Mortgage for doctor on NHS development pathway
Case details
We were approached by a doctor on a development plan working within the NHS.
He was looking for help to secure a mortgage because he was due to start the next stage of his training programme within the three months but wasn't’t currently working.
He had found a property he liked, but did not know if he would qualify for a mortgage or not.
Solution:
Trinity approached a lender happy to offer mortgage to doctors, even if they have not started their job. They used his agreed employment contract from the NHS to confirm his start date and salary.
The lender has a professional mortgage range available to fully qualified, practicing and registered accountants, actuaries, barristers, dentists, engineers, medical doctors, optometrists, pharmacists, solicitors, teachers and vets.
They will also consider trainee accountants, trainee actuaries and trainee solicitors. The banks also offers increased flexibility through a variety of features including offset and up to 90% loan-to-value borrowing.
Property: Flat in central London
Value: £650,000
Mortgage: £210,000
Rate: Offset 1.84% fixed rate until 30/11/2017
APR: The overall cost for comparison is 3.7% APR
Reversion rate: The lender’s standard variable rate, currently 3.99%
Lender's arrangement fee: £999
Mortgage term: 30 year term
Repayment type: Full capital repayment
Loan-to-value: 32%
Early repayment charge: 3% of the loan before 30/11/2016, 1.5% of the loan amount before 30/11/2017
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
For help to secure a mortgage to purchase a property, call Trinity on 020 7016 0790.
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