Experience with 'professional' mortgages?

LucyClarke

I'm hoping to get some insights into professional mortgage schemes (i.e. available to certain professional groups such as doctors, lawyers etc.) While I know everyone's circumstances are different, I'm particularly interested in hearing positive/negative stories and any potential pitfalls I should be looking out for 

As a bit of background, I'm currently an ST1 trainee employed by an NHS trust in London, with 5-6 years of training left before completing consultant training. My salary is somewhat complex - it includes a base salary (which increases for every year of training), inner London weighting, and additional pay supplements which represent approximately another 20% on top of my base salary. The situation is further complicated by the fact that my overall salary package is quite low during training, at least compared to projected future earnings.

I am concerned that these factors may make it challenging to get a mortgage at the moment, and have been advised to look into professional mortgages which take into account some of the complexities around medical training schemes. These seem a bit too good to be true and I'm keen to get a realistic picture of the pros/cons.

haras_n0sirrah

Generally clients in certain professions where incomes will go up considerably can borrow more than standard income multiples. 

dimbo61

With your new role and rotation around different hospitals would you need the flexability of renting or staying in hospital accommodation ?
The property ladder in London maybe covered in tears and very slippery for some time !

amnblog

We handle mortgages for Doctors at all stages of their careers every week Lucy.
The way you are contracted and paid can cause problems with some Lenders but any Broker experienced with Doctors can assist you, no problem. It is not about Professional’s mortgages, although they exist, it is about knowing the market.

csgohan4

as above you need an experienced broker. Some only take a portion of your banding, some all. 

Also not knowing where you will be settled as a Consultant, Would buying now be prudent as you need flexibility as your job location is variable