In a year filled with anticipation, your final one as a Junior Doctor is often a time where you can take steps to finally put down some permanent roots.
As the demand to continually move from post-to-post lessens, many Junior Doctors start looking ahead to buying their first property. But it might surprise you to know that it is possible to get a mortgage approved in your final year as a Junior Doctor once you are in receipt of your contract, which can be up to three months BEFORE your post starts in August.
Here’s our quick guide to knowing just what you can start doing when, during the all important months counting down until your start date:
February & March: Preparation is the key to mortgage application success
Often limbo months, as the shoots of Spring start to appear, it’s time to get your credit rating squeaky clean and in great shape to stand you in good stead. Changes to your credit file can take a few weeks to appear, so now is the perfect time to read our free guide to boost your chances of getting a mortgage. Packed full of easy tasks that if done will help shift your credit rating score up a gear in the weeks before lenders cast their eyes on it, it is without a doubt the best use of any spare time you have right now.
April: Location, location, location
The month where you can start to make a plan, and one where our specialist medical mortgage advisers can start to help you bring it all together. Knowing where you are going to be located in your Foundation Year means you can now sign yourself up to a barrage of daily Rightmove alerts and set your sights on the right property for you. Talking to us in April means that we can give you an idea of the amount you can borrow from a lender, and this can be up to five times your income.
May: Searching for a place to call home
With a contract or work schedule showing your basic pay plus any bandings/rotations firmly in your hands, you are now in a position to start talking mortgages with a specialist medical mortgage provider. The reason you need to use a specialist medical mortgage broker is that they work with lenders that will consider offering mortgages when you only have a contract, and are still several months away from starting your post.
June: Getting a foot on the property ladder
You may have viewed your dream house within your price bracket and now need to get your mortgage application moving. But work commitments and shifts keep you from having enough time, and you have limited opportunities to liaise with a mortgage broker. Our online mortgage application process means that we never have to meet with you face-to-face (unless you’d like us to), and we consolidate our requests for information into as few as possible, whilst being at the end of the phone consistently.
July: Counting down the days to completion
If you were lucky enough to find your dream property back in April, then you could be preparing to make your move this month, ahead of your imminent post start date. Understanding the mortgage application process will help you work out how long it typically takes to complete on a property purchase. Obviously various different factors are at play, but generally timeframes are on average 6 weeks from instigating the mortgage application process, to collecting your keys.
August: First day on the new job!
Congratulations! You have made it to another milestone on the road to becoming a doctor! Hopefully, you end your day back at your new house, but if you are still searching for the perfect property, have faith that the right place will come along soon. Applying for a mortgage once you have actually started a post and you are a fully qualified doctor is less challenging than if you are looking to complete before your start date, and Doctors Mortgages Online is on hand to help make your mortgage application as easy and as hassle-free as it can be.
Don’t forget to protect yourself against unforeseen circumstances with mortgage protection.
We’ve waivered our mortgage advice fee in 2020, in a bid to give something back to the NHS heroes who work tirelessly for us everyday, and we continue to do so, whilst we continue to face such challenges as a nation. Our mortgage application process is as seamless as we can make it, and we will only contact you during the process when we absolutely need to do so. As a doctor, your time is precious, and we will work in the most efficient way to get your application moving.