The Definitive guide to getting a Locum Doctor Mortgage.
If you’re a locum doctor, you may be wondering if you can apply for a mortgage. Locum doctors are often considered self-employed, so they can qualify for a mortgage just like anyone else who is self-employed.
– If you are Self Employed, make sure you have at least one year of tax returns. Lenders will want to see a consistent income history in order to approve your loan.
– Be prepared to make a larger down payment. Because you’re considered self-employed, lenders may require a larger down payment than they would for someone who is employed by a company.
– Some lenders however, may not view you as self-employed and you may be able to get a mortgage based on your current pay. If you are a long term doctor you may need as little as one payslip.
– Locum doctor mortgage products tend to be slightly more expensive than standard mortgage products, so it’s important to compare rates from multiple lenders before making a decision.
If you’re thinking of applying for a locum doctor mortgage, these are a few things to keep in mind. With careful planning and preparation, you can secure the financing you need to purchase your home.
When you’re ready to apply for a mortgage, it’s important to compare different offers to make sure you get the best deal possible. Locum doctors can often find it difficult to secure a mortgage, so make sure you shop around and compare offers from a range of lenders. Alternatively, speak to a specialist mortgage broker that can advise you on the best deal for your situation.
Remember, when you’re self-employed it’s important to keep track of your finances and have up-to-date records. This will help to make the mortgage application process as smooth as possible.
Fixed rate Mortgages – These offer a fixed rate of interest for a set initial period. This means that your monthly payments are usually also fixed for that period so you know what your outgoings will be.
Variable rate Mortgages – These will vary depending on either the lenders Standard Variable rate or the Bank of England base rate. This means they may go up or down from time to time. These types of mortgage often do not have any early repayment charges, making them very flexible.
Tracker rate Mortgages – These track the Bank of England base rate, so if it goes up or down your mortgage payments will follow.
Discount rate Mortgages – These offer a discount off the lender’s Standard Variable Rate for an initial period. For example, you may pay 3% below the SVR for 2 years.
Capped rate Mortgages – These offer a maximum interest rate that can be charged for a set period, even if the lender’s SVR goes above this. For example, you may have a mortgage with an interest rate of 4.5%, but it is capped at 7%. This means that even if rates go up to 8%, you would only pay 7%.
Locum doctors may want certain insurances, such as Life insurance or Home insurance whilst getting a Locum Doctor Mortgage. These are quite common and your mortgage advisor can usually help to arrange them.
A Locum Doctor Mortgage is a mortgage that is specifically designed for Locum Doctors. There are a few key things to consider with this type of mortgage, such as the interest rate and how long the fixed rate period is for.
The interest rate on a Locum Doctor Mortgage can vary depending on the lender and the product you choose. However, it’s important to remember that Locum Doctors often have