Hi all,

Anyone have any experience of getting a mortgage as a doctor?

My partner completed her GP training in August and will be starting as a GP partner in October and we’re looking for a mortgage.

High street banks seem to consider this as self employed and will only lend with 2 or 3 years of history. I’ve only actually spoken to Halifax so far though.

I’ve spoken to a company called A Mortgage Now LLP, under a brand of Doctors Morgtage Now, who claim to “specialise” in this situation (although they have a bunch of other brands that claim to “specialise” in all sorts). They say that they can arrange mortgages with lenders who will use the history of the partnership accounts, rather than the individuals earnings history, so we could apply straight away.

Does anyone have any experience of this company or companies like them? Are they reputable, or how could we check? Could there be any alternatives, save waiting for 2-3 years to buy?

Many thanks!

Robin

http://www.bmas.co.uk/mxselect/content/bma/Mortgages.jsp

Might be worth having a chat with them.

Thanks Martin, I’ll check that out.

Used these for our last mortgage, granted I’m not a doctor. They had our mortgage sorted out in a couple of days after HSBC shafted us.
http://www.charcol.co.uk/

Discuss things with various banks – we spent quite a while explaining the difference in salary between our basic pay and banded pay as hospital doctors in training, but all the banks got it eventually. A few of our friends have also gone for the professionals’ mortgage from Scottish widows, as they seemed to be more up to speed with the odd ways that you can calculate a doctor’s salary. We also used a mortgage advisor who was used to dealing with doctors, and he took the stress out of trying to explain things to lots of people.

The Wesleyan specialise in such mortgages

Same situation for us, Mrs is GP. We got a financial advisor through BMA. He sorted it out really easily and I just wished we used him sooner to save a whole load of stress

http://www.bmas.co.uk/mxselect/content/bma/Mortgages.jsp

Not BMA services – their reputation is not that good. Wesleyan much better IME (but I and Mrs RBIT both work in secondary care so are NHS employees rather than being self employed).

High street banks seem to consider this as self employed

could that be because a GP partner is self employed?

Wesleyan here for financial advice, but Mrs FD is a hospital doctor.

I assume Mrs Robinbetts will have a doctors.net account, probably get some better answers on their forum.

..and why do you need a mortgage as a GP Partner surely you can afford to pay cash for a house 🙂

Thanks for all the recommendations guys. Very helpful.

Poly, yes as a GP partner you are self employed, but it’s a little different to just having set up your own company, as you’re joining an already established partnership with an existing financial history. Or at least, that what we’re hoping will be taken into account.

Would never have been a problem in the past as lenders wanted to lend. When we renewed (about 18 months ago) we found that lenders did not want to lend. This meant that they went down the form, got the the employment bit then just put a cross in the box, they had the excuse they needed not to lend.

That is where a decent financial adviser comes in as they know who to talk to in the banks.

The other thing to consider is if your combined income crosses a certain threshold you may be eligible for Private Banking, we did this and our most recent renewal was way easier as the Private Banking Manager saw things through.

Not sure what that private banking threshold is, but I doubt we’ll quite be there yet!

I have just spoken to Scottish Widows though about their professional mortgage and that sounded promising.