On this article, tailor-made particularly for Medical Consultants, we delve into the distinctive monetary concerns you face, and the professional options supplied by Biograph Wealth Advisors
Through a real-life case research and complete insights, we discover mortgage choices, together with incorporating non-public revenue, leveraging contract modifications like Sláintecare, maximising overpayment advantages, and some great benefits of partnering with skilled advisors.
CASE STUDY: OUR FIRST TIME BUYER CLIENTS
Meet Sarah and John who’re First-Time Consumers. They returned house to Eire in the summertime of 2022 after John accomplished his fellowship in Canada. He rapidly secured his HSE appointment and commenced establishing his non-public follow.
For mortgage functions their revenue allowed the couple to borrow €900,000, nonetheless, the dream house that they had their eyes on meant they required a further €150,000 in financing. At Biograph we have now relationships established with the main banks and regardless of the everyday requirement to offer two years revenue tax returns for personal revenue inclusion into lending multiples, we efficiently secured the required finance required based mostly on simply one-year returns.
John was additionally keen to start out overpaying their mortgage as rapidly as potential so we positioned their enterprise with a lender who will permit a vast variety of overpayments on their mortgage with out penalty. This was on the situation that they didn’t redeem their mortgage in full whereas on the fastened charge contract. This feature might probably save our shoppers hundreds in curiosity funds and clear their mortgage in a shorter timeframe.
At Biograph we’re dedicated to offering a complete service. We performed an intensive market evaluation, rigorously evaluating lenders’ cashback affords with the bottom fixed-rate choices accessible. Fortunately, Sarah and John’s buy of a second-hand B-rated power house certified them for a ‘Inexperienced Mortgage.’ This distinctive alternative secured the lender’s lowest rate of interest, fastened for 3 years @ 3.80%, together with €21,000 cashback on drawdown and a further 2% off their month-to-month repayments till December 2030.
By selecting Biograph for his or her mortgage wants, our shoppers secured a bespoke mortgage resolution at no further price, as we’re remunerated by the lender. Our experience in collaborating with credit score groups to customize an answer displays our business expertise and dedication to at all times prioritising our shoppers’ wants.
Frequent pitfalls people encounter when making use of for a mortgage:
Lack of ahead planning: We encourage shoppers to contact us a number of months upfront of looking for mortgage approval. Taking a proactive method will help stop potential delays with the mortgage utility and guarantee a profitable end result.
Not clearly demonstrating reimbursement capability: That is the most typical pitfall we come throughout. Lenders will need to guarantee you possibly can comfortably afford the month-to-month repayments. This may be illustrated merely by amassed financial savings or constant hire funds recorded in your checking account, or a mixture of each. Lenders usually search proof of your reimbursement capability spanning no less than six months to gauge monetary stability.
Not having mortgage approval previous to bidding on a home: Failing to safe mortgage approval earlier than making a bid on a home could be detrimental. It’s essential to have pre-approval in place beforehand, because it’s usually one of many preliminary necessities requested by the property agent.
Prime mortgage concerns for Medical Consultants:
- How will returning to Eire after my fellowship issue into my mortgage utility?
When returning to Eire post-fellowship, it’s price noting that lenders acknowledge the appreciable time spent acquiring your qualification and creating your speciality earlier than securing your Advisor posting. Additionally they recognise your earnings potential from each private and non-private work and are ready to accommodate your distinctive circumstances which can not at all times fall inside their normal credit score insurance policies.
- How quickly can I embody my non-public revenue and what do I want to offer?
It’s normal coverage for lenders to request 2 years revenue tax returns if we’re looking for to incorporate this into the mortgage to revenue a number of. Nevertheless, if we have now one yr’s revenue tax returns, we are able to work with the lenders to offer an answer to satisfy your circumstances.
- I’ve modified to the Sláintecare contract, how will this have an effect on me?
By altering to the Sláintecare contract, you’ll have seen a rise to your earnings. With prime earnings on this contract at c. €260,000 you possibly can borrow over €1,000,000 for mortgage functions. The change of contract is kind of easy, and you’ll solely be required to offer 2 payslips based mostly in your elevated earnings.
- What are my overpayment choices?
Some lenders allow each common and lump sum funds, enabling a faster discount of your principal and a shorter mortgage time period. Whereas overpayment limits fluctuate, they provide alternatives for accelerated reimbursement. You will need to issue this into your concerns when making use of to your mortgage to make sure you maximise your mortgage advantages whereas additionally sustaining monetary stability.
Most lenders will permit a mortgage time period to age 70. While this may be useful for affordability functions on the outset, it’s the objective of most Consultants we meet to cut back (or stop) their non-public follow lengthy earlier than then. Having a versatile mortgage ensures shoppers have the choice to overpay their mortgage while not being obligated to take action, making their objective achievable.
Why select Biograph Wealth Advisors over coping with the financial institution immediately?
We provide a variety of advantages that will help you safe the perfect mortgage to your wants.
- No Further Price: Our providers come at no further price. Biograph receives a remuneration fee from the lender on the profitable drawdown of your mortgage.
- Entry to A number of Lenders: Achieve entry to a various pool of lenders, supplying you with a wide selection of mortgage choices tailor-made to your particular necessities. You additionally obtain the identical aggressive charges and cashback affords as you’d have, had you gone on to the lender. Some lenders additionally deal completely by the advisor channel.
- Professional Recommendation and Steering: Our crew of educated consultants will information you thru the maze of mortgage merchandise, making certain you’re totally knowledgeable and updated with the newest choices available in the market. We now have a community of solicitors, valuers, surveyors and bespoke house insurance coverage suppliers to help our shoppers, who will all be required all through the method.
- Negotiation Energy: Having nicely established relationships with lenders, we have now the facility to barter phrases that may in any other case be exterior normal credit score coverage, serving to to safe approval that suit your distinctive scenario.
- Comfort and Timesaving: We deal with your complete mortgage utility course of in your behalf, from gathering documentation to liaising together with your accountant and solicitor, saving you helpful effort and time.
At Biograph Wealth Advisors, we delight ourselves on constructing sturdy relationships with our shoppers providing distinctive assist all through the mortgage utility course of. Over time, we have now had the privilege of aiding quite a few Medical Consultants in securing mortgages, incomes their belief and satisfaction by our devoted providers.
In our 2023 survey of our mortgage shoppers, we obtained a Internet Promoter Rating (NPS) of 94. NPS is a globally used buyer satisfaction metric that measures how probably your clients are to suggest your enterprise to a buddy or colleague. Above 70 is taken into account a prime percentile rating. 
Theresa O’Connor, Biograph Wealth Advisors
About Biograph
Biograph Wealth Advisors is a wealth administration firm and mortgage specialist positioned in Dublin 6. Our shopper base features a important variety of Medical Consultants, affording us a novel perception into the medical career.
For extra data please contact Theresa O’Connor at [email protected] or on 01 498 0007.
Biograph Wealth Advisors is regulated by the Central Financial institution of Eire.
That is an advertorial on behalf of Biograph Wealth Advisors.
Pic of Theresa O’Connor: Orla Murray / Coalesce
