why can mortgages for doctors be so hard to arrange?
Arranging mortgages for doctors can be difficult because of the LLP status of practices, with income made up of unpredictable drawings rather than a guaranteed income.
John Charcol is an expert in helping doctors to secure mortgages. We typically approach more flexible lenders who we know are willing to take a broader view than many standard mortgage providers.
What are the issues for doctors?
Doctors’ practices are Limited Liability Partnerships (LLPs), which means that doctors take their income as drawings. Many doctors taking up a post for the first time may have come from the NHS. Others may combine locum work with private practice. The result can be a complex source of income that won’t meet the usual requirement of a standard mortgage application.
How can John Charcol help with mortgages for doctors?
As mortgage experts with years of experience, we have helped numerous doctors, vets, dentists, solicitors and other partners in LLPs to secure mortgages that have been refused by standard providers.
We’ll make an individual case for your precise circumstances and then approach smaller building societies, private banks and other reputable lenders we know who are prepared to take a more flexible approach.
This might include:
- Using an NHS P60 and recent CV to establish credibility and income potential
- Getting accounts from the partnerships and using statements from your practice financial director to establish projected drawings
- Approaching lenders who we know are used to dealing with partners in LLPs and are prepared to take other financial information into account
- Talking direct with underwriters and making a personal case based on a wider view of your wealth, assets and potential earnings
To find out how we can help with mortgages for doctors, dentists, vets, solicitors and other LLP partners, call us on 0344 346 3672 or enquire now.
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Frequently asked questions
How can I get a mortgage if I have just joined a practice from the NHS?
We can take your previous earnings from the NHS and projected partnership drawings to make a personal case for you.
What if I my earnings are made up from locum work?
It’s still possible to secure a mortgage, but we may need to base it on your locum billings.
Can you help me to arrange a mortgage around my intense work schedule?
At Charcol we’re used to working with high net worth individuals who are under real time pressure. That’s why we come to you and fit in with your schedule.
I want a flexible mortgage that allows me to use lump sums to reduce it each year in significant payments. Can that be arranged?
We’re expert at arranging this kind of mortgage, making the best of low rates of borrowing with capital payments when bonuses, dividends or profit share is available.
Is there a fast-track service so that I can secure the property I have my eye on now?
Unlike high street lenders we’re fast and nimble, so if you need us to talk to an Estate Agent or make things happen fast to secure a particular property, we’ll do everything we can to make that happen.
Can I speak to someone with the authority to make decisions based on my real circumstances rather than computer-set limitations?
Yes. At John Charcol our consultants are all experienced independent mortgage advisers. We often arrange mortgages for doctors through reputable private banks and investment houses who have much more flexibility on who they lend to and how much they will lend.
Why should you trust John Charcol to arrange your doctors mortgage?
- Independent We know where to find the best deals for people like you.
- Experienced We’ve been arranging mortgages for almost 40 years.
- Personal We’ll come to you and take as much pain out of the process as humanly possible.
- Expert Many of our clients don’t qualify for a standard mortgage. That’s where our expertise comes in.
- Flexible We're used to working with high net worth individuals who want flexible mortgages that give them best value.
- Fast We work quickly to make things happen in the timeframes you need.
- Accessible We’re real people available on the end of the phone or in person, as and when you need us.