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How we can help you

We can help you find a mortgage when working as a doctor, whether you are in salaried employment or self-employed, on a permanent contract or doing locum work, or even a combination of these.

If you have moved into a new practice and are newly self-employed, you might find it difficult to get a mortgage with traditional underwriting. Many mainstream lenders penalise doctors, as traditional underwriting models simply don’t consider your often more complex work patterns and finances. They look for self-employed applicants to have at least two or, more often, three years’ accounts to verify income and assess whether you can afford a mortgage.

However, all is not lost. Professional Contractor Mortgages have access to mortgage providers for doctors who are more flexible in their mortgage assessment criteria, and who specialise in offering mortgages to doctors. These lenders may be willing to use other track records as a basis for assessing your application – for example, some will look at the practice track record and make a lending decision based on what your predecessor made in the same role.

Doctor mortgages

Are you a doctor… or a contractor?

Many people assume that doctors are traditional salaried employees and therefore cannot reasonably be defined as contractors. However, this is not necessarily the case. While the majority of hospital consultants and non-principal GPs (General Practitioners) – like those employed under CCGs (Clinical Commissioning Groups) – receive salaries in the conventional sense, since the inception of the NHS in 1948, principals and partners in General Practices operate effectively as independent contractors. Their pay is primarily determined by their ‘performance’ with the controversial ‘Quality and Outcomes Framework’ (QOF).

Calculating GP’s pay can get you into alphabet soup
The performance of GPs, in this context, is operationalised through various factors; the number of patients treated, the type of treatments that were administered, and the overall health of their respective catchment areas are all taken into consideration by the QOF. Pay is subsequently calculated through various IT systems associated with the aforementioned framework; namely, the Quality Management and Analysis System (QMAS), or the newer Calculating Quality Reporting Service (CQRS).

Locums and self-employment
Locum doctors – those who are temporarily assigned to replace absentee staff throughout various hospitals and practices – are also technically regarded as self-employed, and will be designated accordingly by mortgage lenders.

Naturally, the self-employed status of these specific doctors has implications on almost every aspect of their financial life, including mortgages. It is important to note that lenders, in general, are inclined to look at doctors favourably – as it is regarded as a solid and stable profession – and therefore doctors are typically accommodated without any additional fuss. However, sometimes the self-employed nature of certain roles means that doctors do not always receive the best offers.

Keep your paperwork
Keeping a thorough record of payments and all relevant paperwork (such as contracts and evidence of employment) is absolutely essential, especially if you are a newly qualified doctor.

Fixed term or locum?
Generally speaking, as a fixed-term doctor, irrespective of whether you are principal or non-principal, you will be perceived in a similar fashion to a PAYE (Pay-As-You-Earn) worker. Meanwhile, locum doctors will be seen as essentially tantamount to normal contractors.

Combining employment, self-employment and contracting income
Sometimes, the mixed nature of your income as a doctor (a combination of employed and self-employed) has the potential to complicate matters somewhat. As always, in such scenarios, it would be prudent to seek advice from specialist professionals before proceeding with an application.

Combining employment, self-employment and contracting income
Sometimes, the mixed nature of your income as a doctor (a combination of employed and self-employed) has the potential to complicate matters somewhat. As always, in such scenarios, it would be prudent to seek advice from specialist professionals before proceeding with an application.

We can help

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Getting the right mortgage is just as important as getting the right property. We can help you find the right lender and the best rate.

High street lenders can become confused when dealing with banded remuneration packages, often leading to misrepresentation of your gross income. They often mistake employment contracts for temporary work which also create unnecessary time delays, or worse, an unsuccessful application.

Using a specialist broker with medical professional experience will make a huge difference to the success of your mortgage application. Whether you are buying, investing, letting or remortgaging we can source a mortgage at a rate to suit you.

Professional Contractor Mortgages has worked tirelessly to build trusted relationships with specialist healthcare lenders who are well versed in arranging mortgages for doctors.

This means we can maximise your borrowing capacity and ensure you have access to the very best rates in the market and advise on the type of paperwork you will need to present, in order to maximise your chances of securing the best deal for you and your family. Call the specialists at Professional Contractor Mortgages on 02394 212912 today.

Please feel free to call us on 02394 170047 or request a callback.

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