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Can you get a mortgage if you're a locum doctor?
When consider your mortgage options, you may be wondering how easy it is to get a mortgage, especially if you are a locum doctor.
You may have been told that you need at least 12 months of earnings as a locum before a lender will even consider you for a mortgage, and normally 2 years worth of accounts would be needed. Whilst this is true in most cases, there are also a number of lenders who will help locum doctors get their first mortgage as a first time buyer, remortgage your current home, or alternatively raise additional finance.
At medical and general mortgages, we have spent years building up our knowledge of doctors and locums working patterns and have been able to work with mortgage lenders to help you gain a mortgage, even if you don't have 12 months of accounts history. We know how to present your earnings and which mortgage lenders will be able to lend to you.
Well, the answer is, it depends. It depends on whether you are a locum general practitioner (GP), a locum doctor within a hospital setting but are self employed, working through an agency, or if you are a locum doctor working via the NHS bank.
Depending on which category you fall into will determine how soon you can get a mortgage after first becoming a locum.
For more information about locum doctors and how we can help, go to our Locum Guide
An example would be a hospital locum doctor working via the NHS bank. We work with lenders who can provide a mortgage for you if you have a minimum 3 months of payslips. (Lending criteria does change and is correct at the time of writing)
If you are a Locum GP, how soon you could borrow would depend on whether you have contracts with the surgeries you work for, work via your own limited company or work via an agency.
If you are self employed, many lenders would require two years of accounts to support the earnings you have. If you are self employed, but have a contract in place, it could be possible to get a mortgage. There are certain stipulations around this, such as the loan to value you are borrowing, what your role was before becoming a locum doctor, and how long the contract has to run.
Using a limited company means you will again need to prove your income over two tax years and are most likely to be treated similarly to being self employed. That being said, there are a limited number of lenders who can use the company profits as your income and base the amount you can borrow on this, rather than actual income derived through salary and dividends.
The information above is a brief overview to highlight that it is possible to get a mortgage as a locum doctor, but it is essential you speak with a specialist mortgage broker who understands your profession.
At Medical & General Mortgages, we begin all of our meetings with getting to know you and your circumstances. We will take the time to explain how mortgages work and how we can find a mortgage deal for you now, or alternatively what you need to do get a mortgage. This is something most traditional mortgage brokers and high street lenders are unable to help with.
To discuss your personal circumstances and see if you can get a mortgage, please contact us or book a consultation with one of our specialist mortgage advisers.
