Getting a mortgage on the DClinPsy

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amypsych57
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Joined: Wed Apr 27, 2022 7:54 pm

Getting a mortgage on the DClinPsy

Post by amypsych57 »

Hello! Not sure if this is the correct section for me to be posting this, but hoping I can get some advice from people who have been through this process. 🙂

I'm very fortunate to be starting training this September and I wondered if anyone could help me with some questions about getting a mortgage as a trainee clinpsy:

(1) How soon into your first year have people been able to get mortgages?! I wasn't sure if you need to wait until you've been in the role for 3-6 months or passed your probationary period (unclear if there is one?).

(2) Does it help if you've had no break in employment with the NHS before starting training, or does it not matter? I'm currently in an NHS role (different trust to my employing trust during training) and would prefer to take a 1-2 month break before starting training, but would be good to know if makes a big difference...

(3) Have people encountered resistance from mortgage providers on the basis that training is a 3-year fixed term contract (rather than a permanent contract)? If so, what information have you been able to provide to reassure them? I would be looking to get a mortgage with my partner, so it would be on the basis of our combined incomes.

Thank you so much!!!!
EAB
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Joined: Fri May 03, 2024 9:37 pm

Re: Getting a mortgage on the DClinPsy

Post by EAB »

I'm also in a similar position and keen to hear experiences! I was hoping once we had a contract through there might be some movement (but maybe that is too optimistic!).
han10
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Re: Getting a mortgage on the DClinPsy

Post by han10 »

Congratulations on your place. My experience of getting my first mortgage while a trainee is 11 years old now so may or may not be relevant. But in relation to your third point I got my first mortgage in third year, 9 months before leaving the course and with no onward job lined up at that point, so my fixed term contract was down to 9 months. 3 years is relatively long in terms of fixed term contracts so I don't think it will be overly prohibitive. It will only be one factor in deciding a mortgage. Have a look at the general advice around getting a mortgage on a fixed term contract.

I don't know if having a break would influence it at all - they are looking at ability to pay going forward so I'm not sure how much relevance it would have aside from them looking at your credit history etc.

Sorry my experience isn't relevant to point 1.

We spoke with an independent mortgage advisor when we first bought a house which we found really helpful as it was very daunting - it might be worth looking at that as an option?
amypsych57
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Re: Getting a mortgage on the DClinPsy

Post by amypsych57 »

han10 wrote: Wed May 15, 2024 1:06 pm Congratulations on your place. My experience of getting my first mortgage while a trainee is 11 years old now so may or may not be relevant. But in relation to your third point I got my first mortgage in third year, 9 months before leaving the course and with no onward job lined up at that point, so my fixed term contract was down to 9 months. 3 years is relatively long in terms of fixed term contracts so I don't think it will be overly prohibitive. It will only be one factor in deciding a mortgage. Have a look at the general advice around getting a mortgage on a fixed term contract.

I don't know if having a break would influence it at all - they are looking at ability to pay going forward so I'm not sure how much relevance it would have aside from them looking at your credit history etc.

Sorry my experience isn't relevant to point 1.

We spoke with an independent mortgage advisor when we first bought a house which we found really helpful as it was very daunting - it might be worth looking at that as an option?
Thank you! That's really helpful to know. :)
lozzyhickers
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Re: Getting a mortgage on the DClinPsy

Post by lozzyhickers »

I got a mortgage in my 3rd year, and personally had real difficulties with your 3rd point. I kept reassuring the providers of the employment rate (my course also re-enforced this in a letter), but they wanted an unconditional offer of employment before they approved. Luckily by this point I’d been verbally offered a role, but had to wait it out for a few months until all the HR stuff was done before it was approved. And even then they would only consider band 6 income as the was waiting on HCPC. Never again!
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miriam
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Re: Getting a mortgage on the DClinPsy

Post by miriam »

To a mortgage company, training is three years of guaranteed income that ends in a qualification that will increase your salary and make you a professional that is in shortage and will mean you have secure employment for the rest of your working life. So I'd go for it asap. The process will take a while, and there isn't a trial period in the NHS contract, so no need to wait.
Miriam

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amypsych57
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Re: Getting a mortgage on the DClinPsy

Post by amypsych57 »

Really helpful, thank you lozzyhickers and miriam!
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