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Locums

Locums mortgage specialist brokers

Mortgage advice for Locums

Many Professionals today work on a self-employed basis as Locums. These include Doctors, Dentists, Opticians, Pharmacists, Veterinary Surgeons, and Accountants.

Mortgages for Locums

The Locum trading status causes a problem for mortgage lenders. A mortgage lender will generally treat the Locum as self-employed, asking for two or three years trading history and proof of income before they will entertain the case. This is a problem if you have only recently started trading.

We can assist Locums who have started trading recently and are not in a position to provide two years trading figures. We do this by working with specialist Banks and Building Societies that have funds earmarked to provide our Locum clients with lending for these types of scenarios.

In order to arrange this type of borrowing, be prepared to present ideally with a good credit history and reasonable sized deposit (e.g. 15%) – although other situations can be considered. Each case is considered on its own merits, this gives you maximum opportunity to be successful with your mortgage application.

We can assist:

  • Locums with SA302’s
  • Locums with completed business accounts
  • Locums on PAYE
  • Locums with Umbrella companies
  • Locums on contracts
  • Locums with under one year’s trading

We help you online:

  • Without meetings
  • Without paperwork
  • Without fuss

Our Locum mortgage advice is:

  • Independent
  • Whole of market
  • Specialist

We help Locum:

  • Doctors
  • Dentists
  • Opticians
  • Pharmacists
  • Vets

Our lending options include:

  • Mainstream lenders
  • Locum specialist lenders
  • Exclusives
  • Poor credit options

It takes just:

  • 7 minutes to get started using our secure online form
  • 3 working days for mortgage decision in principle
  • 14 to 21 days for formal mortgage offer

Our fees are:

New to Locum work?

Find out how we arrange mortgages for Locum Doctors with just 6 months trading.

Frequently Asked Questions

Can you get a mortgage with a locum job?

Yes, locums are treated as self-employed and as such, are suitable for mortgage lending. If you have a limited track record as a locum, you are best speaking to a specialist mortgage broker.

Do doctors get special mortgages?

Yes, doctors can be offered special terms on mortgages provided they approach a mortgage broker well-versed in that market.

Is it easier for doctors to get mortgages?

It can actually be more difficult for doctors to get mortgages unless they use a specialist doctors mortgage broker.

Can you borrow 5 times your salary for a mortgage?

Borrowing five times your salary for a mortgage is possible, but is rare, and depends on a number of other factors.

How much income do I need for a £200k mortgage?

The income you need for a £200,000 mortgage depends on a number of factors, but you can typically expect to borrow 4 to 4.5 times your household income.

What mortgage can I afford on £60k income?

This is not quite an easy question to answer as it depends on a number of factors, but if there is no other debt in the background, you might expect to be able to borrow somewhere between £240,000 and £270,000.