GP’s who have become a new practice partner
You might be in salaried employment or self-employed, on a permanent contract or doing locum work (or both), and are likely to be doing regular overtime above and beyond any basic contracted work hours, or perhaps work variable shifts. Many mainstream lenders don’t have the underwriting flexibility to take account of the often more complex work patterns and finance flows of doctors and medical professionals – despite being in a profession with a high potential income range. However, there are lenders out there who are more flexible in their mortgage assessment criteria, and who specialise in offering mortgages to doctors.
If you have moved into a new practice and are newly self-employed, you might find it difficult to get a mortgage with a mainstream lender. The majority of mortgage lenders look for self-employed applicants to have at least two or, more often, three years’ accounts to verify income and assess whether you can afford a mortgage. There are, however, more flexible niche lenders in the mortgage market who may be willing to use other financial track records as a basis for assessing your application – for example, some lenders will look at the practice track record and make a lending decision based on what your predecessor made in the same role.