The answer is that yes, pharmacists can secure themselves mortgages. This is especially true if you turn to a mortgage broker like Professional Mortgages for help. If you are a pharmacist, you might find yourself asking the question: “Will I be able to get a mortgage?” You might have struggled to find a lender that will give your application the time of day, and you might be left wondering what your options are for achieving your homeownership goals. We’ve put together this helpful blog post that tells you everything you need to know about securing a mortgage for pharmacists.
Why Can Getting a Mortgage As A Pharmacist Be Tricky?
The main reason why getting a mortgage for pharmacists can be challenging is because your income structure can be incredibly complex. Despite being a high earner, this can cause high street lenders to reject your application without looking into your unique circumstances and real affordability to borrow money.
On top of a complex income structure, there are several ways that you can work as a pharmacy professional.
Employed Pharmacists
There are two main types of employed pharmacists, and each has their own intricacies:
- Those employed by the NHS working at a GP practice or hospital.
- Those employed by a private high street business.
- NHS Pharmacists
Those employed directly by the NHS at a GP practice tend to have fixed working hours and fixed working locations, so getting a mortgage then is relatively straightforward.
However, things can be a little more complicated for pharmacists working within the hospital setting. Here, shift patterns can vary; you might do additional ad-hoc work on the side of your contracted hours, or you could locum at various hospital trusts. This can lead to your payslip having multiple income sources, which traditional lenders get confused by as your pay might vary from month to month.
- High Street Pharmacists
If you are a pharmacist employed by a business, your pay tends to come from a single source that stays the same each month. Proving your affordability to lenders, in this case, is simple via bank statements and payslips.
Self-Employed Pharmacists and Company Owners
If you are working as a self-employed pharmacist or you run your own high-street pharmacy, things can get even more complicated for your mortgage application. To prove your affordability to borrow, you will need to show your self-assessment tax form (SA302), bank statements, and between two and three years of accounts. If you run your business, you’ll also have to give lenders a clear picture of your business accounts and profit predictions.
We’re Here To Help
Getting a mortgage for pharmacists might seem challenging, but it doesn’t need to be. Traditional high street lenders don’t delve into the person behind the application and don’t consider your future high earnings potential if you don’t have the volume of evidence required to prove your affordability. This is why you need a mortgage broker in your corner, like Professional Mortgages. We have more than 20 years of experience in securing mortgages for those in the healthcare industry – including pharmacists – and work with lenders who understand the nuances of your pay and profession.
Don’t waste your time with standard lenders. Reach out to us today!
