A Mortgage for Locum Doctor is a loan provided by lenders for Medical Professionals such as Locum Doctors. Locum Doctors can be either employed or self employed in order to qualify for a Locum Mortgage.
Mortgage For A Locum Doctor.
Mortgages are available for Locum Doctors, who are either working as an employed Locum Doctor or as a self employed Locum Doctor. Lenders will treat each application based on how you are paid i.e. PAYE or Self Employed.In next few paragraphs of this post I will explain the differences for employed and self employed Doctors when it comes to applying for a Mortgage and what Income proofs you will need supply
Employed Locum Doctor.
For Employed Locum Doctors, whereby the organisation that employs the Locum Doctor deducts Tax at source, you will need to provide your latest three Months Payslips( this is a minimum requirement for most lenders lending to Locum Doctors, they may well request other documents such as Bank Statements etc)
Employed Locum Doctors will also need have been in continuous employment for the last six months, ideally with no breaks in employment. If you gave more than one employed Locum positions, then the same criteria applies, three months payslips for each role that you are employed in
The lender will use the average of the last 3 months pay when working out affordability and the amount available to borrow.
Self Employed Locum Doctor.
If you are a Self Employed Locum, the following criteria will apply to Self Employed Locum Doctors
You must provide your Last 2 years Tax Calculations and associated your Tax Year Overviews. However if you have only been self employed for 1 year, then there are lenders that will consider 1 Years Self Employed Locum Income for a Mortgage
In ail self employed cases they will also need to see your Latest 3 months’ bank statements for the bank account you use for business purposes,
Your Accountant( if you have one) will be able to help you get your Tax Calculations and Tax Years Overview from HMRC. Alternatively, if you submit your own Tax Return, you can normally request the Tax Calculations and Tax Years Overviews from HMRC HERE
Using A Specialist Medical Professionals Mortgage Broker.
As a Locum Doctor, you probably work long and sometimes unsociable hours. So finding time to sort out a mortgage during such busy schedule can be difficult and hard going at the best of times. By using a specialist Medical Professional Mortgage Broker, you van utilise their expertise and knowledge to find the best possible Mortgage deal.
We can work on your behalf – saving you from the stress and hassle. Finding the right Mortgage for a Locum Doctor can be difficult but using an experienced specilalist in that area of Medical Mortgages can make all the difference.
I have worked with professionals like yourself for many years, helping medical professionals find the best possible Mortgage solution based on their needs. I have access to lenders covering the whole of market that specialise in lending to Medical Professionals and at competitive interest rates…
Conclusion.
I hope yo found the above post useful, it gives a brief overview of the options available for Locum Doctors.For a more detailed breakdown of your options, please feel to get in touch with Michael Markey. Michael has many years experience helping Medical Professionals get Mortgages in place and finding the nest rats available. You can call him on the number above or use the call me back option( at side of this page) and Michael will call you at a time that suites to discuss your needs…
Michael Markey CeMap, CeRER
Medical Mortgage Specialist
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE