Buying a home is an exciting milestone, but for busy medical professionals, the mortgage application process can be riddled with complexity. Between fluctuating incomes, long shifts, and student loan debt, doctors face unique challenges when navigating the property market.
Whether you’re a junior doctor, consultant, or GP, this checklist will help you prepare and avoid costly surprises.
1. Understand Your Income Structure
Doctors often earn through a mix of basic salary, banding, locum work, and private income. Some lenders may not fully recognize these earnings unless properly presented. Make sure:
- You gather payslips for the past 3–6 months.
- You include evidence of any regular overtime or locum shifts.
- You can provide contracts if you’ve recently changed roles.
2. Know Your Credit Position
Before applying, check your credit score through agencies like Experian or Equifax. Even small red flags can affect your mortgage terms. Aim to:
- Correct any outdated or incorrect information.
- Pay off small debts or reduce credit card balances.
- Avoid applying for other forms of credit during the mortgage process.
3. Have Your Documents Ready
Time-saving starts with organization. You’ll typically need:
- NHS or practice employment contracts
- ID (passport/driving licence)
- Proof of address (utility bills)
- Recent bank statements
- Evidence of deposit funds
For those seeking a shared ownership mortgage, lenders may ask for additional eligibility documents tied to the housing association.
4. Explore Specialist Mortgage Options
Not all lenders cater to medical professionals equally. Many traditional mortgage advisors won’t understand how to assess a doctor’s financial profile properly. That’s why working with services like Doctors Mortgages, especially when exploring a shared ownership mortgage, can help you access tailored deals and flexible underwriting criteria.
5. Decide If Shared Ownership Is Right for You
A shared ownership scheme allows you to purchase a percentage of a home and pay rent on the rest—ideal for those early in their careers. But it’s important to consider:
- Is the property eligible for mortgage lending?
- Will future staircasing (buying more of the property) be affordable?
- Are you comfortable with the long-term rent obligations?
Discuss these points with a mortgage advisor who understands doctors’ financial planning.
6. Calculate Your True Affordability
Don’t rely solely on online calculators. Your student loan repayment, income fluctuations, and even future career moves should be factored in. A professional can help you:
- Account for all income types
- Forecast affordability if you’re changing roles
- Prepare for homeownership costs beyond the mortgage (insurance, service charges, etc.)
7. Check Eligibility for Government Schemes
Some doctors may qualify for schemes like First Homes, Help to Buy (in Wales), or Key Worker incentives. These can make a big difference, especially when paired with shared ownership mortgage options.
8. Consider Timing Around Rotations or Relocations
Many junior doctors relocate every year. Before committing to a mortgage:
- Check how long you’ll be in your current post.
- Consider commute times to future hospitals.
- Evaluate the resale potential of the area.
9. Don’t Skip the Pre-Approval Stage
Getting a mortgage in principle helps you:
- Set a realistic price range.
- Strengthen your position with sellers.
- Identify any application issues early.
10. Work with a Specialist Broker
You wouldn’t want a patient seeing a generalist for a specialist issue, and the same goes for mortgages. Specialist platforms understand the medical field, making them ideal for doctors looking for a shared ownership mortgage or other tailored solutions.
Final Thought
Your career is demanding enough—navigating a mortgage shouldn’t add unnecessary stress. Use this checklist as your starting point and lean on the right expertise to help you find a path to homeownership that fits your lifestyle and career journey.
