It can be challenging to arrange mortgages for doctors. This is usually due to the LLP status of practices, where income is obtained from unpredictable drawings, rather than a regular salary. Think Plutus specialises in helping doctors secure the mortgages they need. We do this by approaching more flexible lenders with the broad perspective needed to arrange mortgages for doctors.
So what challenges are there?
A doctor’s practice is often set up as a Limited Liability Partnership (LLP). This arrangement means that the income of doctors who work there is taken as drawings. Some doctors come to take up a position after having worked for the NHS. Others might choose to combine private medical practice with locum doctor work. In any case, it is not uncommon for the income of a doctor to be complicated, which can mean it doesn’t meet the standard requirements for a regular mortgage application.
Think Plutus can help arrange mortgages for doctors
As specialist mortgage advisers with a wealth of experience, Think Plutus has helped a wide range of professionals in LLPs secure mortgages. Our past clients include doctors, vets, solicitors, dentists and other professionals who have been unable to secure a mortgage with a standard provider.
With our help, you can put forward an individual case for your unique circumstances, then approach lenders who are willing to consider applications on a case-by-case basis. These lenders are open to being more flexible in order to accommodate people who don’t meet the criteria of standard providers. Our work will include:
- Obtaining the partnerships’ accounts, including statements from the financial director, in order to calculate projected drawings.
- Using recent CVs and P60s from the NHS to enhance credibility and the perception of your earning potential.
- Approaching mortgage providers we know have experience of dealing with LLP partners. Providers we know are open to including a range of financial information in their calculations.
- Talking directly with underwriters to present a bespoke case that incorporates a wider perspective of your assets, wealth and earning potential.
To learn more about how Think Plutus can help secure mortgages for doctors, make an enquiry today and we will answer your questions.
Frequently asked questions
There are various questions that are quite common with regards to mortgages for doctors. To help you understand how we can help, we have provided answers below.
Can I secure a mortgage if I have only just made the switch from the NHS to a practice?
Yes, we can make a personal case using your NHS earnings and a projection of future partnership drawings or income.
Is it a problem if my earnings come from locum work?
It will be more challenging to succeed with a mortgage application, but we could base your case on your locum billings.
Can you work around my hectic work schedule to arrange a mortgage?
The team at Think Plutus is experienced in working with high net worth individuals whose time is extremely valuable. We can come to you, at your convenience, to make it as easy as possible for you.
Can I arrange a flexible mortgage that enables me to use lump sums each year to reduce the payments?
This is a specialist type of mortgage, and one which Think Plutus specialises in arranging. This is an excellent way to take advantage of low borrowing rates with capital payments for people who have things like dividends, profit share and bonuses available to them.
I want to get the property I like as quickly as possible. Can you help?
Unlike when you work directly with high street lenders, we can work very swiftly. If you need us to communicate with Estate Agents or fast-track the process in order to not miss out on a specific property, we will endeavour to make the process as fast as possible.
I want my real-life circumstances to be taken into account, rather than meeting some computer-set criteria. Is this possible?
Yes. Think Plutus has an experienced team of mortgage advisers who have arranged mortgages for doctors with reputable investment houses and private banks. These organisations tend to have greater flexibility on how they grant mortgages, as well as the amount they are willing to lend.