Locum Orthopaedic Surgeon Mortgage
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Mortgages For Professionals with complex incomes through the main high street lenders
High street lenders typically provide more appealing rates, making them the preferred choice for many professionals seeking mortgage solutions. However, navigating the complexities of professional incomes can present challenges in securing loans from these lenders.
Professionals often assume they must seek alternative lenders due to the intricacies of their income streams. Yet, armed with a deep understanding of various payment structures, we confidently facilitate successful mortgage applications with high street lenders.
In fact, a substantial 93.4% of our mortgage applications are seamlessly processed through reputable high street lenders, showcasing our expertise in navigating complex income scenarios.
Locum Orthopaedic Surgeon Mortgage
Peter Stokes explains how the mortgage process works if you are a locum orthopedic surgeon.
Can a locum orthopaedic surgeon get a mortgage?
Yes. The discipline of an orthopaedic surgeon itself won’t really differentiate from any other kind of locum doctor.
As we’ve covered in previous podcasts, the criteria around locums means we have to demonstrate consistency of income. Beyond that, it’s not an issue at all.
Can I get a mortgage if I’m training to be an orthopaedic surgeon?
Yes, I would say so. Once you’ve qualified as an orthopaedic surgeon, as a consultant, you would normally have a permanent position – you could still locum, but perhaps the benefits of locuming are slightly diminished in terms of the income.
Once you’ve qualified, you can also start private practice if that’s what you intend to do. But whilst training to be an orthopaedic surgeon, locuming can quite substantially increase your income levels.
You would be on, in effect, a zero hours contract. That does require some specialist attention from a broker, as not all lenders are keen to do those. But if you’re training in that discipline on a locum contract, we can still assist you.
What eligibility criteria do I need to meet as a locum orthopaedic surgeon to qualify for a mortgage?
The main criteria doesn’t differ from any other standard mortgage. The difference comes from the fact that your employed position is not permanent, and your income is variable. That’s what specifically has to be addressed.
As I’ve mentioned before, the key here is consistency. Lenders ideally like to see the same income each month or each week, depending on how often you’re paid. Similarity and consistency in those payments is much preferred over having nothing for three weeks, a large payment, then nothing for two weeks and then another large payment. That’s the first hurdle – but it’s fairly easy to overcome.
The second most important thing is the length of time you’ve been doing it. If you’ve been on a locum contract for six weeks, that’s going to pose significant problems. But once you’ve been doing it for three, or preferably six, months you start to demonstrate a track record, because you’ve got a number of payslips behind you. That’s the key eligibility factor.
Can a locum surgeon get a mortgage without a substantial deposit?
Small deposits are not an issue. But with any mortgage application, the smaller the deposit, the higher the risk to the lender. With higher risk, they are more picky.
Normally, the smallest deposit is 5%. It’s safe to say that locum orthopedic surgeons will be earning a fair bit and that level of income could take their mortgage easily in excess of half a million. Once you go above £500,000, it’s not unusual for the minimum deposit to be 10% rather than 5%.
But both are considered small deposits in relation to the loan size. But those are separate pieces of criteria – one shouldn’t be affected by the other.
How does the income of a locum orthopedic surgeon affect the amount they can borrow for a mortgage?
Basically, a lender will average that income, and they might do that in different ways – potentially over three months, six months or 12 months. But once they get to that income figure they will use it just as they would for someone who’s permanently employed.
That income is dropped into the affordability calculator along with the term of the mortgage and your outgoings. They basically trust their computers to come up with a figure. For mortgages of 25 years or longer, 4.5 times your usable income is not out of the question.
You could potentially borrow up to 5.5 times your income or more. It depends on your individual circumstances. For a locum orthopaedic surgeon, it’s how they get to the income figure that’s the critical part.
Some lenders will simply say that your income doesn’t meet the criteria for the borrowing you want. That’s our job – if you need to push the borrowing, we’ll find a lender to use the maximum amount of your income.
