Halifax confirms income verification requirements for Locum Doctors
Halifax for Intermediaries has confirmed the income verification requirements for Locum Doctors looking for a mortgage.
A Locum Doctor will be treated as employed by Halifax if the company they work for pays their tax and they have a minimum of six months of continuous employment as a doctor. The bank will want to see the latest three months' payslips as evidence of their income.
Halifax will treat a customer as self-employed where they pay their own tax or have set up a limited company and employ other individuals; the bank's standard self-employed income verification requirements will apply, so applicants will need up to two years of accounts.
Aaron Strutt, product director at Trinity Financial, says: "If you are looking for a mortgage, Halifax has some great rates and some really flexible lending criteria. Some lenders are offering more generous loan sizes and acceptance criteria for medical professionals.
"The lenders want to know that locum doctors have a stable and regular income and they want evidence. More of the banks and building societies have started to target professionals like doctors and some of them can lend up to 5.5 times salary."
Call Trinity Financial on 020 7016 0790 to secure a Locum Doctor mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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Clydesdale Bank has some specific products available to qualified professionals working as accountants, architects, barristers, chartered surveyors, dentists, medical doctors, pharmacists, pilots, solicitors and vets. They must have been qualified within the last five years and have an income of £40,000 or more.
Trinity Financial's brokers have access to the features of the exclusive range and the income multiples of up to 5.5x income. The maximum loan-to-value is 95 per cent for first-time buyers or home movers and the maximum loan size is £600,000.
For joint applications where only one applicant is a newly qualified professional, standard multiples apply to the additional applicant’s income with all applications remaining subject to an affordability assessment.
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