At Jordan Lynch, we’ve arranged countless mortgages for Doctors and Medical Professionals since we were founded in 2006, and are now delighted to report that we set up a dedicated team of advisors providing a premium service in a diligent yet time efficient manner.
Our helpful guide will help you navigate the property market and secure a mortgage.
The main concern for a mortgage lender is the uncertainty over income stability. As a trainee or junior doctor, you will be on a much lower wage than more experienced colleagues in your field. Due to your chosen career path, there are lenders that will look beyond your current circumstances and offer you a mortgage based on the higher earning potential of future years.
Obtaining a mortgage with no track record of self-employment isn’t easy, lenders would normally ask to see 2-3 years accounts before granting you a mortgage. However, there are lenders out there that will consider the mortgage by establishing the level of your pay based on your previous employed earnings and a projection of future earnings.
Additionally, it isn’t uncommon for tax to be paid efficiently if you’re self-employed. Some lenders have specialist underwriters that will use a multiple of your gross annualised contract rate or look to use your net/operating profit. Ultimately, this will result in the loan amount granted being based on a more accurate reflection of your earnings.