Your status as a medical professional can influence how mortgage lenders view your application.
Your income potential, busy schedule, and potential for career growth all factor into your mortgage options.
Lenders typically offer 3 to 4.5 times an individual’s income, but as a doctor, you might be able to borrow up to 6 times your income, depending on your circumstances and the lender’s criteria.
Some lenders may have exclusive products or discounts for those in the medical field, recognising the stability and earning potential of doctors.
Mortgages for doctors explained
As a doctor, you work hard to care for your patients and build a successful career.
But the unique nature of your income and professional path can often make the mortgage process more difficult than it should be.
With a mortgage designed for doctors, you may benefit from higher borrowing limits, flexible repayment terms, and tailored support from lenders who understand the complexities of an NHS doctor’s income.
Do doctors get special mortgages?
There aren’t any mortgages just for NHS doctors.
However, as a doctor you could find that a professional mortgage allows you to borrow more money.
These are provided by a small number of lenders who recognise that certain professions provide for excellent career progression, high earnings and longevity. These types of people obviously make great borrowers!
Main benefits
Probably the biggest benefit is that lenders will understand your income structure and career progression prospects. This can mean that their lending assessment will include your job security and future income potential.
Enhanced income multiples are also another benefit. This means that you could borrow more than someone in a ‘normal’ occupation. Upto six times your annual earnings are offered by some lenders, depending on your experience and seniority.
Professional mortgages can also allow you to buy a home using a smaller deposit, great for first time buyers.
If making mortgage overpayments is important to you, then many of these deals will allow you to overpay by 20% each year, rather than the standard 10%.
Eligibility criteria
Before applying for a mortgage, it’s essential to understand the factors lenders consider.
While requirements can vary, lenders typically look for a few key things.
Available to qualified, practising and registered NHS doctors over the age of 21.
You’ll need to be a fully qualified doctor with a valid registration from the General Medical Council or British Medical Association.
Lenders closely examine your income; however, they will also acknowledge your anticipated future earnings or practice profits rather than solely focusing on your current income. This is very relevant for Practice Principals.
Like all mortgages, a strong credit history helps in securing the best rates and terms, so minimising late payments and managing debt can significantly improve your chances of approval.
Don’t worry if you’re still building your credit history or feel your income isn’t fully reflective of your potential.
A specialist mortgage broker can guide you on strategies to position yourself favourably, even if you don’t fit perfectly into the standard lending criteria.
Are nurses included?
These benefits are only available to qualified and practising doctors. However, the nursing profession is recognised by lenders and a nurses keyworker status means that shift allowances and overtime can be used when applying for a mortgage.
You will find more useful information in our guide: Mortgages for nurses
Pop in a few contact details and a qualified broker will call you back when convenient.
Who can apply?
The medical profession has a wide range of employment structures and stages, each impacting how lenders assess your mortgage application. Where you are in your career path will affect your mortgage options.
Junior doctors
Your rotations and fixed-term contracts can make it harder for lenders to see a steady income stream, which they heavily rely on for mortgage approvals. Your basic salary might also not tell the whole story about your earning potential.
Traditional lenders often focus on steady, long-term income, which can make things tricky in the early stages of your career.
The further along you are in your training, the better your options will become.
Locum doctors
Being a locum doctor can make things more difficult.
Locums have a great deal of control over their working hours and locations and often earn higher hourly rates than permanent staff.
But this means your income will fluctuate depending on shift availability and rates. Lenders will often focus on demonstrating consistent income through detailed records of your contracts and payslips, typically looking at an average over the past 12 months.
Newly qualified
Traditional lenders love stability. They want to see a consistent income history, and that’s where things can get a little tricky for newly qualified doctors. Your income might fluctuate, and those frequent rotations can make it hard to demonstrate long-term earnings at a specific location.
Specialist lenders will understand this, and will appreciate those borrowers who are starting work as a qualified doctor.
The best options are offered to doctors who can show their work contract.
Temporary contracts
Getting a mortgage while on a temporary contract is possible.
Experienced lenders will recognise that doctors sometimes work under temporary contracts, particularly in the early years.
Having a contract renewed, or a future one pre-approved, will help a lot.
Self-employed
Self-employed borrowers will have their mortgage assessed against their tax returns and SA302 documents.
Ideally, lenders would prefer three consecutive years being self-employed.
As a preferred occupation, doctors can normally apply with only the last two years of accounts and tax returns.
GP (Salaried)
As a salaried GP your reliable income and professional standing put you in an advantageous position.
