Doctor Mortgages - Mortgages for Doctors
Doctor Mortgages are simply mortgages for doctors. Doctor mortgages are available to qualified, registered and practicing Doctors in England Wales and Northern Ireland. Doctors wishing to mortgage outside of the jurisdiction can be accommodated through our bespoke international mortgage solutions team. Mortgages for Doctors is a specialist area within Capital Fortune.
At Capital Fortune, we understand the medical profession. We particularly understand the remuneration structure of Doctors both those working in the NHS, in private practice or often a combination of both. Doctors requiring mortgages need to satisfy the mortgage lender that the loan is affordable, however, often Doctors may need to rely upon both employed and self employed income and their gross earnings receipts, particularly when working in private practice may be significantly higher than net income.
Doctors are paid by the NHS according to banded earnings and mortgage lenders can often misinterpret these bands as being overtime or non guaranteed income. We work with lenders across a comprehensive panel of lenders and are able to speak directly to senior underwriters on your behalf. We can work with the NHS Trust and the HR Department to obtain clarity and confirm the salary detail and breakdown without the need to get you involved. We appreciate that time is a premium to professionals and our role is to simplify the mortgage process, liaise with lenders and obtain a smooth conclusion to the mortgage transaction.
Our ability to contact senior underwriters on your behalf is also useful if you have changed address or employers during the last 6 years as whilst unusual for other professions, it is not for Doctors.
The costs associated with private practice including practice costs, travel, journal subscriptions and subsistence can reduce the net figure down to around 30- 40%. As a result, standard mortgage income multipliers applied to the net income of Doctors can be unfair, as they do not reflect a doctor's true earnings capacity.
This coupled with the Doctor's outstanding invoices to private patients and insurance companies may not be reflected appropriately when considering the true earnings capacity or net asset worth of a practicing Doctor. Mortgages for Doctors need to reflect the unique remuneration package received by Doctors. Often a degree of diplomacy and negotiation is required when dealing with a Doctors mortgage application to a mortgage lender.
At Capital Fortune, we appreciate that ongoing trading and practice costs may not be immediate and practice rent is often paid on the previous quarter's receipts not the current quarter. Other costs are incurred throughout the year and as a result, Doctors through their distinct method of practicing have almost a rolling credit facility being operated which can justify a home mortgage lender to assess affordability on a gross earnings basis as opposed to a net income multiplier.
Capital Fortune deal with a of significant number of medical professionals includingÂ Professors, Senior registrars and Junior House Doctors.
We have made mortgages for doctors is a specialist area within the Company and as a Doctor seeking a mortgage you will receive our premier service.
We understand the pressures of the profession and understand that when arranging a mortgage deal our Doctors want to be sure in the knowledge that their mortgage will not only save them money, but also save them time and inconvenience.
All Doctors as part of or our Capital Fortune premier service can be dealt with over the telephone or visited at their place of practice or home.. We will strive to take the difficulty and time element out of the mortgage application.
We will obtain all the necessary documentation from you after our first discussion and will avoid cascading you with a range of further information during the internet mortgage application. We will contact you via email, text message or mobile telephone at convenient times agreed by you.
We will obtain the most suitable and affordable mortgage product using a home mortgage lender from our online mortgage service list of providers. We can also obtain our best value mortgages specifically only offered to Doctors , which are not available on the High Street or through banks.
Once the mortgage has completed, your mortgage and mortgage protection needs will be constantly reviewed and in the event that new products become available, we will look to continually switch you to those products in order to increase the savings in a hassle free manner.
For more information on ourÂ Doctors mortgage premier service, call us today on 020 77 100 400 or Enquiry Online.