If you’ve decided to become a doctor, there will be many positive parts to qualifying – you’ll be able to help your patients, you’ll have proper qualifications, and, even though it might not be your main concern, you’ll be able to access mortgage deals and finally buy the house of your dreams (or at least get your foot on the property ladder, which is a goal for so many people). After all, if you’re a doctor, you’ll need somewhere to call home and the confidence to move forward with your plans.
However, getting that mortgage might not be as easy as you’d hope if you want to get it before you actually start in post. The mortgage process can be daunting at the best of times, but when you’ve yet to get a payslip, and there are other obstacles in your way, it can feel impossible.
The good news is that there are various avenues available to help you get past this problem and ensure you can get the mortgage you’re looking for. With that in mind, let’s take a look at one of those avenues so you can get your mortgage before you start in the post, starting your medical career off on the right foot.
What’s The Challenge?
For many newly qualified doctors, the biggest issue when it comes to getting a mortgage is that traditional lenders want to see a history of your income – they’ll usually ask for at least three months’ worth of payslips so they can be sure that you’re able to afford the repayments. That makes sense – it keeps both the lender and the borrower much safer.
So, although that all makes sense and it is the usual way of doing things, given that you’ve not officially started working yet, even if you are now qualified, you won’t have those payslips as proof. If you can’t fulfill this main requirement of a mortgage lender, does that mean you’ve hit a dead end, and you have to wait until you’ve got the evidence they want? Perhaps not.
We Can Help
As we’ve said – it might not be the end of the road for you if you’re looking for a mortgage, but you don’t have the evidence; in fact, that’s how we can help you. We understand your unique situation, and we can help you find the evidence you need to show that you’re going to be able to afford the repayments on your mortgage.
In other words, you don’t have to rely on your payslips (which is great if you don’t have them!) because we can take a look at your contract and employment offer, including your start date confirmation, to prove that you’re going to be employed and you’re going to be earning a certain amount of money.
The Important Letter
It’s your start date letter that’s important here – while your contract talks about the terms of your employment, including how much you’ll be paid, the letter details exactly when you’ll start. That means we can see when you’ll start earning your salary, making offering a mortgage that suits you much easier and financially viable.
Extra Pay
Let’s not forget that as a doctor, your income could include various different elements on top of your base salary, such as additional hours, overtime, and bandings (if you are in Scotland and Wales). We know that this can make all the difference when it comes to mortgage affordability, so we’ll make sure that’s included in all calculations as well, giving you more options to choose from.
You Can Get A Mortgage
It’s not uncommon for newly qualified doctors to think they can’t get a mortgage, no matter how much they might be about to earn, and that can definitely be discouraging. However, you don’t have to feel discouraged because we’re here to help.
With our guidance and support, you have the potential to obtain the mortgage you need so that your dream house doesn’t slip through your fingers. Get in touch today to find out more and we can start the process with you, helping every step of the way. We’re dedicated to ensuring people who want to own a home have every chance to do exactly that, and you can rely on us to give you exceptional help, no matter what you need to know.
Remember, becoming newly qualified as a doctor is an exciting time in your life, and it means so many doors are going to open for you – that could include your own front door if you come to us to discuss your mortgage options.
