MORTGAGE FOR GPs
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Andy Hopkins
Job Title: Partner | Mortgage Adviser
MORTGAGE FOR GPs
Andrew Hopkins explains the mortgage options for General Practitioners (GPs).
Podcast approved by The Openwork Partnership on 09/12/2025.
Are there any special types of mortgages available for GPs?
Yes, absolutely. Many lenders offer what’s known as ‘professional mortgages’, which are tailored to people in certain respected professions. Examples include doctors, dentists and pharmacists.
These professional mortgages often come with perks like higher income multiples or lower deposits, and a little bit more flexibility around underwriting.
That’s because lenders recognise the long-term stability and earning potential of a medical career, even if the income can look a little complicated at first.
Should GPs get a repayment or interest-only mortgage?
It’s a good question that’s not just relevant to GPs. Repayment versus interest-only comes into many different conversations.
For most doctors, though, I would say a repayment mortgage is the safer option. You’re paying down both the interest and the capital, building up the amount of equity in your property every month.
Interest-only mortgages make sense in certain cases, though. For example, if a GP has got a strong investment plan, or is expecting large lump sums later on – maybe from the sale of another property – interest-only might be viable. It does carry more risk, because you’re not reducing the loan itself.
At the end of the mortgage term, you’re going to have to pay the loan back one way or another. Ideally, you don’t want to be selling your home to do that, so repayment is the safer choice.
Why might GPs consider an offset mortgage?
An offset mortgage is really good for professionals who’ve got savings sitting in the bank. With offset, the savings are linked to your mortgage balance, so you only pay interest on the difference between the mortgage that’s left to pay and the amount you’ve got in savings.
It’s a way of making your savings work for you, by reducing the interest you pay every month. It’s very handy for doctors with irregular income, or those who might be building a fund for a private practice.
It just offers flexibility. You can access your savings when you need them, while still reducing your interest costs.
Should doctors choose a fixed or variable rate mortgage?
Again, this advice isn’t just applicable to doctors. It really depends on personal circumstances.
Many doctors prefer a fixed rate for peace of mind, because you’ll know exactly what your monthly payments are month in, month out. It helps for planning and budgeting purposes, especially with busy lives and fluctuating schedules.
Some might choose a variable or tracker rate, if they want the flexibility to make unlimited overpayments. You might potentially want to pay off large lump sums without incurring any early repayment charges. A variable rate mortgage can give you the ability to do that.
A variable rate mortgage is also going to help if interest rates drop. It’s a balance between stability and flexibility, where we will match a mortgage to a client’s risk comfort level and their long-term plans.
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How much deposit do GPs need for a mortgage?
Most lenders are still looking for around a 10% deposit. Doctors may get access to special schemes allowing for 5% deposits because of their professional status.
But the more you put down, the better the rate you’re able to get. Doctors shouldn’t feel they have to wait years to buy a home, and if you’re coming in with a small deposit, there will be options out there for you. You’re just always going to be better off with a larger deposit, as you’ll get better rates.
Do I need a mortgage adviser that specialises in doctors and GPs?
In my opinion, you do need a mortgage adviser that knows what they’re doing, given the complexity of doctors’ finances.
GPs really are unique – they can have multiple income sources, which could include NHS contracts. They could be doing locum work in addition to shares from a practice. Having an adviser that’s familiar with those complex scenarios and how to present the income correctly definitely helps. You will then be approved without any unnecessary stress.
It also saves you having to explain how locum income and practice income works. An experienced adviser just makes the process so much easier.
What advantages and disadvantages do GPs face after joining a GP practice when applying for a mortgage?
GPs in a partnership will often have a higher earning potential and a lot more control over their income. The downside is that many lenders treat them as self-employed, which means they will want at least two years of accounts or tax returns.
So, if you’ve recently joined a practice, there can be a short waiting period before you can borrow at full capacity. Having said that, lenders can be a little bit more flexible with GPs.
If you recently joined an established practice, some lenders can potentially look at the historic practice performance and derive your projected income from that. But it’s quite niche.
What income will be used to assess how much a GP can borrow? How may a GP’s income structure differ?
It’s similar to when a lender’s looking at an employed applicant versus a self-employed applicant. For salaried doctors, they’re going to look at your P60 and three months’ worth of payslips.
For locums or partners, lenders will treat you as self-employed, and you’ll need two years’ tax returns and profit shares from the partnership.
The tricky part is that a GP’s income can also include NHS work, private work dividends or practice profits – and not every lender understands that mix. That’s where a good presentation from the right adviser can make a big difference.
What is a GP’s employment status likely to be? If I own a share in a practice, does this make me self-employed?
Yes. You will be treated as self-employed, which means that lenders will assess your affordability based on your share of the profits rather than a salary.
It’s not a bad thing. It just means that you need the proper financial documentation and that two years’ history to achieve the borrowing you want.
Will my student loan affect my mortgage?
Yes, but not significantly. Lenders treat student loan repayments as a monthly commitment just like car finance or a bank loan. It may reduce your maximum borrowing a bit, but it definitely won’t stop you getting approved, subject to affordability. Given the earning potential in medicine, it’s rarely a deal breaker.
You’ve demonstrated how a mortgage adviser can help throughout this episode. Is there anything else you’d like to add?
We’ve covered the main points. One final bit of advice is that it really helps to speak to a broker early – as soon as you’re considering buying a property. That way, you can plan ahead.
For example, an adviser will explain when to apply if you’ve just become self-employed or joined a practice. Then you can manage your own expectations about how quickly you’re able to move.
We also help you structure your application and present it correctly to maximise your chances of being accepted, which will save you time, stress and potentially money.
Key Takeaways:
- Professional mortgages are available for GPs, offering perks like higher income multiples or lower deposits due to their long-term earning potential.
- A repayment mortgage is generally the safer option for most GPs, as it builds equity by paying down both interest and capital, unlike interest-only mortgages.
- Offset mortgages are beneficial for GPs with savings, as the savings are linked to the mortgage balance, reducing the amount of interest paid.
- The choice between a fixed and variable rate mortgage depends on personal circumstances; fixed rates offer peace of mind and easier budgeting, while variable rates provide flexibility for unlimited overpayments.
- It is highly recommended to use a mortgage adviser who understands the unique complexity of a GP’s finances, to ensure a correct presentation to lenders.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 09/12/2025.
