Why Do So Few Medical Professionals Use Specialist Mortgage Advisors?
There’s a misconception that doctors and other medical professionals can secure a mortgage without problems simply because they tend to earn higher-than-average salaries and have higher long-term earning potential. However, the reality is that it isn’t actually that easy for doctors to get a mortgage. Not when they turn to high street banks that don’t fully understand the complexities of their work and pay structure.
Yet, despite this, most medical professionals are unaware that there are specialist mortgage advisors out there, just like Doctors Mortgages Online, who can help streamline the mortgage process and make it less stressful. This blog looks into why so few medical professionals actually use specialist advisors and what can be gained by doing so.
Why Do A Lot Of Medical Professionals Still Favour High Street Banks?
The first thing most people, including medical professionals, think of when thinking about applying for a mortgage is going to their high street bank as a first port of call. While you might think that going directly to the bank will help you achieve your homeownership dreams much quicker, you might actually run into problems that you didn’t know existed. Problems that could be avoided by going to a specialist medical mortgages advisor. With this in mind, why do medical professionals still turn to high street lenders?
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They Trust The Bank’s Name
Taking out a mortgage is one of the biggest financial commitments that a person can make. For this reason, it makes sense that medical professionals automatically turn to their bank, an institution they can trust and a household name, to get a mortgage.
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They’re Influenced By Family Members
If you have family members who have purchased properties in the past, it’s only natural to go to them for advice. After all, they know the process and can help guide you through it. However, their circumstances of getting a mortgage with a high street lender may have been straightforward because they may not work in medicine and healthcare, or just because the process for getting a mortgage has changed a lot over the years, so their knowledge may not be up-to-date.
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They Don’t Think Applying For A Mortgage Is That Complicated
Everyone has access to the internet these days, making it easy to look online for a rate or use comparison sites to compare lenders. These online checkers take only basic information from you and don’t take into account the bigger picture of working as a medical professional. This can lead you into a false sense of security, thinking that applying for and being accepted for a mortgage is easy. When the truth is, that isn’t always the case for medical professionals.
Why Don’t They Choose Specialist Medical Mortgage Advisors?
As we’ve already mentioned, high street lenders don’t fully understand the intricacies of how doctors work and get paid, which can lead to problems in securing a mortgage. If this is the case, then why don’t more medical professionals seek the help of specialist mortgage advisors? We’ve found that there are a few misconceptions out there, so let’s debunk them.
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Misconception 1: Specialist Mortgage Advisors Are Expensive
There’s a misbelief out there that all specialist mortgage advisors will charge for their services. This isn’t always true. In fact, there are plenty of specialist medical mortgage advisors out there, like us, who don’t charge for the service. Instead, they make their money from a procurement fee that’s paid by the bank when a mortgage goes through.
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Misconception 2: It’s Easier To Go It Alone
With so many resources online, you might think that applying for a mortgage is straightforward, and it’s easier to do yourself than to get into conversations with third parties. However, you’ll likely run into problems later down the line. Specialist mortgage advisors understand your profession inside-out too strong I feel so delete and know exactly how to package your application so that it gets accepted by lenders.
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Misconception 3: Mortgage Advisors Only Have Access To Higher Rates
This one links to our first point. Quite often, people don’t turn to specialist advisors because they believe that they only have access to higher rates to make money. The truth is that specialist mortgage advisors actually have access to the best rates on the market, which means you’ll be more likely to secure a mortgage deal that works for you.
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Misconception 4: It’ll Save Time Going Direct To A Bank
You might think that it’ll save you time going straight to the bank for your mortgage. However, it’s likely that you’ve underestimated just how complex and in-depth the mortgage application is. When you work as a doctor or medical professional, this process can become even more long-winded as it’s likely that you’ll have multiple income sources or work contracts that you’ll need to provide evidence for, which can take up a lot of time. A specialist advisor can handle the whole process for you, freeing you up to focus on other things.
What Doctors Mortgages Online Offers
With comparison sites readily available online and high street banks being a trusted household name for many people, it’s easy to see why so many medical professionals stick with what they think they know when it comes to mortgages. However, turning to an expert medical mortgages specialist like us is a smart move as we’ll handle the entire process for you, saving you stress and time.
We deliver a fully personalised service, and when you come to us, you get all of the below included as standard, at no charge:
- One central contact to help you through the entire mortgage process.
- Meetings available at a time that suits you – 7 days a week, mornings and evenings.
- Access to the full mortgage market and to lenders that aren’t available on the high street.
- In-depth understanding of each mortgage lender’s criteria.
- Handling the administrative side of the application and someone who can speak to the lender on your behalf while your case is being processed.
- Access to underwriters.
- A streamlined process with some clients receiving a mortgage offer within 48 hours of an initial meeting with us.
- Lifetime advice on investments and pensions (at an additional cost).
If you’d like to benefit from our 25 years of experience in the mortgage industry, get in contact with our professional team today.
