3 tips for getting the best rate
Are you a doctor looking for a mortgage in 2016? Perhaps you are a first time buyer with aspirations to get onto the property ladder this year? Or maybe you are needing advice on the best Fixed Rate for a re-mortgage? Organising a mortgage can be time-consuming, especially for a busy doctor and choosing your lender wisely can help with the ease of a mortgage application, and ensure you get the best deal for you and your family.
(1) Don’t just rely on your bank – shop around
It is highly likely that your bank offers mortgages for doctors, and it may well be your first port of call when you start the process of buying a home, or remortgaging. However, your bank will only be able to offer you mortgages that they provide, they won’t have as wide a range of options available to you as say a mortgage broker, who can access the deals offered by the whole of the market, i.e. all lenders.
It may end up, by chance, that your bank is a good choice, following research, and as a loyal customer you may be able to access better rates.
And, you could decide to use them simply for ease of management and administration as sometimes there are advantages or dealing “with the devil you know”.
However, with mortgages, especially in the competitive market of today, often there are clear savings available from shopping around and assessing all your options.
(2) Ensure your lender understands medical income
One of the key issues when arranging mortgages for doctors is the lack of understanding by a lender as to the income structure of the medical professional.
Often banded remuneration packages that the NHS provide, can cause confusion for lenders and result in a mis-representation of the total income earned, which can lead to a lower mortgage arrangement.
Similarly, conventional lenders often mistake employment contracts as temporary work, which can also create unnecessary time delays, or worse, an unsuccessful application.
Using a specialist broker with experience of dealing with medical professionals can make a difference to the success of your mortgage application. They know the process, plus they have built relationships with specialist healthcare lenders who are familiar arranging mortgages for doctors.
(3) Use a reliable mortgage Calculator
There are plenty of useful Calculators available online to calculate a variety of different measurements that apply when seeking a mortgage.
Dental & Medical Financial Services have a range of online calculators for you to use, free of charge.
Using a reliable mortgage calculator will help you get an initial idea about the level of mortgage you can obtain, plus the Affordability Tests that are a key part of a mortgage application these days.
4 free mortgage calculators for doctors
A quick and easy way to calculate how much mortgage you could afford to repay each month. Mortgage Affordability Calculator
A quick and easy way to calculate the cost of a mortgage loan and monthly payments. Mortgage Cost Calculator
A quick and easy way to calculate the likely maximum amount of mortgage loan available based on a typical lenders standard criteria. Mortgage Loan Calculator
A quick and easy way to calculate monthly mortgage payments.
Mortgage Payment Calculator
Dental & Medical Financial Services work with specialist lenders who provide mortgages for doctors and dentists. We have access to the whole of the market to ensure you are getting the best rate. Call Chris to discuss your requirements.
Tel: 01403 780 770