Locum GP Mortgages

What mortgage options are available for locum GPs?

Locum GPs usually have access to the same range of mortgage products as other borrowers – such as repayment mortgages, interest-only options or Buy to Let mortgages.

The main difference is how lenders assess your income. Because locum work is often self-employed or contract-based, lenders may need more detail on your earnings history before making a decision.

Can I get a mortgage if I’ve recently started locum work as a GP? How many years’ income do lenders require from a locum GP?

It can be more challenging if you’ve only recently started as a locum GP. Some lenders ask for two or three years of accounts or tax returns. However, there are lenders who will consider one year’s experience – and in some cases a shorter history, if you were previously employed as a GP and have moved into locum work.

How does being self-employed as a locum GP affect a mortgage application?

Being classed as self-employed often means lenders want to see your SA302 tax calculations and tax year overviews from HMRC. These summarise your tax return and confirm that your tax is paid and up to date.

They’ll use this to calculate an average of your income. It doesn’t stop you getting a mortgage, but it does mean the application process can be a little more document heavy compared to a salaried GP.

How does the mortgage process work if I’m a first-time buyer and a locum GP?

It’s largely the same as for any other first-time buyer. The main difference is in income checks. Lenders will want to see reliable evidence of what you earn and may ask for more detailed documentation.

As a first-time buyer you might also want to look into government schemes that could help with deposits or affordability.

Can I use NHS, bank or agency income as proof for a mortgage?

Yes, lenders can consider NHS, bank or agency income. They’ll usually want to see a consistent pattern of earnings over a period of time. If your income is very irregular, they might take an average rather than the highest figure.

How do lenders assess variable income for locum GPs? Is it harder to get a mortgage with irregular income?

Typically, lenders look at an average of your earnings across the last one to three years. If your income is irregular, they may focus on the lower figure to be cautious. This doesn’t mean you won’t be able to borrow – it just means your borrowing amount could be calculated more conservatively.

What documents do I need to prove my income as a locum GP?

Lenders normally like to see your SA302 tax calculations and tax year overviews from HMRC covering one to three years.

They might also want to see proof of contracts or invoices if you’re working through agencies. The aim is to build a clear picture of your income.

What is the minimum deposit needed for a mortgage as a locum GP? Do locum GPs get better rates with a larger deposit?

The minimum deposit in the UK is typically around 5%, although this can change if using a new build or government scheme. You can check government and lenders’ websites for the latest information.

Having a larger deposit usually improves your Loan to Value. Rates normally change based on 5% deposit increments, in terms of how much interest you may pay. Having a higher deposit could therefore open up more options and potentially reduce your monthly payments.