Locum Mortgages
Summary
If you work as a locum doctor, nurse, or other medical professional, you might have been told that getting a mortgage is more difficult than for someone in a permanent job. Some lenders don’t fully understand how locum income works, making the mortgage process feel frustrating.
At Premier Finance London, we specialise in helping locum medical professionals get the right mortgage—where other lenders and brokers may struggle. If you’re a locum looking to buy a home or remortgage, here’s what you need to know.
Can Locums Get a Mortgage
Yes! Many lenders offer mortgages to locums, but not all lenders assess locum income the same way. Some will treat you like a self-employed applicant, asking for two to three years of accounts, while others will be more flexible. The key is choosing the right lender—which is where we come in.
At Premier Finance London, we work with lenders who:
✔ Understand how locum work and pay structures operate
✔ Accept as little as three months of locum work history
✔ Use your full income when calculating how much you can borrow
✔ Offer competitive rates tailored for locum professionals
How do Lenders Assess our Income
Since you don’t have a fixed salary, lenders will look at your income in different ways, such as:
📌 Payslips and bank statements – Showing consistent locum earnings over 3–12 months
📌 Tax returns (SA302s) – If you work as a self-employed locum
📌 Contract history – If you’re on short-term or rolling locum contracts
📌 Average earnings – Some lenders may take an average of your income over 12–24 months
Every lender has different criteria, so knowing which one to approach is crucial.
But how much can I borrow?
Most lenders will lend 4–5 times your annual income, but how they calculate that income depends on your situation.
👉 Example 1: Hourly Locum Pay
- You earn £50 per hour and work 30 hours a week
- Annual income: £50 × 30 × 46 weeks = £69,000
- Potential mortgage: £276,000–£345,000
👉 Example 2: Self-Employed Locum with Tax Returns
- Last 2 years’ declared income: £60,000 (Year 1) and £70,000 (Year 2)
- Some lenders will average this (£65,000), while others may use the latest figure (£70,000)
- Potential mortgage: £260,000–£350,000
Your borrowing power depends on the lender, so working with a specialist broker can increase your options. These figures are just for information and depend on your credit history and existing credit commitments
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.