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Locum Doctor Mortgages

We take the pain away from finding a great mortgage deal  

How we can help you

Finding a mortgage as a locum doctor can be difficult – but not impossible.

Locum doctors work on an ad-hoc basis, which means high street banks and lenders view you as higher risk.

While many high street lenders may require you to put forward two to three years of accounts, when you go to a specialist locum doctor mortgage broker, your affordability can be calculated through your current contract value, plus any other paperwork – such as bank statements and tax returns.  

At PCM, we have an excellent track record for securing mortgages and remortgages for locum doctors and other contracted medical professionals.

As experts in the unique financial circumstances of locum doctors, we’ll ease the headache that is the field of locum mortgages and keep you on course for securing your dream property.  

Because we partner with lenders who provide bespoke underwriting, you have access to mortgages and remortgages that aren’t available elsewhere. You can explore and compare some of these mortgages by using our mortgage calculator. Alternatively, why not use our quick quote form to tell us a little bit about your locum doctor background and receive mortgage quotes straight to your inbox?  

When you’re ready to apply, the PCM team is here to help you put together an application with the kind of precision you see in the operating theatre. Talk to our locum doctor mortgage specialists today by giving us a call on 02394 212912. 

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Here for you

What is a locum doctor mortgage?  

A locum doctor mortgage or remortgage is a type of mortgage that has been tailored to the unique financial circumstances of locum doctors. It is suitable for locums who are self-employed, have their own limited company, or are employed through an umbrella company.  

How to get a mortgage as a locum doctor 

Whether you’ve got one year’s locum doctor accounts behind you or three, the best way to secure a locum doctor mortgage is through a specialist locum doctor mortgage broker. You’ll have access to residential and buy-to-let mortgages and both fixed rate mortgages and tracker/variable mortgages.  

Once we’ve helped you to find a suitable mortgage, we’ll make the process of applying for the mortgage as transparent and easy as possible. Your dedicated Client Service Manager will take care of all the paperwork for you, ensuring you have all the necessary evidence in place. We’ll need to see documentation like: 

  • Accounts
  • Contract history
  • SA302 tax returns
  • Bank statements

If you’ve been a locum for a short amount of time, don’t worry – you can still get a mortgage. By investing in the services of a specialist accountant, you should be able to forecast your earnings, which can be enough evidence for some of the mortgage providers we work with.  

Locum doctor mortgage criteria 

To increase your chances of a successful mortgage or remortgage application, it’s useful to meet the following criteria:  

Show contracts from the last three to six months. Lenders are more likely to lend to you if you can prove that you’ve had a continuous flow of contracts over a period of time. 

Ensure the funds that you do have saved cover not only your deposit, but fees including surveyor fees, legal costs, stamp duty and a removal company 

Demonstrate a good credit rating. Check your credit history in advance of your mortgage application. This avoids unexpected surprises and gives you some time to improve it. 

Have reasonable expectations when it comes to timeframes. As locum doctor mortgages aren’t ‘out-the-box’, underwriters need time to tailor a mortgage to your needs 

First time buyer?

Getting a locum doctor mortgage as a first-time buyer

The great news is that locum doctors looking to get on the property ladder can still access 95% LTV mortgages, which means you only need to raise a 5% deposit against the property you wish to buy.  

While the government’s Help to Buy scheme has come to an end, as a first-time buyer you can put your Lifetime ISA savings towards a deposit on a property up to the value for £450,000.  

The other alternative is to purchase a property through the Shared Ownership scheme. The Shared Ownership scheme gives you the option to purchase 25%, 50% or 75% of a property. This means you’re only required to raise a deposit against the percentage of the property you wish to own.  

This scheme is particularly helpful for locum doctors who are practicing in areas where property prices are higher than average.  

Please feel free to call us on 02394 212912 or request a callback.

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