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Doctor Mortgages at Fitch & Fitch

Doctors often find applying for a mortgage challenging because of their unique jobs and incomes. However, at Fitch & Fitch, we offer doctors customised mortgage options, ensuring they get the best terms and rates.

We create individual mortgage plans for doctors, considering their unique income and debt situations. This way, doctors acquire deals with excellent terms and mortgage rates that match their needs. As a result, our method makes it significantly easier for them to secure a mortgage and buy a home.

Unique mortgage challenges for doctors

Securing a mortgage poses challenges for doctors, primarily because of their unique professions and income streams. Doctors often work together in partnerships, which means their income can fluctuate.

In private practice, they receive variable payments, whereas those employed by the NHS are on fixed salaries. Also, adding temporary roles or locum work complicates their financial landscape. In short, doctors have a unique income structure that doesn’t fit the usual requirements for getting a mortgage from banks.

How Fitch & Fitch Can Assist Doctors in Securing a Mortgage

Varied income sources

Doctors earn money differently. Some receive steady pay from hospitals or clinics, while others receive more irregular earnings from temporary roles or their private practices. Therefore, their income can fluctuate significantly depending on their work situation. Thus, doctors can find it harder to obtain a mortgage because they only sometimes have a regular, predictable income.

Furthermore, lenders typically want to see that you have a stable income before they approve a loan. Doctors' varied financial picture makes it challenging to demonstrate this stability.

High levels of student debt

Medical training is extensive and costly, leading to a lot of student debt for doctors early in their careers. This debt is necessary because it impacts how much money they can spend on their mortgages early in their careers. Large student loans mean young doctors have less money to buy a house, so getting a mortgage is tougher.

Short-term contracts and job security

Early career doctors often work on short-term contracts at different NHS trusts for their training. However, mortgage lenders might wrongly see this as job instability. As a result, this situation can make it difficult for young doctors to secure mortgage approval. Typically, lenders look for stable, long-term employment when deciding if someone is reliable enough for a loan.

Relocation and credit history

Being a junior doctor often means moving around a lot, which can, unfortunately, lower your credit score. Notably, a good credit score is significant for getting a mortgage approved. Therefore, check your credit score early on and endeavour to improve it.

Consequently, this strategy will enhance your appeal to lenders and increase your likelihood of securing a mortgage.Additionally, improving your credit score can streamline the mortgage process and lead to more favourable loan conditions.

Short-term contracts and job security

Early career doctors often work short-term jobs at different NHS trusts, which is a significant part of their job growth. But when applying for mortgages, some lenders might view short-term jobs as needing more stable.

As a result, this confusion can make it hard for doctors to get loans because lenders like to see stable, long-term employment. Moreover, doctors must collect extra documents to show they are reliable and financially stable, even with short-term jobs.

Doctors must do this by showing they are financially stable and can earn well in the future. By providing this detailed proof, doctors can show they are trustworthy for loans and obtain the mortgage deal they need.

How Can Fitch & Fitch Help Through Tailored Mortgage Advice?

Understanding your profession:

Our brokers are experts in the medical field, enabling us to make a compelling case for your mortgage application. Moreover, we work with lenders who consider future income for medical careers, not just what you earn now.

This approach improves the likelihood of your application receiving a positive response. Moreover, our lenders recognise the unique career path in medicine and the potential for income increase. Our strategy also boosts your chances of loan acceptance.

In short, you’re more likely to secure a mortgage that suits your career and financial goals. Additionally, this is true even for newly qualified medical professionals.

Professional mortgages for doctors:

We offer mortgages designed for high-earning professions like doctors, with benefits like smaller deposits and lower interest rates. These options take into account the financial stability of medical careers, making it easier for medical professionals to get a home loan. In short, our mortgages actively support and appreciate the dependable income of doctors and similar professions.

Specialist brokerage services include:

Client stories

At Fitch & Fitch, our mortgage advisers are experts at creating financial solutions tailored to our clients’ needs. For example, we successfully obtained a mortgage for a foundation trainee. We utilised their future income and job contracts, efficiently dealing with complex loan rules.

Furthermore, obtaining a mortgage can be challenging for GPs and others with changing incomes. However, we employed a careful plan to show that a GP’s varied income is stable and promising.

Additionally, our expertise led to mortgage approval, proving fluctuating income doesn’t hinder financial goals. At Fitch & Fitch, we aim to simplify the mortgage process for everyone, no matter their income.

Q&A: Mortgage Solutions for Doctors

Q1: How can I obtain a mortgage if I have just joined a practice from the NHS? 

A: We can use your previous NHS earnings and projected partnership drawings to make a personal case for you.

Q2: What are the borrowing criteria for doctors and GPs when applying for a mortgage loan?

A: Doctors often acquire larger mortgages than others because they have stable jobs, and their earnings tend to grow. Moreover, lenders tend to give them more extensive loans because they're less likely to be unemployed for long.

Q3: How can junior doctors have their future earnings considered for a mortgage?

A: Junior doctors often experience changing incomes early in their careers, making it hard to get a mortgage. Lenders might be cautious about this because of the lower starting pay and short-term job contracts.

However, using a specialist medical mortgage broker can help. They can highlight your future earning possibilities and career path, giving lenders a fuller view of your finances. This way, you have a better shot at getting a mortgage, even with your current income.

Q4: What makes income structures a challenge for medical professionals when applying for mortgages?

A: professionals when applying for mortgages?
Doctors, GPS and other medical professionals often earn money in various ways. For example, they can work for the NHS, do locum work, run their practices, or even teach. Moreover, their pay can be more regular and easily predicted, like a typical salary.

For instance, locum doctors, who fill in when needed, might work different hours each week, leading to changing paychecks. GPs and consultants can earn money from different sources, such as their main jobs, awards, or fees from private patients.

What our customers are saying…

Doctors seeking tailored mortgage advice?

Fitch & Fitch provides specialised help for the medical profession, arranging mortgages and catering to their specific needs. For more information or to discuss your mortgage needs with an adviser, email info@fitchandfitch.co.uk or call us at 020 7859 4339.

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