or message to arrange a call back or appointment. We’d be delighted to discuss your mortgage  options and get an understanding of your individual goals.

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