Mortgages
At any one time there may be over 10,000 different mortgage options, only some of which will meet your needs. Some of these are available via the high street, some are special arrangements with specialist lenders.
FINDING THE RIGHT MORTGAGE
There is nothing to stop you searching for a good mortgage yourself - perhaps on your day off or in the few hours that you have available during your hectic schedule. This has been made easier by the internet, but invariably the choice is bewildering. Of course rate and product changes may make your search all the more difficult. Our job is to do this for you. The added advantage for you (other than saving yourslef the time and hassle) is that we have access to all lenders. We have ongoing relationships with them and of course have plenty of invaluable experience arranging mortgage for doctors. Invariably we will find a better deal than you will find yourself - but perhaps more importantly, manage your application and enable a lender to reach a fully informed agreement.
We use a combination of database technology and experience to sort through the vast range of mortgages and identify the best one for you. For many Doctors the main issue is not the interest rate but the amount of borrowing. Once we have established which lenders are prepared to "play ball" we then apply all of the usual criteria you might expect to source the best deal that suits your requirements.
Lenders will want to know about your credit-worthiness. Key factors in this have little to do with your occupation, but are more concerned with your employment history, residence and basic salary. Whilst you have not changed your occupation, you have probably changed employer - possibly every 6 months. Many junior doctors are likely to have moved into rented or Hospital accomodation near the Hospital, and of course your basic salary is only a fraction of your actual income. There may also be breaks in your earnings due to time spent working and travelling abroad - or a drop in income due to your time conducting research.
Once we have found the right mortgage for you, we will also oversee the process of actually completing on the mortgage, ensuring that all the parties (Solicitors, Surveyors, Estate Agent, Lender and yourself) have all the right documentation at the right time. This is an essential part of our service, as all too often communication breakdowns lead to otherwise unnecessary delays and complications, and our role is to ensure that all progresses as smoothly as possible.
If you want to know what sort of terms might be available then we can give guidance on this so that you don't waste time pursuing unsuitable properties.
Your home may be repossessed if you do not keep up repayments on your mortgage.
For details of our fees for mortgage business please see our page "How we are Paid".