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What factors do mortgage lenders consider when assessing the affordability of a mortgage for a locum orthopaedic surgeon?
With any mortgage, it’s about what you earn and what you spend. We’ve just covered off the income part – the consistency and the average income.
Most lenders use Office of National Statistics information for general costs. Although as a broker we may ask you what you spend on food and entertainment, etc., most lenders will use a set amount for a household of one or two or four etc.
They will drill down in more detail around any credit costs you have – including student or postgraduate loans. Any credit cards you don’t clear in full, car finance, loans etc will be brought in – and also whether or not you have children.
Child care or school fees are treated very much like credit costs – although you could argue they are voluntary. You could certainly put your children back in a state school, but lenders will assume that you wouldn’t want to do that.
It’s extremely rare now for a human underwriter to calculate the borrowing amount. They will check your income and outgoings, but they feed that into an affordability calculator to determine the maximum borrowing.
What documentation is usually required from a locum orthopaedic surgeon when applying for a mortgage?
It’s the same as for everybody else. We’d need some identification, bank statements, proof of your deposit and recent payslips.
You may have to provide considerably more pay slips than the usual three months. Be prepared for that to stretch to six – we’ve even had occasions where we’ve had to give 12 months’ worth.
It’s not unusual for a locum orthopaedic surgeon to potentially work at more than one hospital, which means double the number of payslips. You’ll need them from every hospital you work at, potentially within that 12-month period…it could be a lot of pay slips.
Sometimes lenders ask for a written contract, even if effectively it’s zero-hours. I’ve been asked for that before, but I wouldn’t say it’s compulsory. If there isn’t one, there isn’t one.
Can a locum orthopaedic surgeon with irregular income patterns get approved for a mortgage?
Yes. Some lenders just won’t do it, but with those that will you can definitely be approved. What may happen is the amount of the mortgage could be less.
Certainly, if it’s irregular income and the most recent trend is for it to have decreased, that’s going to hurt the borrower. Whereas if there’s an upward trend, that could help.
Lenders tend to look at the worst case scenario. If it’s an upward trend, they may average it over 12 months, whereas if it’s a downward trend over the last three months, it wouldn’t surprise me if they just base it on that timeframe.
Consistency is the key, across all your contracts. I do appreciate there are factors outside your control. At the start of the year, you may have been working at one hospital more than the other, and over time that’s flipped to the other hospital.
Each individual contract would seem irregular. But if you pull the two together and demonstrate consistency, you’re likely to get the best result in what you can borrow.
Do I have access to the same government or mortgage schemes as a locum orthopedic surgeon?
Yes – there’s nothing to stop you, although a lot of these government schemes are designed for those on lower incomes. It’s fair to say that if you’re a local orthopaedic surgeon, your income could quite easily be in excess of £100,000.
When I last looked, one scheme was only available to those earning a joint income of less than £80,000. So your income might exclude you from those, but there’s nothing to stop you otherwise.
Lifetime ISAs, as they’re now called, also have caps, I think they can only be used on properties of up to £450,000. As an orthopaedic surgeon on the income you earn, it wouldn’t be unusual to be looking at properties above that [information correct at the time of recording in March 2025].
You’ve demonstrated how a mortgage broker can help. Have you got anything to add?
If you’re an orthopaedic locum doctor and you were walking up and down the high street trying to get a mortgage, you’d have a big headache by the end. Basically, it’s going to be hard work and multiple banks will say no.
A good broker who understands this area is so valuable, because sometimes we’ll speak to lenders who don’t even know their own policy. We’ve had to battle it through at times, but in the end we get over the line.
We had one case where a major high street lender had an issue and we moved to another. We did get it through, but that client would never have got it on their own. The knowledge we carry is what helps get these cases through. At first glance, a lender may have an issue, but once we’ve explained the situation we can often turn them around.
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