Your income structure is the most straightforward, making the mortgage process similar to other salaried employees. Payslips and a clear employment contract are usually sufficient for lenders.
GP (Partners)
As a partner in a practice, your income comes from a share of profits, or a combination of salary and dividends. Lenders will look at your accounts and tax returns, often taking an average over the past two or three years.
Have your accountant prepare clear income projections to demonstrate future earning potential.
Consultants
Consultants may have a base salary with potential for significant performance-related bonuses.
When it comes to securing a mortgage, your established position and earning potential open up a wider range of possibilities.
Lenders may take a more flexible approach, considering both your guaranteed salary and a realistic average of your bonus income over the past few years. Be prepared to provide evidence of bonus payments to support your application.
Things to watch out for
None of these are likely to be deal breakers.
But they are often misunderstood by lenders who aren’t familiar with your NHS pay scale, training period and career prospects.
Banks who offer ‘mortgages for professionals’ will not be put off so easily!
Short-term contracts
Short-term contracts give you great flexibility, but it’s not so helpful when applying for a mortgage. A lender that understands the nature of your work can see past this.
Student loans
Medical training takes time and costs money and the majority of doctors will start their career with student debt. The repayments can affect your mortgage, but the right lender will acknowledge your longer term prospects.
Complex income
If you do locum work or work in the NHS and private practice, certain lenders can find it difficult to assess your varied income.
History of moving
You have probably moved quite a few times during your training and some of it might have been in shared accommodation. This can affect getting a mortgage as your credit file could look a bit messy.
Newly self-employed
If you have moved from employed to self-employed this can confuse many lenders. They need to see 3 years of accounts. Lender’s working with medical professionals will look at the bigger picture.
Junior doctor
Junior doctors will spend many years on rotation, and don’t yet qualify for a full doctors salary. If you are near the end of your training or have a promotion due, it can be possible to secure a mortgage on your expected earnings.
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 doctor borrow?
As a medical professional you will have the advantage of being able to borrow more than someone in a non-professional role. NHS doctors who are well-established in their career will be offered the highest income multiples.
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 |
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. This is important. While you may have the ability to get a larger mortgage, you need to demonstrate that you can pay it back.
Need to borrow more?
If you’re trying to buy a home by yourself the high cost of housing in the UK is going to make life difficult for you.
One option could be to buy with someone else, using a joint mortgage. This doesn’t have to be a partner, it could be a friend or close relative. Having two incomes will then boost the potential mortgage amount.
Other options would be:
Guarantor mortgage: Guarantor mortgages are a way for parents or relatives to help borrowers qualify for a higher mortgage than they could get by themselves. Typically this will be a parent assisting their child to apply for a first time buyer mortgage to buy their first home.
Joint Borrower Sole Proprietor mortgage: A Joint Borrower Sole Proprietor Mortgage (otherwise referred to as a JBSP mortgage) is a type of home loan that allows two people to borrow money together while only one of them is named on the property. JBSP mortgages allow individuals to accept the financial support of their family, while retaining a sense of independence through sole ownership of the property.
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 NHS doctors.
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
- Employment contract
- Personal bank statements
Self-Employed (e.g. locum):
- Certified accounts (ideally the last 3 years, though some lenders may consider less)
- SA302 tax calculation forms to show your income history
- Personal bank statements
A mortgage adviser who understands the specific needs of doctors 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 medical doctor 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.
If you are a junior doctor then your adviser will know how to support you and find the right lender.
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 orthodontists, 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.
Doctors can qualify for competitive interest rates and exclusive deals due to their stable income and favourable career prospects. Your individual circumstances and the wider market will determine the exact rates available to you.
This is fine. Newly qualified doctors can apply as soon as the start their foundation training.
This will depend on the type of work that you do and your payment structure.
Sadly, this is all too common. A lot of lenders just don’t understand how your earnings and career path work. If you apply to the wrong one, at the wrong time, you are likely to be declined.
Get an experienced whole of market mortgage broker to help you. They have access to over 100 lenders and will know which ones favour medical workers, even if you are still training.
A mortgage broker with experience in mortgages for doctors can save you time, find exclusive deals, and improve your approval chances. They understand the unique circumstances of medical workers and negotiate on your behalf.
Yes, professional mortgages are available for first-time buyers.
In the early part of your career you may be expected to moved around quite a bit, and this can make buying a home to live in more difficult.
Instead you may want to invest in a property which you can rent out during these early years, a buy to let.
There are lenders that can offer a buy to let mortgage, even if you don’t already own a property.
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.
