Miss Zippy has saved c30% (£60k) deposit for a £200k flat. She managed to save half of that this year. The mortgage is 3x earnings.
The only expenditure she has is a £10 a month phone contract and she is living rent free with me at the moment.
Perfect credit history.
But none of the major banks want to know re a mortgage.
I am guessing that it's because she's contract based (as all junior doctors until they reach registrar level - which is next year even though she has the exam results).
Are brokers the only route and does one have to pay the broker or are they commission based?
Any other advice welcome.
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We bought our first house earlier this year and went through a broker, he was commission free. Or at least he got all his money from the bank. I think for situation like your daughter, far better to have someone who knows the market.
Ours was very good as we had to appeal our mortgage refusal and got it overturned. No way could I have done that on my own.
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Ask a broker. Wait until you see what he finds for you. You don't have to take it if you don't like it.
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Clearly the agenda is that they want the business, and I know nothing about them, but the advice here seems fair....
yescandomoney.com/mortgages-for-professionals/mortgages-for-doctors/
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If she's in a union, especially if they have alot of medical members they may well be able to help out.
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Plenty of people I worked with went through brokers. They were contractors in IT - big money but no guarantee of work. I don't recall any horror stories.
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Some years since I took a mortgage out but was with Scottish Widows Bank.
www.scottishwidows.co.uk/bank/mortgages/index.htm
"Professional Mortgage" aimed at doctors and the like.
Haven't paid mine off as I got 'base rate + 0.3%' just before the financial crash in 2008.
Last edited by: Lygonos on Mon 21 Jun 21 at 08:01
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Probably down to no credit history other than £10 phone - known as a thin credit file.
My 3 sons had similar experience 20+ years ago - 21-25 years old with no credit history. No HP/loans, no CC, no student debt .... nothing as they had used Bank of M&D interest free loans.
Good deposit - Yes
Guarantor - you could do that
A proper broker chat rather than filling in a computer questionnaire might be the answer.
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Personally I've never had a problem with a mortgage but on all four occasions (three purchases and a re-mortgage) we were both in tenured public sector employment. IIRC the selling agent did some work for us at FTB stage and identified what was then Nationwide Anglia for us. This was in 1986 when the upheaval following the expansion of the lending market and the ending of the Building Society rate cartel were both still causing flux.
I'd had a strong disagreement with my Father a few years earlier when he attempted to convince me that, in my first year of work and being in London where prices were downright silly, I had to 'join' a Building Society. As well as me seeing no immediate path to home ownership it was apparent that the Thatcher government was determined to liberalise the Home Loans market and that the days of Mortgage rationing and interviews with Building Society managers were fast fading.
My Daughter and her now Husband had no problems but she's NHS and although he works for a Private Sector employer with a history of periods in Administration he's highly qualified and has transferrable skills.
Son though is waiting/renting as although he's an established Civil Servant his Teacher partner is still stuck with Supply/Agency albeit she's got a post until July. If she doesn't find a permanent post (she has high hopes in the present school) they may need to consider the broker route.
I think a Union is a good shout too. Is the BMA any good to Miss Z.
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My daughter and her partner got a mortgage for their first house last April.
She was a teacher in her first probationery year with employment only guaranteed till the end of summer term. Her partner was on a temp six month contract.
Went to a broker (Who charged them a fee which I didn’t think was appropriate but I stayed out the argument) who got them sorted out with a mortgage very quickly.
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Hi Zippy. I am just going through a house purchase and use Professional Mortgage Services. No connection other than as a happy customer.
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Mortgages For Doctors - Advice Please - sooty123
