Applying for mortgages can be incredibly stressful and time-consuming, especially if it's your first time and you need to figure out all the expenses and processes that come along with it plus house-hunting on top. What can turn this process into even more of a stressful situation is if you have a high-stress job like being a doctor. Fortunately, there are many options popping up when it comes to mortgages for doctors, so if you happen to be within this profession there are options are there to make the application process less stressful.
Why can applying for a mortgage be more stressful for doctors?
The profession itself can be very stressful due to the high amount of work hours, the emotional impact of dealing with unwell patients and the strain of fluctuating salaries. Not to mention. many doctors have had to take out student loans to afford to study and obtain degrees to do their jobs. The process of getting a mortgage as a doctor can be very difficult as doctor's salaries can fluctuate drastically each year for reasons such as banding allowances, irregular working patterns and frequent changes in their area of work. To add to this, many mainstream mortgage lenders don’t have the flexibility to account for the complex salary differences between doctors and medical professionals.
What options do doctors have when it comes to mortgages?
Fortunately, there are now many Specialist Mortgages for Doctors that can make the process 100 times easier. There are now many providers out there who can offer mortgages specifically aimed at doctor's and will be accommodating to their needs. With the rise in more doctors coming into the workforce, we are seeing more specialist mortgages aimed at doctors being offered by more and more mortgage providers.
The advantages of using a specialist mortgage broker for doctors
When searching for mortgage lenders, if you are a newly qualified and still in the early stages of your career, it can be hard to find lenders who will be happy to lend to you for your property. If you're looking to source your mortgage individually, you won't have much luck when it comes to bigger branded companies and will most likely have to rely on smaller companies and these companies can often have a less than desirable rate.
Using a specialist mortgage broker can offer a huge range of advantages such as: freeing up your time as doctor's professions often make them extremely busy and they may not have the time to dedicate doing throughout research when it comes to finding suitable mortgages, they can help save you money on fees which you would have to pay if you were applying as an individual and most importantly, they have an understanding and connections with the market.
Special mortgage brokers can turn the process from one of dread and stress into one of excited about finding the best deal and the assurance that you have a professional who will take care of your situation accordingly. If it's something you're interested in doing, be sure to do your research and book calls with companies to find the best match for you. Make sure you have trust within your broker and the company they work for as your mortgage is one of the biggest decisions in your life and should have a sufficient amount of time and attention dedicated to it.