It is one of the top professions, which is certain to look great on any resume or letter you have posted to your home in the future – a Doctor of Medicine.
Becoming a doctor allows you to feel secure in your job, knowing you are making a difference and helping people to manage conditions that may be uncomfortable. As is the way, when you have qualified, you will usually start as a junior doctor, which is more or less the same thing, right?
Unfortunately, no. Many people face knockbacks when they are training as junior doctors, especially if they are looking to put down a mortgage on a home. Why is this? Because you are likely to be on lower wages and may be in more of a training role, which can make mortgage lenders uneasy.
So, if you are a junior doctor, here are some tips on how to successfully apply for a mortgage.
Prove Your Income
When you are training as a junior doctor, your biggest challenge is going to be proving that you have a stable income.
Why? Because many junior doctors move around to different hospitals, work on rotation, have multiple sources of income, and you may also have to attend training courses that means you have to lose time at work.
So, if you are looking into make sure you have reliable proof of income, and ensure that you have all of your wages placed in one bank account.
Boost Your Credit History
It is worth having a look at your credit history if you are Do you have any unpaid debts that could flag up an issue? Or has there been an issue with paying some of your bills on time?
This will be looked at by mortgage lenders and one key way to boost your credit history is to stay living in one location for as long as possible and register yourself to vote.
In the 3 months leading up to you applying for the mortgage, minimize your outgoings. This is not to make it look like you have more money than you do, but it showcases to the mortgage lenders that you can manage your money.
Budget for More Than the Deposit
There is more that you need to budget for when you are saving for a mortgage than the deposit.
You will need to save for property fees, valuation fees, estate agent fees, and even removal costs. So, to help you with your application, aim to save for all of these alongside the deposit.
Work With a Specialist Broker
There are mortgage brokers that can with the mortgage process. They will be able to help you select the right mortgages to apply for and will also help you with the paperwork and other documentation that you need to successfully buy your first property. Specialist brokers can be found online, or you can ask your supervisor or workplace about the best mortgages to apply for.