How to Secure a Mortgage as a Locum Doctor
Here at CMME, we understand your needs and circumstances as a locum doctor and can assist you in getting a mortgage.
As a locum doctor, you may find yourself working for short periods of time on random shifts and doing flexible hours. This could result in you having several gaps within your employment. We have agreed bespoke underwriting with a comprehensive range of lenders which will enable you to borrow based on your annualised contract rate. You may also be able to borrow more than you think, as this will ensure that any tax deductions on your payslips will not affect the mortgage affordability.
CMME's mortgage advisors are able to help Doctors and Locum Doctors obtain a mortgage in the following circumstances:
- Variable working hours and shift patterns
- Have a short term contract (e.g. locums) or a temporary contract
- Are a trainee or junior Doctor
- Are running or are a partner in a private practice
- Any of the above combined with PAYE income
We can save you the time and hassle of approaching a high street lender who will not be able to fully understand your employment status as a locum, and will more than likely decline your mortgage application.
For Locum Doctors, CMME can offer
- Streamlined processes to avoid paperwork and any delays
- Support of a dedicated consultant and a case manager
- Access to a comprehensive range of lenders
- Access to the same competitive rates that are available to permanent employees
Document Requirements for Locum Doctors:
Documents required for Locum Doctors are similar to what would need to be provided for a mortgage application for a self-employed borrower. You will generally need documents which prove home address, income, credit history, outgoings, and deposit.
Specifically, the following would likely need to be provided to support your application:
Identification – passports, driving licence, and VISA if applicable
Proof of your address – utility bills or credit card statements from the past few months
Credit report – Lenders will usually obtain this automatically as part of the application process
Bank statements – up-to six months personal bank statements
Proof of deposit – you will need to show that you have the funds available to support the require deposit for your mortgage
What Rates can a Locum Doctor Expect?
A Locum Doctor can expect to gain access to the same rates and offers as other borrowers. Even though the process can be different, this will not impact the rates offered.
Whatever your requirements as a locum doctor, we can help! So get in touch today and speak with one of our experienced mortgage consultants to see how much you could borrow.