Mortgages for Locum Doctors
A locum doctor has the potential to earn quite the salary, so why should this affect their ability to be accepted for a mortgage?
Unfortunately, contract workers, including locum doctors, seem to have this stigma around applying for a mortgage. Yet this doesn’t need to be the case. As a locum doctor, you are already going to have enough on your plate, without adding the stress of a mortgage application into the mix.
The key thing is, that some mortgage brokers/ lenders just don’t have the experience in this sector to understand finances when it comes to contract work, variable shift patterns, short term contracts, or training to be a junior doctor, to name a few.
As you’ll know, as a locum doctor you can be thrown in at the deep end. This could include going to a new hospital, covering shifts for sick employees or stepping in at a private practice. It really is no wonder that your proof of income documentation is going to be somewhat scattered.
However, this needn’t be an issue. By seeking advice and consulting with a financial advisor, you can discuss at length all your current financial circumstances and how to overcome them. You may be earning a great deal, but this may not necessarily always show on paper.
Your lender wants to see financial stability, and rightly so if they are lending you a big chunk of money. Unfortunately, life isn’t always that simple.
One month you are heading a private practice and others you are doing the odd shift for an absent employee. Your proof of income is going to show variation. However, a financial advisor can help average out these calculations and give you realistic expectations when it comes to borrowing money.
A few things to consider when applying for a mortgage are just the standard basic such as controlling your credit rating and building a sizable deposit. Although these are a given, there’s no harm going that little bit extra to show you are financially stable. Putting extra money away on your good months can work wonders for building your deposit up or even paying that little bit extra off your credit card and ensuring you never miss a payment.
Your financial advisor will be able to give you numerous tips in order to ensure you get the best mortgage for your current situation.