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Locum doctor mortgage

Specialist mortgages for Locums

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

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

We can arrange a locum doctor mortgage for professionals 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 locum doctor mortgage, 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 the maximum opportunity to be successful with your mortgage application.

New to Locum work?

We specialise in Locum Doctor’s mortgage advice where there is limited trading history

Locum Doctors are on a self-employed contract and are therefore treated as such by mortgage lenders. This means that lenders will ask for two or three years trading as a Locum in most cases. This is a problem if you, as a Locum, are looking to arrange a mortgage in the meantime.

This is not a problem for us after many years of arranging mortgages for Doctors. We have access to specialist lender channels where we can arrange a locum doctor mortgage with just 6-months trading history

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 advice is:

  • Independent
  • Whole of market
  • Specialist

We help Locum:

  • Doctors
  • Dentists
  • Opticians
  • Pharmacists
  • Vets

Our locum doctor mortgage lending options include:

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

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 independent mortgage broker.

Do locum Doctors get special mortgages?

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

Is it easier for Locum Doctors to get mortgages?

It can actually be more difficult for locum Doctors to get mortgages unless they use a specialist 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.