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Mortgage for Junior Doctor
gadgetmind
Posts: 11,130 Forumite
Daughter owns her own house worth around £160k and has bought by borrowing money from us with a debt now of around £80k. As she's now working as an F1, it makes sense for her to (re)mortage in her own right and pay us back.
Any recommendations for companies that understand the nature of Junior Doctors' contracts? She's filled in the online form of a broker that says they specialise in this area, and can do everything online, but they now need to speak to her between 9am and 5pm, which isn't at all easy to manage and one week on there has been close to zero progress.
All feedback welcome.
Any recommendations for companies that understand the nature of Junior Doctors' contracts? She's filled in the online form of a broker that says they specialise in this area, and can do everything online, but they now need to speak to her between 9am and 5pm, which isn't at all easy to manage and one week on there has been close to zero progress.
All feedback welcome.
I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
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Comments
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Is your daughter initials RO in NottinghamI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Taken to PM.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Please clear your PM boxI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Now done, sorry.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I've got a mortgage with Halifax, your daughter may find it difficult as a foundation doctor as she technically only has a 1 year contract (which will expire end of july) and then she will likely have another fixed term contract for a year from august (but this is not certain).
It's much easier once in a specialty training programme as it's easier to evidence guaranteed employment.
Some banks do still take a lot of convincing of our employability despite the massive staff shortages in the NHS!0 -
Junior doctor contracts and having banding included in affordability needs careful management and lender selection.
An experienced independent broker will know the right routes to consider.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
There's no banding in the new junior doctor contract King street, OPs daughter will be on 2016 terms and conditions for junior docs.0
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Ah, thanks.There's no banding in the new junior doctor contract King street, OPs daughter will be on 2016 terms and conditions for junior docs.
Not had one recently. You can tell.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I am on banding not the new pay terms, but I haven't had any trouble getting mortgages. Since becoming a jr doctor I have had mortgages with HSBC (done directly while I was an F1), Halifax and Scottish Widows (via broker). Also a couple of BTL ones.
Your daughter will need a clear letter from her employing trust outlining what her pay will be - I am told that this is harder to achieve with the new contract, as it varies so much based on rotas which may not have just been finalised. Banding was easier.
Definitely one for a broker.0 -
Thanks all. I must admit that I've never seen the point of mortgage brokers (I'm kind of middleman averse generally) but this is maybe one where they can provide value add so open mind mode engaged.
The last time I asked a mortgage question hereabouts was about an interest-only offset tracker (which we used to fund current loan to daughter) and brokers here told me "no way" whereas Barclays were quite happy to provide said product when I went to them directly.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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