I am a doctor looking for a mortgage. Any advice please

iratira

As any younger Dr knows, stable employment is not something we experience for many years.
I'm in that boat but now have decided I want to get a mortgage.
Is there any bank/broker that takes into account the nature of a doctors work when issuing mortgages?
Any tips on who to approach?
I have a 15% deposit saved.

Vorsprung

Being a doctor is certainly in your favour but nothing is guaranteed these days. Shop around, with credit being tight beggars can't be chosers!

Forgot to add - some friends have had more luck with BOI lately, not sure of the details though.

RobFowl

BOI seem more knowlageble about the career path of Doctors than most other banks. Ulster bank used to specifically target Doc's but not too sure if they are actively lending here atm.

Shop around and maybe think about using a broker?

iratira

Thanks. I'll try boi. And maybe a broker. Anyone know any good broker for this purpose?
Its a pain trying to explain about why you are not in permanent work-another disadvantage of the profession.
I'm not looking for too much , about 210 k loan in the end. Hope fully they'll be understanding.
Cheers 4 advice

del85

Just out of interest (and hopefully it's not a "how long is a piece of string?" type question), what is a realistic amount that a junior doctor might seek to borrow when buying a house?

iratira

Good question. I've no idea. When I was an intern they were throwing credit at junior doctors. I would imagine that may have changed. I'm going to talk to a few banks so ill get back to you.
Anyone who is a junior doc get a mortgage lately ?

del85

Much appreciated. I've another couple of years left before I qualify, but it would be nice to have some idea of what lies ahead!

dissed doc

del85 wrote: »

Much appreciated. I've another couple of years left before I qualify, but it would be nice to have some idea of what lies ahead!

Expect to be able to borrow a maximum of 4-4.5x your basic salary, excluding on-call or other overtime payments.

nerrad01

dissed doc wrote: »

Expect to be able to borrow a maximum of 4-4.5x your basic salary, excluding on-call or other overtime payments.

So about 136ish max...jesus wont be getting much for that. just out of curiosity how much could you expect to earn including overtime and on-call payments on average?? (providing you actually get paid it)

del85

Thanks dissed doc.

So in your experience they don't take future earnings etc into account when assessing medical graduates? It's the same criteria as used with any other loan applicant?

dissed doc

del85 wrote: »

Thanks dissed doc.

So in your experience they don't take future earnings etc into account when assessing medical graduates? It's the same criteria as used with any other loan applicant?

From they way it's going which is like the UK, no, they won't. You will be assessed on your temporary contract (6 months still, even though you are on a scheme) and standard salary, possibly with some notional extra for overtime but as it's not guaranteed or predictable, they will not necessarily include it (this is actually helpful for you). In the UK they used banding in contracts so banks could predict the salary but in Ireland they know that the HSe may simply stop paying overtime.

Future employment is as a consultant; you have a 10% of achieving that in Ireland (roughly 1 in 10 Irish medical graduates work as consultants in Ireland for their careers) and salary is around €4,500/month after taxes for new consultants. There is no legal way to earn over this amount as the HSE by contract forbids any consultant from working outside the HSE at any time (even on your own "free" time they reserve the right to roster you on work as they see fit).

highcream

Does that net salary per month include private patients or is it just the public salary?
That salary is very good though i wold have expected it to be a lot more for a newly qualified consultant

dissed doc wrote: »

From they way it's going which is like the UK, no, they won't. You will be assessed on your temporary contract (6 months still, even though you are on a scheme) and standard salary, possibly with some notional extra for overtime but as it's not guaranteed or predictable, they will not necessarily include it (this is actually helpful for you). In the UK they used banding in contracts so banks could predict the salary but in Ireland they know that the HSe may simply stop paying overtime.

Future employment is as a consultant; you have a 10% of achieving that in Ireland (roughly 1 in 10 Irish medical graduates work as consultants in Ireland for their careers) and salary is around €4,500/month after taxes for new consultants. There is no legal way to earn over this amount as the HSE by contract forbids any consultant from working outside the HSE at any time (even on your own "free" time they reserve the right to roster you on work as they see fit).

RobFowl

highcream wrote: »

Does that net salary per month include private patients or is it just the public salary?
That salary is very good though i wold have expected it to be a lot more for a newly qualified consultant

The new contracts being issued usually do not allow any private practice.

dissed doc

highcream wrote: »

Does that net salary per month include private patients or is it just the public salary?
That salary is very good though i wold have expected it to be a lot more for a newly qualified consultant

Unless there is a special case for a Type B contract, you will only be offered a Type contract (i.e., no private, public-only, no legal entitlement or right to practice outside of your HSE employment at any time, any hours).

ThatDrGuy

dissed doc wrote: »

From they way it's going which is like the UK, no, they won't. You will be assessed on your temporary contract (6 months still, even though you are on a scheme) and standard salary, possibly with some notional extra for overtime but as it's not guaranteed or predictable, they will not necessarily include it (this is actually helpful for you). In the UK they used banding in contracts so banks could predict the salary but in Ireland they know that the HSe may simply stop paying overtime.

Future employment is as a consultant; you have a 10% of achieving that in Ireland (roughly 1 in 10 Irish medical graduates work as consultants in Ireland for their careers) and salary is around €4,500/month after taxes for new consultants. There is no legal way to earn over this amount as the HSE by contract forbids any consultant from working outside the HSE at any time (even on your own "free" time they reserve the right to roster you on work as they see fit).

Dont forget the shake downs:

Medical Council Fees
Malpractice insurance Fees
Royal College membership Fees
Continuing professional development Fees
Conference attendance and course Fees
George Mc Niece retirement club Fees

The first months salary will probably evaporate from these fees.I put them
in capitals because they are not cheap.