Contractor Mortgages for Locums

For most locum doctors, a deposit of 10% of the property price is typically sufficient. However, some mortgage options are available with a lower deposit, starting at 5%, depending on the lender and your financial circumstances.

While a higher deposit may offer more competitive mortgage rates, we understand that every situation is unique. At Contractor Mortgage Solutions, we work closely with specialist lenders to offer tailored advice and find the best mortgage deals for you, whether you’re able to provide a smaller or larger deposit.

Let us help you navigate the process and secure the right mortgage for your needs.

Yes, it is possible to secure a mortgage as a locum doctor, even if you have been working in this role for less than two years.

While some lenders may require a minimum of two years’ experience as a locum doctor, others are more flexible and will consider applicants with a shorter work history. In certain cases, lenders may accept locum doctors with as little as three months of NHS locum income, particularly if the applicant has previous experience in the medical field.

Securing a mortgage as a locum medical professional can be more challenging than for permanent staff due to the unique nature of locum work. Some of the key challenges include:

• Fluctuating Income: The variable nature of locum work makes it difficult for traditional lenders to assess income stability, which is essential for mortgage approvals.
• Income Not Guaranteed: Unlike permanent roles, locum positions do not offer a fixed income, raising concerns for lenders about your long-term ability to meet mortgage payments.
• Insufficient Employment History: Many lenders require 1 to 2 years of stable employment history. If you’re newer to locum work, you may struggle to meet this requirement, limiting your options.
• Income Criteria: Some lenders may only consider a portion of your locum income, reducing the amount you can borrow.
• Complex Payment Structures: Locum doctors often work through different payment structures, such as limited companies or sole traders, which may not align with traditional lender criteria.

Yes, many lenders will consider income earned from a locum role in addition to your salaried income when assessing your mortgage application. This additional income can have a significant impact on the amount you are eligible to borrow.

However, it’s important to note that lenders vary in how they treat locum income. Some lenders may consider the full amount earned from locum work, while others may only take a percentage of it into account. As a result, the lender’s specific criteria can influence the final borrowing capacity.

At Contractor Mortgage Solutions, we work with specialist lenders who understand the complexities of locum and salaried income, ensuring that you maximise your borrowing potential. Our expert team can help you navigate the different lender requirements and secure the best possible mortgage terms.

When applying for a mortgage as a locum doctor, you will typically need to provide several documents to support your application. While requirements can vary between lenders, here are the key documents you are likely to be asked to provide:

1. Proof of Identification: A valid government-issued ID, such as a passport or driver’s license, to verify your identity.
2. Proof of Income: As a locum doctor, you’ll need to provide evidence of your income. This could include:
3. Locum Contracts: Copies of your locum contracts outlining the terms and duration of your temporary employment.
4. Invoices or Payment Records: Documentation showing payments received for locum work.
5. Tax Returns: If you’re self-employed as a locum doctor, you may need to provide personal or business tax returns for the past 1-3 years to demonstrate income.
6. Employment History: Details of your locum work history, including the length of your contracts and any relevant experience.
7. Bank Statements: Recent bank statements (usually covering the past 3-6 months) to give an overview of your financial transactions and to demonstrate your ability to manage your finances.

At Contractor Mortgage Solutions, we specialise in helping locum doctors navigate the mortgage application process, ensuring that you provide the right documentation to secure the best mortgage terms. Our expertise helps you manage the specific challenges of locum income and employment history, guiding you every step of the way.

As a foreign national doctor on a visa, securing a mortgage can be more complex due to various lender requirements, including the type and duration of your visa, employment history, and proof of address. Some lenders may also have restrictions on whether you can use a gifted deposit.

Each lender has specific criteria, so it is essential to speak with a mortgage advisor who can provide tailored advice based on your individual circumstances. At Contractor Mortgage Solutions, we specialise in navigating these complexities and finding mortgage solutions that work for you.

An SA302 is a tax calculation document issued by HM Revenue and Customs (HMRC) as part of your self-assessment tax return. It is typically required if you are self-employed or run a limited company.

If you are employed under PAYE through your NHS trust or agency, you do not need an SA302. However, for self-employed locum doctors, this document is often requested by lenders as proof of income. If you are self-employed, your lender may also require other documentation, such as tax returns and bank statements, to verify your financial stability.

At Contractor Mortgage Solutions, we help guide you through these requirements to ensure that your application is handled smoothly and efficiently.