Doctor mortgages

Why mainstream lenders under-borrow doctors

Standard underwriting looks at twelve months of payslips and treats locum or private income as variable, often counting only 50% of it. The same lender on a doctor-friendly policy will count 100% of locum sessions and 100% of private earnings, sometimes from a single year of accounts. Same applicant, materially different borrowing.

Higher income multiples

Several lenders apply enhanced multiples (up to 5.5 times income) to qualified doctors on the basis that the career has predictable upward trajectory. Combined with full counting of locum and private earnings, the borrowing figure can be 30% to 50% higher than the high-street default.

Worked example, consultant with NHS plus private

NHS consultant base £105,000, private practice £30,000, locum sessions £10,000. Total earnings £145,000. Standard high-street lender reads NHS base only or counts private and locum at 50%: declared income for affordability around £125,000, multiplied at 4.5x = £562,500 of borrowing. Doctor-policy lender counts the whole £145,000 at 5.25x = £761,250. The same consultant has access to nearly £200,000 more borrowing on the right policy. Subject to deposit, outgoings and credit, the doctor-policy lender unlocks the realistic case for higher-value London or south-east properties that the high-street simply cannot reach.

Training number applicants

Doctors on a training number (Foundation, Core, Specialty) are treated as continuing employment by lenders who run a medical policy, even with rotating posts. The fact that you change hospital every few months does not break the case if the lender understands the structure.

GP partners

For GP partners, the relevant figure is share of partnership profit (Form 65 from the partnership accounts, plus your personal SA302). Lenders comfortable with partnership profit shares lend on this basis without forcing you into a director-style packaging. We package the case for them. Partnership trajectory cases (newly-promoted partner, recent buy-in) need careful evidence on the projected profit share, often via a partnership offer letter or projection from the practice accountant.

Newly qualified consultants

Stepping from registrar to consultant brings a significant pay rise. Some lenders will lend on the consultant salary from the first month, on the strength of the contract. Others want six or twelve months of payslips. The right lender choice can save you a year of waiting.

Locum-only doctors

Doctors working purely as locums (no permanent NHS post) need a slightly different lender pool. Two years of accounts (sole trader or limited company) with consistent earnings is the typical evidence base. Some specialist medical lenders accept one year of strong earnings backed by an accountant reference. The pool is smaller than for hybrid NHS-plus-locum cases, but it is workable.

Common pitfalls we see

Applying to a high-street lender first because the rate looks cheaper and getting under-borrowed. Forgetting to mention private practice on the original AIP (some lenders bake assumptions in). Picking a lender whose medical policy excludes specific specialisms (rare but it happens, especially around sports medicine and aesthetic practice). Waiting six months after consultant promotion when the case would have landed on day one with the right lender. We work all four.