As a qualified pharmacist, you’ve dedicated years of hard work to achieve your professional goals.
Your commitment to improving lives deserves to be rewarded.
That’s where professional mortgages come in. Designed for pharmacists, recognising the stability and earning potential of your profession, often leading to more favourable terms and streamlined qualification.
In the following guide, we’ll break down everything you need to know about mortgages for pharmacists – from eligibility and types of mortgages to maximising your chances of securing the best deal.
Understanding pharmacists mortgages
Mortgages suitable for pharmacists can open the door to higher borrowing amounts, and more flexible terms.
As a qualified and trusted professional, certain lenders are happy lending you more than a non-professional borrower would be approved for.
They do this by using higher income multiples when calculating the maximum loan size. We cover this in a bit more detail here.
Why do pharmacists get special treatment?
The truth is that it’s not just pharmacists that benefit, professional mortgages offer enhanced terms for many different, highly valued occupations.
They’re made for qualified individuals in well-established careers, understanding that your reliable income and career path might work a bit differently than the average person’s.
Eligibility criteria
Enhanced mortgages are available to fully qualified, practising and registered pharmacists. Applicants must be over 21 and registered with the appropriate UK professional body, and working in a field related to their profession.
Only pharmacists who are registered with The General Pharmaceutical Council can legally practice in the UK. The GPhC regulates pharmacists, pharmacy technicians and pharmacies in Great Britain.
As well as being a qualified medical practitioner, you’ll need to provide evidence of your income and employment status to qualify.
Student debt is a common reality for pharmacists, especially those just starting their careers. Lenders understand this and have ways of factoring in your student loans.
While your professional status allows you some additional benefits, you still need to pass the basic credit checks and affordability checks.
Pop in a few contact details and a qualified broker will call you back when convenient.
Types of mortgage
You will have the full range of mortgages available to you. Although the specific choices will differ between lenders.
Residential
Residential mortgages are for the home that you live in. A purchase mortgage will allow you to buy a property and a remortgage switches an existing mortgage to a new lender.
Options are available for first time buyers, guarantor mortgages and JBSP mortgages.
Investment
Investment property mortgages would be for:
Interest rates
The actual rates will always depend on the lender but the main interest rate options are:
Fixed rate: Fixed interest rate mortgages are available in a range of different terms, usually between one and ten years. Once the fixed rate starts your monthly payments won’t be affected by interest rate changes.
Tracker rate: A tracker rate mortgage is a type of variable rate mortgage, which means that the interest rate you pay can go up or down in line with the Bank of England’s (BoE) base rate. Unlike fixed-rate mortgages, a tracker rate can change so the amount you pay each month could go up if interest rates rise.
Variable rate: Variable rate mortgages are linked to the lender’s Standard Variable Rate (SVR). The interest rate you pay will be set by your lender and won’t necessarily rise or fall in line with changes to the Bank of England Base Rate. Your repayments will change when the SVR changes.
Repayment methods
The repayment method is the way that you will pay the mortgage back. There are actually three different options but not all of these will be permitted by your lender.
- Repayment – The traditional capital and interest mortgage where you pay back some of the mortgage each month.
- Interest only – With an interest-only option you only pay the mortgage interest each month and nothing towards the capital sum.
- Part and part – A part and part mortgage is a combination of 1 & 2 above.
Mortgage term
The term is the number of years that your mortgage is setup for.
Traditionally, the standard mortgage term has been 25 years. With rising mortgage and housing costs borrowers are now choosing longer terms, such as 30 and even 40 years. These are sometimes called marathon mortgages.
The term will directly affect the monthly cost of a repayment mortgage, the longer the term, the lower the repayments.
How much can a pharmacist borrow?
These professional mortgages allow practising pharmacists to borrow larger amounts than standard mortgages. Lenders may offer income multiples of up to 5 or 6 times your annual income.
Here’s how it could affect the maximum mortgage calculation.
| Annual income | Income multiple | Maximum mortgage |
|---|---|---|
| £50,000 | 4.5 | £225,000 |
| £50,000 | 5 | £250,000 |
| £50,000 | 5.5 | £275,000 |
| £50,000 | 6 | £300,000 |
| £75,000 | 4.5 | £337,500 |
| £75,000 | 5 | £375,000 |
| £75,000 | 5.5 | £412,500 |
| £75,000 | 6 | £450,000 |
However, several factors influence how much you can actually borrow:
Income: Your salary or self-employed income, ideally demonstrated over several years, is the primary factor. Lenders may also consider dividends, potential bonuses, retained profits or projected income growth.
Deposit: The larger your mortgage deposit, the lower the loan-to-value (LTV) ratio, potentially unlocking better interest rates and increasing the amount you can borrow.
Credit Score: A strong credit score indicates financial responsibility and may result in lenders being willing to lend you more.
Affordability Assessment: Lenders will thoroughly assess your income and outgoings (including other debts) to determine how much you can comfortably afford to repay each month.
How much do mortgages cost?
The cost of a mortgage is affected by the loan size, the interest rate and the loan term.
You can use our mortgage calculator to accurately calculate the monthly repayments.
These pages may also be of interest:
Average Mortgage Payments: Understand what homeowners across the country are paying and how property location can affect your mortgage outlay.
