As a medical professional, pharmacists have access to some of the best mortgage products available. Lenders see the pharmacy profession as stable and lucrative, which often means you will be able to borrow at least 4x your annual income and sometimes even more.
If you are working in the pharmacy field and interesting in purchasing your first home, remortgaging, moving house or purchasing a buy to let property then you will need to find the right mortgage for your needs. All lenders have their own requirements, and it takes a specialist mortgage broker to be able to navigate this field.
Niche Mortgage Info can help you navigate the various mortgages for pharmacists. This will ensure that you approach the right lenders for your needs. We will start by looking at your unique situation and then help you to choose which lender is right for you.
Read on to discover about the different types of mortgages for pharmacists and how Niche Mortgage Info can help you navigate the field.
Mortgages for pharmacist students
If you are currently training for your MPharm qualification and you are interested in getting on the property ladder, you will have a few options. Most pharmacist students don’t have any income, so you first option is to wait until you are nearing graduation. If you have a job lined up, you can often use this formal job offer to get the ball rolling on your mortgage application.
Another option is to use a guarantor mortgage. This will involve asking a family member or friend who is also a homeowner to act as a guarantor for your mortgage. They will not be listed on the title deed and won’t own any of your property. However, they will need to make your mortgage payments if you are unable to do this. This arrangement is often for a specific period, after which you would be the person solely responsible for your mortgage.
Mortgage for newly qualified pharmacists
If you have recently qualified and secured a job as a community pharmacist, you will be able to secure a mortgage. Lenders will consider you to be employed on a permanent basis and you will have access to the same lending products as any other applicant. You should be able to borrow around 4x your annual income. You will also be able to make the most of help to buy schemes if this is your first home.
Mortgages for NHS physician associates
If you are employed by the NHS as a physician associate, you will also be considered to be employed on a permanent basis. As an NHS employee, you will have access to the best possible mortgages. You may be eligible for a key worker mortgage which will offer preferential rates.
Mortgages for medical sales representatives
If you are a medical sales representative and you are working on a self-employed basis, you will still be eligible for a mortgage. Rather than providing your employer information, you will need to share your tax return information as proof of income. Most mortgage providers will want to see between 1 and 3 years of accounts. If you are newly self-employed and are unable to provide this, you may be able to apply for a mortgage if you have an accountant to confirm your income.
Alternatively, if you are employed by a pharmaceutical company on a permanent basis, you will be able to apply for mortgage products like any other full-time employee.
Mortgages for pharmacy technicians
As a pharmacy technician, you will be employed under the principal pharmacist and work under their supervision. If you would like to secure a mortgage as a pharmacist technician, you should make the most of schemes available to you. These include key worker mortgages, help to buy and shared ownership schemes. This can help you to boost your deposit, get a better rate on your mortgage and even move into a more expensive home.
Mortgage for pharmacists with poor credit
We all have a credit past, and this shouldn’t hold you back from securing a mortgage. We specialise in working with those with poor credit in order to improve their credit scores and secure a better deal on their mortgage. If you have previously been turned down for a mortgage and you think this is a result of your credit score, we can help.
Credit scores are only one part of a much bigger picture. Lenders also want to see that you have steady income, a good deposit and that your loan will be affordable. If you suspect that your credit score might be holding you back, get in touch with our team. You can read more about securing a mortgage with bad credit here.
Buy to let mortgages for pharmacists
If you want to diversify your income or start saving for your retirement, a buy-to-let mortgage can be an excellent option. If you are employed on a permanent contract, you should have no problem securing a buy-to-let mortgage. However, it’s worth shopping around for the best possible deal. Not all lenders offer the best deals upfront so it helps to work with a mortgage broker who understands the market.
How can Niche Mortgage Info help?
We can help pharmacists secure a mortgage in a number of ways. We have access to a range of specialist mortgage brokers, so we can offer a complete view of the market. We’ve worked with pharmacists in the past, so we know how to ensure you get a great deal on your mortgage. We can help you in a number of ways…
First, we can put you in touch with the mortgage brokers most likely to accept your application. We start with your unique situation and then match you to the best providers. Second, we can help you with the application process and ensure everything is in order before you hit submit. And finally, our website is a valuable resource for mortgage applicants who want to be more informed.
If you’re ready to start the mortgage application process with Niche Mortgage Info, get in touch using the link below today.