Mortgage for doctors

The NHS has been in the news like never before thanks to the sterling work doctors, nurses and others on the frontline are doing with regards to the pandemic.

When it comes to getting a mortgage, some lenders offer exclusive rates and terms for newly-qualified doctors, junior doctors, locums, surgeons or other staff looking for mortgages.

Getting a mortgage may be more tricky if you have a practice set up as a limited liability partnership with a variable, rather than guaranteed, income. In this scenario, a standard residential mortgage may not be the best option for you so it is worth consulting a whole-of-market broker such as AWS for advice. We have good relationships with all the key lenders, enabling us to arrange bespoke mortgages for doctors.

International mortgages

Many of us dream of buying a home overseas – whether to enjoy on holiday with family and friends; to rent out and generate an income; or to retire to eventually – and with travel restricted during the pandemic, that desire may be greater than ever. But finding the right mortgage is not always straightforward, with a choice of UK lenders and local banks offering finance. It can be tricky to know which offers the best product, particularly if you don’t speak the local language, making dealing with a local lender difficult.

Another option is to raise money against your UK home by remortgaging, enabling you to buy an overseas property for cash and not worry about a separate mortgage in another currency. With mortgage rates so cheap, this can be a cost-effective way of funding your purchase but it is worth seeking advice before you do so to ensure this is the case.

You will need a bigger deposit if you are taking out a mortgage overseas than you would in the UK, with most maximum loan-to-values capped at 80 or even 75 per cent. Overseas lenders also favour long-term fixed-rate mortgages, with 25-year fixes in France not uncommon, for example.

AWS can help arrange finance for your overseas purchase, whether that is remortgaging your UK home to release funds, or taking out a mortgage with a UK-based or overseas lender.

Mortgages for pilots

The airline industry has been hit hard by the pandemic with most flights grounded as a result of travel restrictions. Pilots, airline staff and cabin crew may therefore find it harder to get a mortgage, with lenders wary about future income.

The other issue aviation staff have is that not all of their income is employed income, derived from a PAYE-type salary. Pilots are often paid a base salary, plus overtime, flight pay, bonuses, allowances and expenses, so finding a lender which understands the complexity of this income stream is crucial. Lenders may deal with the extra income from allowances in different ways, with some taking very little of this into account when deciding how much you can borrow, while others make a more generous allowance for it. This could make a huge difference to the size of mortgage you can get.

This is where a whole-of-market broker such as AWS can help. We know the best lenders to approach if you are a pilot, many of which may not be high-street lenders that you will have heard of. These lenders do not offer specific products for pilots as such, but will understand your income streams and how you are paid. We will help with your application, ensuring you maximize your mortgage potential as much as possible.