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.