Can I get a mortgage as a self employed doctor?
The short answer is ‘Yes’. Banks and building societies want to offer mortgages to everyone who can afford to make the repayments. Before they agree to lend you money, lenders will want to see evidence of your income and your finances in general.
How much can I borrow as a doctor?
Lenders will look at your past income and your current expenditure to evaluate your maximum loan amount. Your lender may also want to know about any regular contracts you have as this will reassure them that your income is likely to remain stable. Your debts are also part of the affordability equation, which is why it is helpful to reduce your debts before applying for a mortgage.
Are mortgages for doctors more expensive?
The biggest misconception about doctor mortgages is that they are different from or more expensive than the mortgages available to employees on PAYE. As self employed doctor, you have access to the same mortgages. The only difference is in how your income is assessed. Your borrowing potential and the interest rates available to you will ultimately be determined by your credit history and the size of your deposit.
Can I get a mortgage with just 1 year’s company accounts?
Some banks offer mortgages for self employed with just 1 year’s accounts. However, different banks have different lending criteria; with some banks requesting more years of accounts or other evidence of your income. With more year’s accounts, you will have access to more lenders which may mean you have more offers to choose from.
What if I don’t have enough evidence of my income?
Are you new to self-employment? Banks and building societies may consider other evidence of your income, particularly if you have a history of working in a related profession, or evidence that your future income is guaranteed.
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