Fee Free Mortgage Advice for Doctors
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Thinking about a Fixed Rate?
You’re not alone! A fixed rate mortgage or remortgage will give you peace of mind, knowing that your mortgage costs are fixed for an agreed period of time. When you fix your mortgage rate whatever happens to interest rates, your monthly payments will stay the same for the agreed period.
Our fixed rate mortgage best buy table shows you some of the very best fixed rate mortgage deals on the market today.
Fee Free Advice
We won’t charge you any additional fees for our advice and service. Medical & Professional Money Management are committed to reducing the cost arranging your next mortgage.
No Fee Mortgage Advice for doctors
Compare and Quote
Mortgage rates and offers are constantly changing especially in the today’s climate. Fixed rate deal come and go very quickly as lender balance the need to offer competitive fixed rates with the short supply of funds available on money markets.
Medical professionals may often have more than one source of income. As a locum doctor or GP with a recent change in employment you may find lenders difficult to deal with.
We can source and arrange your next mortgage from the whole market and we have an exceptional reputation for customer service. Deal with us and we will guide you through the house buying process from start to finish.
Why choose us
Whole of Market Mortgage Advice*
We offer exclusive mortgage deals & rates
Specialist Medical Mortgage Advisers
Help securing loans of up to 5 times annual earnings
We do all the paperwork for you
Web, email, phone, in person…It’s your choice
Can we help?
You can contact an adviser by calling 0800 0029650 where an expert will talk you through your options.
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*We are not tied to a specific lender or panel and are allowed to source mortgages from across the whole market mortgage. Not all mortgage advisers are the same.
Today’s selected fixed rate mortgage best buy’s
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Your home may be repossessed if you do not keep up repayments on your mortgage
Doctors guide to fixed rate mortgages
When considering a fixed rate mortgage its important to take a balanced view of the pros and cons.
With a fixed rate mortgage the monthly repayment amount is fixed for a specified period. The fixed rate remains constant irrespective of changes to the Bank of England’s base rate or the lender’s standard variable rate.
The fixed rate period typically lasts for two to five years, although it can be longer. At the end of the fixed rate period the interest rate reverts to the lender’s standard variable rate. An early redemption penalty will apply should you wish to cancel your mortgage before the end of the fixed period.
Furthermore, many fixed rate mortgages ‘tie you in’ for longer periods. This is because an early redemption penalty is charged if you cancel your mortgage within a set number of years following the end of the fixed rate period.
Advantages of fixed rate mortgages
It is easier to budget for your mortgage repayments as you will know exactly how much you will be paying over the fixed rate period.
You can usually benefit from a lower interest rate in the first few years, freeing up money for furnishings, carpets or whatever else you want.
You are protected from any increases in the Bank of England’s base rate.
Disadvantages of fixed rate mortgages
Early redemption penalties will almost certainly apply, which may also extend beyond the end of the fixed rate period. This means you will be unable to change your mortgage during the ‘early redemption penalty period’ without paying a fee, which may be up to the value of six months mortgage repayments.
Consequently:
- During the fixed rate period you may miss out on a more competitive interest rate if the lender’s standard variable rate drops to less than the fixed rate.
- You may be trapped in an uncompetitive rate once the interest rate reverts to the lender’s standard variable rate.
- You will normally have to pay an application fee when arranging your fixed rate mortgage.
Please note. This information is provided to give you an overview of the different types of mortgages available. It is not comprehensive and you should not base your mortgage decision on the information found here. We recommend you seek professional advice from us in order to determine the most suitable mortgage for you.
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