Proffesional mortgages – Medical Doctors
Mortgages for medical doctors:
Becoming a doctor is a noble and rewarding choice. However, it can also be expensive. Once you are finally qualified, you’ll likely have a lot of student loan debt to repay. You may also have multiple streams of income if you have a mixture of private practice and NHS work.
Here at Orton we are a team of experienced mortgage professionals who specialise in helping doctors get the finance they need to buy a home in the UK. We understand the unique challengers that doctors face, and we’re committed to helping you find the best possible mortgage for your needs.
A mortgage broker can help you find the best mortgage for your needs, while a bank can only offer its own products. Brokers have access to a wide range of lenders, which means they compare rates and terms to find the best deal for you. They can also help you through the entire mortgage process.
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Interest only Mortgage
Interest-only mortgages can be a good option for some people, but they come with risks. Regulations around interest-only mortgages have tightened, but they are still available under certain circumstances. For example, you may be able to get an interest-only mortgage if your earnings from employment or self employment exceed £251,000. However, borrowing above 75% of the property value must be taken on a capital and interest basis. If your income exceeds £300,000, you may be able to get an interest only mortgage through a private bank.
For more information on interest only mortgages please click here.
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Are specialist products available for Medical Doctors?
Newly qualified doctors (within 5 years of registration) may be eligible for specific mortgage products with enhanced lending multiples. For more information on eligibility, please visit our Young Professional mortgage page.
If you do not meet the requirements for young professional products, there may still be products available to you based on your income. Most banks offer enhanced lending multiples to high earners. The typical maximum multiple is 5.5x, but more can be achieved under certain circumstances.
How have we helped other Doctors
We were approached by a client who wanted to buy a new home for £2.6 million. They had a unique situation, as they owned multiple properties, some of which were rented to family members. They also had multiple streams of income, including PAYE employment, private medical work, and ad hoc work for the NHS.Â
The total loan amount of £2,080,000, which was too large for high street lenders to provide. Due to the complexity of the client’s situation and the size of the loan, we used our relationship with a well-known private bank to arrange the loan. We will continue to work with the client in the future and expect to transition them to a high street lender in the future, if appropriate for their circumstances at the time.Â
If you are in a similar situation to the client described above, or if you would like to learn more about the options that may be available to you, please contact Orton Financial
This information was correct at the time of writing. Last updated 10/05/23.Â
