What You Need to Know
Summary
Working as a locum doctor, nurse, or healthcare professional gives you the flexibility and earning potential that many traditional employees don’t have. But when it comes to getting a mortgage, being a sole trader can sometimes make things trickier—especially if you don’t know where to look.
Many high-street banks prefer applicants with fixed salaries, which can lead to mortgage rejections or lower borrowing limits for sole traders. But the good news is that specialist lenders understand how locum income works, and with the right approach, you can secure the mortgage you need.
At Premier Finance London (PFL), we work with lenders who are comfortable lending to self-employed locums—even if your income varies from month to month. Here’s how it works.
Can Locum Sole Traders Get a Mortgage?
Absolutely! Being self-employed doesn’t mean you can’t get a mortgage—it just means lenders will look at your income differently. Instead of a standard payslip, they’ll need evidence of your earnings over time to assess your affordability.
The key to approval is knowing which lenders are best suited for sole trader locums—some banks may not fully understand your income, but others are happy to lend if you can provide the right documents.
At PFL, we work with lenders who:
✔ Accept sole trader locum income without unnecessary restrictions
✔ Consider your full declared earnings, not just salary withdrawals
✔ Offer mortgages with as little as 12 months’ self-employment history
✔ Provide flexible lending criteria tailored to self-employed professionals
What Do Lenders Look for in Sole Trader Mortgage Applications?
Unlike salaried employees, sole traders don’t have fixed wages, so lenders need proof of your earning stability. They’ll typically ask for:
📌 Tax Returns (SA302s & Tax Year Overviews) – Usually from the last 1-3 years
📌 Bank Statements – To confirm your income matches what’s on your tax returns
📌 Work History – Evidence of continuous locum work or contracts
📌 Annual Accounts – If prepared by an accountant, these can strengthen your case
The more financial history you can provide, the more mortgage options you’ll have. However, even if you’ve only been trading for a year, there are still lenders who may consider your application.
How Much Can You Borrow as a Locum Sole Trader?
Most lenders will lend between 4-5 times your annual income, but how they calculate that income depends on the lender.
👉 Example 1: Locum GP Sole Trader
- Declared income (latest tax return): £80,000
- Potential mortgage: £320,000–£400,000
👉 Example 2: Locum Physiotherapist Sole Trader
- Declared income (latest tax return): £45,000
- Potential mortgage: £180,000–£225,000
Some lenders will take an average of your last 2-3 years of income, while others use your most recent year—which can make a big difference if your earnings have increased.
Why Sole Trader Locums Should Use a Mortgage Broker
If you walk into a high-street bank as a self-employed locum, you might be turned away or offered a lower mortgage amount than you actually qualify for. That’s because some banks don’t fully understand self-employed income, meaning they may only consider part of your earnings.
At Premier Finance London, we:
✔ Work with lenders who understand sole trader income
✔ Help you present your income in the best possible way
✔ Find the most competitive mortgage deals for locum professionals
✔ Guide you through the mortgage process step by step
Even if you’ve been rejected before, don’t lose hope—there are still options available!
Ready to Get on the Property Ladder?
Getting a mortgage as a sole trader locum doesn’t have to be difficult. With the right lender and expert guidance, you can secure the mortgage you need and move into your dream home.
📩 Contact Premier Finance London today—let’s get you on the property ladder!
Why Use Premier Finance London?
Many high-street banks don’t fully understand locum income, meaning they could:
❌ Reject your application due to “irregular income”
❌ Ask for years of tax returns when it’s not necessary
❌ Only count a small portion of your earnings
At Premier Finance London, we help locum professionals by:
✔ Finding lenders who accept your full locum income
✔ Matching you with the best mortgage rates
✔ Guiding you through the application process smoothly
Get Expert Locum Mortgage Advice Today
If you’re a locum doctor, nurse, or medical professional, we can help you secure the right mortgage with the right lender—even if others have turned you down.
📩 Get in touch today and let’s make your mortgage process simple!
AS A MORTGAGE IS SECURED AGAINST YOUR HOME, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.