Complex Mortgage for a Doctor with multiple income streams - May 22, 2019

At One 77 we specialise in many forms of mortgage that are not considered the standard or off-the-shelf. Of the many niche and complex areas and professions we cater for are those with a medical profession – most notably Doctors.

We were recently contacted by a client who had seen us recommended on a junior doctors group on Facebook. One 77 had been mentioned many times as a broker that was able to fulfil the requirements of individuals in the medical profession and were understanding of the sometimes complex streams by which a doctor’s income come be made up from.

Many professionals experience that finding a mortgage that takes into account their individual, and sometimes complex, situation cannot always be a completely straightforward process – and medical professionals are no different.

In addition to a contracted part-time income stream, our client also served as a locum doctor, and as such was considered self-employed. This in itself caused issues with a standard mortgage application as due to the nature of locum work and the obligations to undertake a period of training, it can often seen by lenders as a period of non-employment.

We were able to source a lender that was understanding of this and took an umbrella approach to the client’s income and were able to source a mortgage for them where other brokers had not. In addition to the complexity of the income, the client had acquired some adverse credit in the past against their name which made the application process even more complicated. Having completed a fact find with them, we discovered that they were in a position to satisfy the outstanding debt with a credit card lender and having researched the particular credit company were able to advise the client on the timescale required for the adverse credit mark to be wiped prior to submitting the application for them.

At One 77 we appreciate how time consuming practising as a doctor or medical professional can be, therefore we aim to make the whole process as smooth and hassle free as possible when arranging your mortgage.

We have access to the whole UK mortgage market as well as to many specialist lenders and products not available on the high street. Whether you are an established General Practitioner looking to buy their own practice, a Locum Doctor or Senior Medical Practitioner – such as a surgeon or consultant – we can can source lenders who are used to the many challenges you may face, and will always seek to make the application process as easy as possible for you.

If you are a medical professional, or know someone who is, then contact our specialist team on 01249 474952 or complete the contact form below and we will be in touch.