Unlike other professions, General Practitioners usually do not work in scheduled shifts, and their salaries will vary from year to year. But lenders prefer to lend to those with a steady income. Which is often different for those who work as GPs. Also, many GPs work temporarily and have variable working hours, making it a little more difficult for GPs to get a mortgage. On the other hand, Lenders do not completely understand their payment status.
Here are some things that GPs can simplify the complex and difficult process of getting a mortgages.
- Contact a broker – Using a good mortgage broker can help GPs find the right mortgage for their needs. If the GPs do not provide the required documents to the lenders and do not prove their affordability, their applications will be rejected. An experienced broker also has a better understanding of lenders. In general, specialist advisors help the borrower choose the most desirable options according to GPs circumstances.
- Credit Score Improvement – It is good for borrowers to check their credit scores before applying. This gives GPs a better insight into whether their mortgage applications are likely to be rejected and what they can do to improve their chances.
- Budgeting and Financial Planning – Planning for more savings and estimating long-term living costs based on mortgage instalments is important for GPs before submitting their application.
- Preparing documents – The sooner GPs start preparing their documents, the more time they will have to complete their financial and bank accounts. On the other hand, the lender must ensure the borrowers’ income potential, showing the importance of preparing and updating the borrowers’ documents.
Estimating the duration of the mortgage process
The amount of work that needs to be done for a successful mortgage application can be very time-consuming. An experienced mortgage advisor can be the best option for outsourcing the mortgage application process.
- Compare the cost and terms of the mortgage – Each lender has different evaluation criteria, rates, terms and steps of underwriting. Therefore, GPs need to find the right option. It is always tempting for GPs to go to a lender with the cheapest interest rate, so new GP partners should expand their search. But it should also be borne in mind that the best rates are not always suitable for borrowers.
- Checking work history – Lenders judge a self-employed GPs mortgage as a GP partner and a new business. But in general, as a self-employed, there is no guarantee of a steady income. So lenders often want to review GPs’ records carefully. In other words, they are looking to see if GPs can earn money throughout the year and can pay their monthly payments. This is why GPs usually have to submit their bills for the last two years. So that lenders can rate them as low-risk borrowers.
Despite the challenges, new GP partners should not feel frustrated. Many things can be done to increase their chances of getting a mortgage.
The Advantage of Using AWS Mortgage Advisors
AWS Mortgage trained advisors can help GPs choose the right option. They are ready to understand the needs of GPs and can solve their problems. AWS Mortgage advisors work with a wide range of GP partners and find the right mortgages for GPs based on their needs.
AWS Mortgage advisors work with lenders who lend to new GP partners, self-employed, and those who have just joined an office. Some lenders offer mortgages for these special circumstances, and AWS Mortgage advisors try to offer the borrowers a wide range of options.
The AWS Mortgage advisors understand the concerns of GPs when applying for a mortgage and work directly with many lenders who are happy to provide mortgages to partners. Our advisors have sufficient expertise to support GPs in getting mortgages and have assisted a wide range of GPs.
AWS Mortgage advisors help borrowers get the right option for their situation. AWS Mortgage advisors have extensive experience assisting GPs in finding their mortgage plans and are familiar with GPs’ problems and lenders’ criteria. Advisors will work closely with borrowers to understand the terms and needs of GPs.
Talk to AWS Mortgage advisors today to save time and money.