Do you think securing a mortgage as a locum doctor is out of reach? Think again. While many lenders insist on 12 months of earnings or even two years of accounts before considering your application, Mortgage Knight knows your situation is unique.
We understand that your income may fluctuate, but that shouldn’t hold you back from owning your dream home.
Whether you’re a first-time buyer, looking to remortgage, or seeking additional finance, we partner with specialist lenders who recognise the value of your profession.
At Mortgage Knight, we’re here to turn your locum lifestyle into a permanent home.
Securing a mortgage as a locum doctor can feel like deciphering a foreign language. Despite your solid income and savings, the unpredictable nature of your work can make mortgage lenders hesitant. Many doctors, especially locums, struggle to cut through the red tape and find lenders who truly understand their unique circumstances.
But fear not—Mortgage Knight is here to help. With expert advice tailored specifically for locum doctors, we guide you through the mortgage process, making it simpler and more accessible.
Consult with Mortgage Knight who understands the locum doctor lifestyle and can connect you with lenders that accommodate flexible work patterns.
Ensure you have a solid record of earnings and savings to demonstrate your financial stability, even if your income varies.
Some lenders may require additional documentation or longer proof of income—knowing this in advance can help streamline your application.
Not all lenders are created equal; some specialise in working with professionals like you. Don’t settle—find the right fit for your needs.
Anticipate potential challenges in the mortgage process and be proactive in addressing them with the help of your advisor.
The path to securing a mortgage as a locum doctor varies based on your specific circumstances. Whether you are a locum GP, a hospital locum, self-employed, or working through an agency, each scenario comes with its own set of challenges and timelines.
For instance, if you’re a hospital locum working via the NHS bank, you might be eligible for a mortgage with just three months of payslips. On the other hand, locum GPs and self-employed doctors may need to provide more extensive financial documentation, such as contracts or two years of accounts, depending on their working arrangements.
Locum doctors can obtain a Mortgage in Principle (MIP), but it can be challenging due to fluctuating incomes. A MIP demonstrates your readiness and seriousness as a buyer, giving you an edge over estate agents. However, the variable nature of locum work means that thorough preparation is key.
By collaborating with Mortgage Knight to organise your financial documents before making an offer, you can significantly improve your chances of securing a favourable mortgage deal.
Generally, a deposit of 10% of the property price is sufficient to secure a mortgage, though some options are available with as little as 5% down. However, a larger deposit offers the advantage of a lower loan-to-value (LTV) ratio, which can lead to better interest rates and lower overall mortgage costs, making homeownership more affordable in the long run.
At Mortgage Knight, we specialise in simplifying the mortgage process for locum doctors. Here’s why you should choose us:
Saves You Time
We handle all the heavy lifting. From completing forms to submitting your application, we manage the entire process so you can focus on your career. We communicate directly with lenders to secure the best mortgage for you, wherever you are.
A Personal Mortgage Advisor
You’ll be paired with a dedicated mortgage advisor who specialises in working with doctors. They’ll guide you through every step, ensuring your paperwork is in order and finding the right lender to meet your needs.
Understanding of Earnings Structure
We know the complexities of locum doctors’ income. Unlike regular lenders, we understand your payment structure and employment contracts, reducing the risk of rejection due to misunderstanding.
Strong Relationships with Lenders
Our established connections with specialist lenders mean we can offer you mortgage options that are tailored to your unique circumstances as a locum doctor.
Mortgage Knight makes your homeownership dreams a reality, no matter how complex your income may be. Let us guide you through the process with ease, securing a mortgage that truly fits your needs as a locum doctor. With expert advice and tailored solutions, your ideal home is within reach.
Contact Mortgage Knight today and let our specialists find the perfect mortgage solution for you!
