Mortgages for doctors and NHS staff
Exclusive rates and lending criteria for healthcare professionals.
Fox Davidson secures residential mortgages for doctors, surgeons, consultants, and other healthcare professionals. We work trusts to provide mortgages for NHS staff.
We secure finance for all types of situations including:
- Newly-qualified doctors
- Junior doctors
- Locum doctors
- Doctors with their own practice (limited company directors or partners in an LLP)
- NHS staff on permanent and bank work
Some of the more common scenarios we secure funding for are detailed below:
Newly-qualified doctor or new employment
We can secure finance for clients starting a new contract of employment up to four months in advance. The same applies for increases to salary. We will need a copy of the contract and the lender may apply for an employer’s reference.
This is particularly useful for doctors starting a new job in a new city, looking to secure their new main residence before they start their new job.
Employed NHS doctor moving to a contractor or self-employed role
We fund scenarios where a previously employed doctor has joined private practice as a partner, either as a director of a company, or an LLP. As a highly regarded healthcare professional, we work with lenders willing to make exceptions to lending policy to find a way to lend you the funds you require.
We can either look at the existing business you have joined and gain assurances from the accountants, or, if you have been in situ for three to six months, we can get an idea of your current income levels and again use those to determine your maximum borrowing.
Locum doctor mortgages
Working as a locum doctor can be ideal for those planning to top-up an existing income or to work shifts that fit in around existing commitments such as childcare. As locum work is not guaranteed in the form of a permanent contract, some lenders will not accept it.
We work with many lenders that will accept locum pay as though it is permanent income. The greater the history you have of the income, the better – six to twelve months are ideal.
What terms can Fox Davidson secure for doctors and healthcare professionals?
- Professional mortgages up to 6 x income
- 95% loan-to-value, 100% with additional security from family/guarantors
- Competitive rates of interest from the whole of the market
- Offset mortgages
- Free valuation and legal costs
- Cashback deals
Why use a mortgage broker?
As a healthcare professional, you likely work long, unsociable hours. Trying to arrange a mortgage with your busy schedule can be both time-consuming and stressful. Using a mortgage broker means that you can do your job while we do ours – saving you time and money.
Fox Davidson works with professionals from barristers to veterinarians, with excellent working relationships with lenders from across the market that will apply flexible lending criteria to ensure we get loans agreed for our clients and at competitive rates of interest.
We have lenders that consider basic employed salaries as well as additional income from locum work and unsociable hours.
For self-employed partners of a doctor’s practice, we work with mortgage lenders that can work from the latest year’s income figures rather than taking an average of two or three years.
- Call or email one of our professional mortgage brokers. They will complete a short fact-find with you to discuss your requirements.
- We search the market of thousands of mortgage products and discuss your lending proposal with the chosen lender to ensure it meets criteria and is placed with the right lender, the first time.
- Your broker will then present the best possible mortgage terms to you.
- On acceptance of the proposed terms, we will complete all paperwork and handle the entire process from application through to completion on your behalf.
Our direct access to professional mortgage underwriters allows us to build up a clear case for lending on your behalf.
With our support and correct presentation of the lending proposal, we have secured mortgage terms that don’t meet the lender’s standards criteria.
To discuss your professional mortgage requirements please contact a broker by email or by calling one of our offices.
Fox Davidson can work on a face-to-face basis or remotely by phone and email. For face-to-face mortgage advice for doctors contact our Bath, Bristol, Exeter, or London office.