New doctor mortgage chances

wright25

Hi

First-time poster – please be gentle...

I am a newly qualified junior doctor, employed since August. I am on a fixed-term contract of 4 months, however I'm on a two-year training programme and HR will write a letter to say my employment is guaranteed until July 2018. I earn £26k base salary plus a variable extra for unsocial hours, extra hours etc.

My partner is permanently employed, for three years, earning £34k.

We have a £50k deposit, and no debts other than SLC student loans.

We are looking to buy a house for £230–250k.

Most of the mortgage calculators online (are these accurate?) show lenders could offer us >£200k.

However, some of my colleagues have spoken to lenders and they don't seem to like fixed-term contracts. A couple of two doctors (same situation and salary as me, smaller deposit, no debts) have been refused twice.

Does anyone know if us getting a mortgage is realistic given our circumstances? Are we better off going to a broker?

I know some lenders have offered doctors mortgages but only based on their partner's income – so this wouldn't give us the size of mortgage we wanted.
Will any lender take my salary into account?

Thanks in advance for any advice. If any more info needed, please ask

kingstreet

wright25 wrote: »

Are we better off going to a broker?

Yes. There are "doctor-friendly" lenders out there and brokers know who they are and their criteria.

Westminster

Sorry to butt in - but 26k is a shockingly low salary given the amount of time (and I presume money) to go through a medical degree. :-(

Maybe I shouldn't be encouraging my kids to consider medicine.

Best of luck with the mortgage.

davemorton

Westminster wrote: »

Sorry to butt in - but 26k is a shockingly low salary given the amount of time (and I presume money) to go through a medical degree. :-(

Maybe I shouldn't be encouraging my kids to consider medicine.

Best of luck with the mortgage.

Give them a few years

csgohan4

kingstreet wrote: »

Yes. There are "doctor-friendly" lenders out there and brokers know who they are and their criteria.

Do all of them take into account of banding? they seem to think it is overtime and treat it as such, variable/not guaranteed and therefore less than 60% for income purposes


Skipton for example didn't count any of the 'banding' at all.

csgohan4

davemorton wrote: »

Give them a few years

After the Jeremy Hunt fiasco, I think a few decades more like

kingstreet

csgohan4 wrote: »

Do all of them take into account of banding?

Some do, some don't.

wright25

kingstreet wrote: »

Yes. There are "doctor-friendly" lenders out there and brokers know who they are and their criteria.

Are all brokers suitable or are there "doctor-friendly" ones?

amnblog

Most brokers don't have a clue with Doctors as they hardly ever deal with one. I know because I deal with Doctors every day.

The right lender can help you. The wrong one means unnecessary frustration and time wasted.

Pick a broker that is a Doctor specialist.

wright25

amnblog wrote: »

Most brokers don't have a clue with Doctors as they hardly ever deal with one. I know because I deal with Doctors every day.

The right lender can help you. The wrong one means unnecessary frustration and time wasted.

Pick a broker that is a Doctor specialist.

Thank you – that sounds sensible.

Can I just ask, in your experience, do the figures I've quoted sound realistic?

amnblog

wright25 wrote: »

Thank you – that sounds sensible.

Can I just ask, in your experience, do the figures I've quoted sound realistic?

Yes, sounds in the ballpark for an F1.