Guide For Junior Doctors About Mortgages


It seems like one of the strangest facts in the history of financing, but in modern times, the majority of junior doctors and other junior health practitioners are finding it hard to secure mortgages with banks or other lenders.

This can be exceedingly irritating if you are somebody who has trained as a doctor, nurse, or dentist in the hopes that it would provide you with a bit of security in your home and income. But there are a few things you can do to increase your chances of successfully applying for a mortgage as a junior doctor and this guide will introduce you to some of them.

Why Is It Hard for Junior Doctors To Get Mortgages?

There are a few reasons why mortgages for junior doctors are more of a specialty than a general mortgage that you can apply for at any bank. This is because junior doctors tend to move around a lot when they are training or finding their feet, as well as working unpredictable hours and having very fluctuating incomes as a result. Medical training is also long and expensive and if you are still at the beginning of your career as a junior doctor, you often have high levels of student debt, which can put a lot of potential lenders off.

This is why it is so important to find a specialist loan firm.

How To Increase Success

There are a few things that you can do to increase your success with the mortgage application process overall. For one thing, you can register yourself on the electoral roll and you can also look into your credit profile and polish it up. If you have shared a house at any time during your residency or training, it may be the case that your credit history is now linked to a previous housemate and there may even be issues with your address history. If you are a foreign national, any lender will want to assess how long you have left on your Tier 2 visa, so you need to have this information to hand when you start applying for your mortgage, which can increase the success of the application.

Finding A Broker

Finding a specialist broker firm to oversee mortgages for junior doctors is a must-have for anybody who is wanting to buy a home but is early in their medical training. These groups will work specifically with hospital doctors and other medical professionals and will understand everything from career progression to pension contributions and sick pay entitlements. In short, you’ll need to find a lender that truly understands what you can afford to borrow in the long term based on your unique career choice.

Assessing Finances

It can be tricky when you were training as a junior doctor to accurately predict how good your finances will be in a year. So, as mentioned before, you will need to find a specialist firm that can accurately predict and assess your finances at present and who will look into which areas you are hoping to specialize in and your chances of gaining employment in these areas, to create a better overall picture of your finances now and in the future.

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