Mortgage for Consultants with a Private Practice
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Mortgage for Consultants with a Private Practice
Is there a specific mortgage for consultants with a private practice?
No, there isn’t a specific one, but some lenders have different criteria surrounding this. We’ve got the experience here of looking at complex income scenarios and getting the most out of them for our clients. That’s basically the key in working with these different lenders.
In terms of defining consultants in a private practice, these may be orthopedic consultants or surgeons, consultant anaesthetists, doctors or other surgeons with a private practice.
You may have set up a limited company and also have income from other employment – such as NHS income, bank work or locum work. NHS and healthcare income can be quite complex, but we have plenty of experience here to help our clients.
How quickly after making partner can I use the income for a mortgage?
If you are a partner in a private practice, most lenders need you to have a two year history. We deal with nearly 100 lenders, however, and a few would be comfortable to use just one year.
Can I factor in annual bonuses and dividends for a mortgage?
Yes, you can. Most lenders need two years’ evidence of bonuses or dividends. Again, we do have a small selection of lenders that accept one year’s bonuses and dividends too.
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Can I borrow more than five times my salary with a private practice consultant income?
We do have many lenders, so we can look at all the options. Some lenders will potentially go to 5.5 times income and as we speak today in September 2025, one could go to seven times income – although there are some very strict criteria surrounding that.
What deposit do I need for a mortgage as a consultant with a private practice?
A 5% deposit is normally the minimum with most lenders, although some lenders may allow a £5,000 deposit mortgage or a 100% mortgage with no deposit. Again, these have strict criteria.
With these, the lending multiples would generally be less. Considering the income levels of clients in private practice, you may want to borrow more than this approach would allow. We look at your whole scenario to see what options are available.
Is an interest-only mortgage a good option for a newly promoted consultant?
I wouldn’t say it’s the best option for most residential mortgages. Most mortgages are on a capital repayment basis, especially if you’re buying a property or moving home.
However, if you did really want an interest-only mortgage, we can help with that. Lenders would normally need 25% equity in a property or deposit for this.
How do lenders assess eligibility for consultants with a private practice?
They do assess it in a different way, which is why it’s best to come to a broker that deals with this specialist, niche market.
We’ll look at your whole income scenario to get the maximum we can for you, because all lenders assess it differently. We would look at the whole picture to give you a specific answer.
How long does it take to get a mortgage Decision in Principle for a consultant with a private practice?
Normally, when I’ve looked at the whole picture for you, we can apply for and get a Decision in Principle the same day.
What else do we need to know about mortgages for consultants with a private practice?
We’ve covered most things, but there may be other questions that come into people’s minds. Just pick up the phone and give us a call anytime – we’ll run through it all with you. We’ll find out all the details from you and look at what your borrowing would be.
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