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Becoming a junior doctor is an incredible achievement, but navigating the world of mortgages as a medical professional can be challenging.
In this guide, we’ll look at how to get a mortgage as a junior doctor to help secure your first home, dream home or remortgage.
When we use the term “junior doctor mortgages”, we’re referring to the type of applicant rather than a specific mortgage product. This is similar to when we say “NHS mortgages”.
One of the main pain-points we see when speaking with junior doctors stems from employment arrangements.
From our experience, it’s not uncommon for junior doctors to be on a fixed term contract, which could then have rotations within the contract. This allows you to gain valuable experience in different hospitals and/or departments.
When it comes to mortgages, this can make it difficult for lenders to assess your income and determine the stability of the role.
Unfortunately, some lenders may require a certain amount of contracting history within the same field, which isn’t always feasible if you’re on your first contract.
To add to this, some lenders may require at least 6-12+ months remaining on the current contract.
Finally, you may receive additional pay, such as additional roster hours, night duty, weekend allowance, on-call allowance or flexible pay premia. You may find that some lenders only allow a percentage of this income to be used for affordability purposes, for example 60%.
This could limit your lending, being the difference between you getting your new home or not.
However, the good news is that there are lenders out there that can accommodate for junior doctor contracts and use up to 100% of the additional pay received. It’s key to work with a mortgage lender and mortgage adviser that understands how you work.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
At Rosehill, we take pride in building long-term relationships with our clients. We don’t see ourselves as just a mortgage broker, but rather a trusted partner who will be with you every step of the way.
Working out how much you can borrow for a junior doctor mortgage can be tricky, mainly due to the different ways in which mortgage lenders will assess your income.
We’d usually say that, as a general rule of thumb, multiply your annual income (adding a second person if buying/remortgaging together) by 4.5, although some lenders may allow you to borrow a higher amount and some may lend less.
However, if you have a more complex employment set up, such as fixed term contracting, I’d recommend speaking with a mortgage adviser to get a more accurate figure.
Do remember that any student loan debt will be taken into account, and some lenders may also take into account your pension contributions.
The majority of applicants will have the same types of mortgage products available to them, however there are some lenders that may offer specific products for NHS staff and/or key workers.
At Rosehill, as a continued thank you to all heroes at the NHS, we offer a reduced fee with our NHS incentive.
At Rosehill, we are forever grateful for all of your hard work, so much so that we have introduced our NHS Support.
We now have a heavily reduced fee for NHS workers to show our appreciation, and we offer live Q&As for NHS staff.
We’re pleased to offer fee‑free advice for the vast majority of residential mortgage applications. For full details, visit our fees page or get in touch.
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As a mortgage is secured against your home or property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing any other debts against your home or property. The Financial Conduct Authority does not regulate commercial buy to lets and some forms of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage
We typically charge between £0 to £999 for our services, which is dependent on the type of application and amount of administration required. Please refer to our terms of business for further information.
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