What's new in Mortgages
What does the Bank of England interest rate drop mean for you?
The recent 0.25% drop in the Bank of England base rate made on 1st August was far from a foregone…
Could an offset mortgage suit you?
Spring is approaching, and for many, this time of year signifies a pivotal time to buy or sell your home….
Is trying to get a mortgage as a locum driving you loco?
As a mortgage adviser, I’m still baffled as to why certain medical professionals are incurring the same problem when trying…
Buy or rent a house? The pros and cons of both
The last few years have been unprecedented, especially if you work within the NHS! The housing market has had its…
Good news for first-time home buyers
Many doctors and dentists may believe your dreams of buying your first home are slipping out of reach due to…
Mortgage rates are rising – what can you do?
It’s not surprising many homeowners are concerned about the future affordability of their mortgage. We haven’t seen interest rates this…
How to help your children get onto the property ladder
The “Bank of Mum and Dad” (Bomad) has unofficially become the UK’s 9th biggest mortgage lender. Over the 10 years…
Get your children onto the property ladder without 2nd property taxes
As the summer draws to a close many will have turned their minds to packing children off to university or…
Mortgage rates rising versus cash holdings
If you are concerned about the cost of rising interest rates and your monthly mortgage repayments – you are not…
As a new GP Partner can you get a Mortgage?
As a doctor or dentist in hospital service or an NHS practice, mortgages are relatively simple to arrange. New job…
What next for the housing market?
I remember discussing the housing market with colleagues as Covid 19 started to take grip – pondering if it would…
How to get ‘moving’ quickly – we’re all on a stamp duty holiday!
The ‘stamp duty holiday’ announcement by the government to encourage house buyers to get moving again, could make now the…
8 top tips for getting a mortgage – even if you are a locum!
Applying for a mortgage is reasonably straightforward for most NHS doctors and dentists. But what if you are a locum?…
5 financial tips to make a locum’s life less complicated
Being a locum has many advantages. Greater flexibility, autonomy and variety, but there are some disadvantages too. Peaks and troughs…
Buying a holiday home: A waste of money but I want one!
There are so many things in life that are better rented than owned – skis, boats, jacuzzis. Surely holiday homes…
The interest rate-inflation effect
Are you a home-owner with a mortgage, a retired medic trying to live off your pension income, or simply a saver trying to put funds…
4 more nails in the buy-to-let coffin
Calling all buy-to-let landlords. The new tax law that comes into force in April 2017 isn’t the only nail in…
5 ISA changes doctors and dentists need to know about
Are you desperately trying to save for your first home or, at the other end of the spectrum, so that…
5 tips when buying a dental practice
Buying a dental practice and saying goodbye to the relatively worry-free days of being an associate is a big decision….
Lifetime ISA: What’s in it for me?
The Chancellor’s Budget U-turn on pension tax relief changes wasn’t the only surprise he had up his sleeve; he also…
Another nail in the coffin for rental property
Are you a landlord with a mortgage on your rented out property? If you are, even basic rate tax payers…
What’s The Best Mortgage Deal?
There’s a seemingly endless number of mortgages available. Each offers a different rate, on different terms, with different fees.
Impartial mortgage advice specifically for doctors and dentists
Answers
Whether you’re a first time buyer, a seasoned property owner or a buy-to-let investor, buying a property is likely to be the largest purchase you make in your life.
From the vast array of options available, it’s vital you have the right mortgage for you; not just based on the rate, but also on your individual requirements, the state of the current market at any given point, and the complexities of your profession.
Consultants
Various income factors including additional programmed activity and private practice need to be considered.
Hospital Doctors
Both your basic pay and your on-call pay need to be taken into account.
Dentists
Your income may be partly or wholly from a self-employed basis.
Locum Doctors and Dentists
Your self-employed status, not having a history of accounts and no permanent contract needs specialist knowledge and expertise to avoid problems getting a mortgage.
GPs
Some self-employed GPs can encounter issues getting a mortgage, particularly if they have recently joined a practice and don’t have historical accounts.
Doctors and Dentists with HSMP Visa
Securing a mortgage can be difficult for medical professionals from overseas.
Doctors and Dentists as Landlords
Buying a property as an investment, or because you’ve moved Trusts and want to rent your current property out, needs a buy-to-let mortgage that’s set up correctly to avoid unnecessary costs.
How we can help you
Legal & Medical’s independent financial advisers (IFAs) are able to research the whole of the mortgage market. That not only means our mortgage advice is impartial, it also means we have access to deals which may not be available on the high street.
Because we specialise in providing financial advice to doctors and dentists, we also know the nuances of your profession, the problems you may face in getting a mortgage, and the providers who look favourably on your position.
Get in touch to find out more
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. Buy to Let Loans and/or Business Loans fall outside the remit of the FCA.