Mortgage Repayments Guide: Learn more about the monthly cost of different mortgages, including repayment and interest only.
How much do you need to earn: We explain mortgage affordability and give a guide on how much you need to earn.
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How to apply
Choosing the right lender is important, as not all lenders offer mortgages specifically designed for pharmacists.
Before applying, organise your paperwork. Requirements vary depending on your employment status:
Employed:
- Payslips (last 3-6 months) to verify your income
- P60
- Recent tax return or equivalent
- Documentation demonstrating your registration with the GPhC
Self-Employed (e.g., locum pharmacist):
- Certified accounts (ideally the last 3 years, though some lenders may consider less)
- SA302 tax calculation forms to show your income history
- Proof of GPhC registration
A mortgage adviser who understands the specific needs of pharmacists is invaluable. They have access to lenders offering preferential schemes and terms for your profession, saving you time and effort.
Before formally approaching a lender, consider obtaining an Agreement in Principle (AIP). This gives a strong indication of a lender’s willingness to offer you a mortgage and can strengthen your position when making an offer on a property.
Whichever way you choose, your mortgage adviser will guide you through the process.
Improve your chances of success
Getting yourself organised and ‘mortgage ready‘ before applying for a mortgage is one of the best things you can do.
Whether you are buying your first home or thinking of moving somewhere new, there are a number of ways that you can improve your situation, which will also speed up the mortgage process.
It’s really important to allow yourself enough time to gather everything together.
Credit status
Get a copy of your credit report. The report will show all sorts of credit related information and you need to make sure that it is all correct. Any errors need to be fixed.
Mortgage broker
Speak with a mortgage broker who is experienced in dealing with professional mortgages. They will be able to see how well you ‘fit’ a lenders criteria and can make practical suggestions and tips on how you can improve your situation.
Decision in principle (DIP)
Ask your mortgage adviser whether a Decision in Principle, or DIP, would be a good idea. Most first time buyers will benefit from one. A DIP or AIP will provide some extra confidence in your ability to borrow the size of mortgage you need.
Electoral roll
One factor that can greatly impact your mortgage application and creditworthiness is your presence on the Electoral Roll. The Electoral Register, is a comprehensive record of eligible voters in the United Kingdom. Am I on the Electoral Register?
Financial Associations
If you have previously applied for any type of credit with another person, the Credit Reference Agencies (CRA) will have ‘linked’ you to the other party. If an old or irrelevant financial association is still on your report, it is important to remove it.
Paperwork
Get your paperwork in order. The main documents needed are: Driving licence, Passport, Utility bills,
Last three/six payslips, Most recent P60, Company accounts, Self-assessment returns, SA302, CIS vouchers, Bank statements, Proof of deposit
Pay your bills
on time. (always)
Don’t apply
for any more credit before or during the mortgage application process. This could seriously damage your chances of being approved.
Credit limits
Stay well within your credit limits and if possible, reduce any debts held on credit cards or store cards.
Mortgage broker
Contact an experienced mortgage broker. Oh, we said that already. Don’t forget!!
How a broker can help
Your status as a professional may grant you access to exclusive or bespoke deals that general mortgage products don’t offer.
The best way to find and compare these specialist deals is by using a qualified whole of market mortgage broker. An experienced broker will do the research on your behalf, finding your ideal professional mortgage from over 100 lenders.
They will understand your industry, your pay structure and the lender’s that favour careers like yours.
Searching for your own mortgage is very time-consuming and can also be quite confusing. While some people are happy to do this themselves, others recognise the advantages of using a qualified broker.
To benefit from these specialised mortgages, you typically need to be employed in a recognised profession. Here are some of the key career paths that may qualify:
- Medical: including doctors, dentists, and vets
- Legal: such as solicitors and barristers
- Financial: comprising roles like accountants and actuaries
- Education: for instance, teachers
- Engineering and Architecture: including civil engineers and architects
You will need to be fully qualified, registered and practising in your profession.
Certain lenders may also consider other roles if they involve comparable levels of professional qualifications or responsibility.
Pharmacists can qualify for competitive interest rates due to their stable income and favourable career prospects. Your individual circumstances and the wider market will determine the exact rates available to you.
Many lenders have programs for newly qualified pharmacists. They’ll focus on your GPhC registration and earning potential rather than a lengthy income history.
A mortgage broker with experience in pharmacist mortgages can save you time, find exclusive deals, and improve your approval chances. They understand the unique circumstances of pharmacists and negotiate on your behalf.
Yes, being a locum pharmacist doesn’t automatically disqualify you. Lenders might require a longer track record of consistent income or a larger deposit. A specialised broker can guide you to the most suitable options.
Yes, professional mortgages are available for first-time buyers.
We work with one of the largest and most experienced independent mortgage brokers in the UK.
They have been experts in the mortgage industry for over 45 years, so they understand the challenges that professional clients can face when looking for a mortgage.
With qualified advisers based across the UK, they have the experience and expertise to help guide you through the complex process of buying a house, remortgaging, raising bridging finance or investing in the property market.
Fully FCA regulated, they have more expertise across more lending solutions than any other broker and have specialist teams in place to work with clients through every stage of their journey.
To get started please call us on 0330 030 5050 so we can match you to a specialist broker, or use the form below.
