Navigating the mortgage landscape as a GP can indeed present unique challenges, especially when it comes to demonstrating income stability and reliability to lenders. Your income streams may not always align with traditional employment patterns, which can lead to misunderstandings or hurdles during the application process.
For instance, lenders might struggle to comprehend the nuances of locum work, recent partnership acquisitions, or fixed-term contracts that are common in the medical field. However, these obstacles are not insurmountable. With proper positioning and guidance, you can successfully secure a mortgage that fits your circumstances.
How quickly a mortgage can be secured will vary depending on the individual circumstances however, working with a mortgage specialist who understands the intricacies of a GPs financial situation can be invaluable. They can help tailor your application to highlight your strengths and address any concerns upfront, increasing your chances of approval.
We recently helped a GP who had only been working as a locum for 4 months. With the deposit already saved they approached us initially to discuss when a Locum GP in their situation might realistically expect to be able to secure a mortgage. The Chase de Vere Medical mortgage specialist talked the scenario through with a number of lenders and to the GP’s surprise managed to secure the mortgage immediately. We managed to place the mortgage with a lender who was prepared to accept 3 months of invoiced locum work and annualised this to ascertain affordability.
We had another scenario where a GP had only recently become a partner. They had come to the end of their current mortgage deal and were keen to explore whether they could get an improved mortgage rate elsewhere. Due to the short time, they had been a partner they fully expected a delay before they would be able to obtain a saving on their monthly mortgage payments. The Chase de Vere mortgage specialist approached a number of lenders and managed to secure an improved rate from a lender that agreed to use the partnership profits despite being a partner for less than 12 months thus reducing the GP’s mortgage payment immediately.
It’s a testament to the importance of having specialists who understand the nuances of different professions and can navigate complex financial scenarios to help clients achieve their goals. Chase de Vere Medical are remunerated by the mortgage provider and therefore do not need to charge fees for their mortgage service. Therefore, making these perfect examples of why it makes sense to talk through your scenario with no financial consequences.
These success stories highlight the value of seeking professional advice and exploring all available options when it comes to securing a mortgage so if you are in any doubt about obtaining the right mortgage as a GP book an appointment with one of our mortgage advisers today to discuss your unique circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within this newsletter is for guidance only and does not constitute advice which should be sought before taking any action or inaction.
Content correct at time of writing.