How Can I get a Locum Doctor Mortgage

How can I prepare for a Locum Doctor Mortgage?

If you’re thinking of applying for a locum doctor mortgage, these are a few things to keep in mind. With careful planning and preparation, you can secure the financing you need to purchase your home.

1. Prepare the documents required for your mortgage. This is usually things like Bank statements, payslips and proof of ID.
2. Speak to a specialist mortgage broker that can advise you on the best lender for your situation.
3. Get a mortgage in principle. This will give you an idea of how much you can borrow and what your repayments might be.
4. If you aren’t using a broker, compare mortgage rates from multiple lenders. Locum doctor mortgage products tend to be slightly more expensive, so it’s important to get the best deal possible.
5. Make sure you understand all the costs involved in taking out a mortgage. This includes things like stamp duty, legal fees and lender’s mortgage insurance.
6. Budget carefully and make sure you can afford the repayments. A mortgage is a big financial commitment, so make sure you’re comfortable with the payments before signing on the dotted line.
7. If you’re self-employed as a locum doctor, there are a few additional things to keep in mind, such as how are you paid? Do you submit self assessment tax returns? You may need to provide these instead of payslips.

Which Locum Doctor mortgage product is best?

When you’re ready to apply for a mortgage, it’s important to compare different offers to make sure you get the best deal possible. Locum doctors can often find it difficult to secure a mortgage, so make sure you shop around and compare offers from a range of lenders. Alternatively, speak to a specialist mortgage broker that can advise you on the best deal for your situation.

Remember, when you’re self-employed it’s important to keep track of your finances and have up-to-date records. This will help to make the mortgage application process as smooth as possible.

What types of Locum Doctor Mortgage are there?

Locum Doctor Insurance

Locum doctors may want certain insurances, such as Life insurance or Home insurance whilst getting a Locum Doctor Mortgage. These are quite common and your mortgage advisor can usually help to arrange them.

What is a Locum Doctor Mortgage?

A Locum Doctor Mortgage is a mortgage that is specifically designed for Locum Doctors. There are a few key things to consider with this type of mortgage, such as the interest rate and how long the fixed rate period is for.

What is the interest rate on a Locum Doctor Mortgage?

The interest rate on a Locum Doctor Mortgage can vary depending on the lender and the product you choose. You need to either speak to a specialist NHS mortgage advisor, or go through many products and criteria yourself in order to attain the best rate for your situation.

A Locum Doctor Mortgage is potentially complicated, and the interest rate may reflect that. However, many high street lenders offer products that will fit.

Why can getting a mortgage seem harder as a locum?

As a locum doctor your income can be complicated. Some lenders may even view you as on zero hours contract. Many will view you as self employed and this can mean that you need 2 or even 3 years accounts in order to get a mortgage.

Being self employed can often mean that lenders put your application under more scrutiny and want to see more documents in order to get approved.

What if you’ve been a locum doctor for less than two years?

Some lenders may look at the latest payslip if you are taxed at source, or your latest years accounts if you have them. If you have been a locum doctor for under 2 years you may still have options, however your options may be drastically more limited and you would probably benefit the most from a specialist NHS mortgage broker.