CW Capital — Make your money work for you

Case studies

Real-world medical journeys

Anonymised examples of the problems doctors bring us, the work involved and how they were resolved. Past outcomes are illustrative and not a guarantee of future results.

  1. Case Study 01

    ST2 doctor buys a first home on a rotation contract

  2. Case Study 02

    New consultant facing a tapered annual allowance charge

  3. Case Study 03

    GP Partner structuring private income and protection

Case Study 01

ST2 doctor buys a first home on a rotation contract

ST2 Junior Doctor, London deanery

Client
ST2 junior doctor, London deanery
Household
Single applicant, first-time buyer
Property
Two-bedroom flat, outer London
Deposit
10%, part family gift

The challenge

Two high-street lenders declined the application. Repeated rotations, short contracts and variable locum shifts meant their historical earnings looked inconsistent on paper, despite a confirmed training path.

Our approach

We placed the case with a specialist lender that underwrites medical professionals on their forward training contract. Affordability was assessed on the upcoming rotation salary plus a proportion of regular locum income, with the deposit supported by a documented family gift.

The outcome

A professional mortgage agreed at a higher multiple than standard criteria allowed, with no early repayment charge so the mortgage can move with the next rotation.

What we did, step by step

  1. 01Reviewed the two declined applications to understand exactly which criteria failed.
  2. 02Gathered the signed forward rotation contract, deanery confirmation and twelve months of locum remittances.
  3. 03Placed the case with a lender whose medical criteria assess the upcoming contract rather than historic payslips.
  4. 04Documented the family deposit gift correctly at the outset to avoid a late underwriting query.
  5. 05Arranged a product with no early repayment charge so the mortgage can move with the next rotation.

5.5x

Income multiple secured

Forward

Contract used for affordability

0%

Early repayment charge

“Two banks told me my contracts were too short and I assumed that was the end of it. Having someone who already knew which lenders understand rotations turned a dead end into an offer in a few weeks.”
“Dr Priya S.”, ST2 in general medicine, London deanery

Outcome
Offer issued 23 days after the first call, on a two-bedroom flat in outer London, at 5.5x income with no early repayment charge.

Case Study 02

New consultant facing a tapered annual allowance charge

Newly appointed NHS Consultant with emerging private practice

Client
Newly appointed NHS consultant
Income
Substantive post plus first-year private practice
Issue
Tapered annual allowance charge
Review cycle
Annual, before tax year end

The challenge

A substantive consultant post combined with the first year of private work pushed adjusted income into the taper. A significant pension input amount created an unexpected annual allowance charge and no plan for surplus income.

Our approach

We modelled pension growth across scheme years, applied carry forward from previous years, and used scheme pays where it was genuinely cheaper. Surplus income was redirected into ISAs and a diversified general investment account, with private earnings structured through a limited company alongside their accountant.

The outcome

The charge was reduced and funded in the most efficient way available, and a repeatable annual review process now tests the allowance before each tax year end.

What we did, step by step

  1. 01Obtained pension savings statements and calculated pension input across the relevant scheme years.
  2. 02Established adjusted and threshold income to confirm the extent of the taper.
  3. 03Applied three years of carry forward to reduce the excess before considering any charge.
  4. 04Compared paying the residual charge personally against scheme pays, allowing for the long-term reduction in benefits.
  5. 05Redirected surplus income into ISAs and a diversified general investment account, with private earnings structured alongside their accountant.

3 years

Carry forward applied

Scheme pays

Charge funded efficiently

Annual

Allowance review cycle

“The pension statement arrived and I genuinely did not understand what I was being asked to pay. Having it modelled year by year, with the cost of scheme pays spelled out, made the decision straightforward.”
“Mr James O.”, consultant anaesthetist, first year of private practice

Outcome
Three years of carry forward removed most of the excess; the residual charge was met through scheme pays, and surplus income now funds ISAs and a general investment account reviewed before each tax year end.

Case Study 03

GP Partner structuring private income and protection

GP Partner, mixed NHS and private caseload

Client
GP partner, mixed NHS and private caseload
Income
Partnership drawings, private and medico-legal work
Existing cover
Legacy policies, significantly under-insured
Structure
Remuneration strategy agreed with accountant

The challenge

Growing private and medico-legal income sat untidily alongside partnership drawings, and existing cover would have paid out far below the household's needs if illness stopped them working.

Our approach

Private income was moved into an appropriate structure with a clear remuneration strategy, and cover was rebuilt around real needs: own-occupation income protection with a deferred period matched to partnership sick pay, plus life cover written into trust.

The outcome

Cleaner income structuring, a meaningful increase in insured income, and protection held outside the estate for the family.

What we did, step by step

  1. 01Mapped all income sources and identified what was genuinely at risk if illness stopped clinical work.
  2. 02Moved private and medico-legal income into an appropriate structure with a clear remuneration strategy.
  3. 03Replaced legacy cover with own-occupation income protection, deferred period matched to partnership sick pay.
  4. 04Arranged life cover written into trust so proceeds sit outside the estate and pay out without probate delay.
  5. 05Set an annual review to keep cover in step with growing private income.

Own occupation

Income protection basis

In trust

Life cover written

Aligned

Deferred period to sick pay

“I had cover, but nobody had ever checked whether it matched what my family actually needs. The rebuild was uncomfortable reading at first and a considerable relief afterwards.”
“Dr Helen M.”, GP partner, three-site practice in the South East

Outcome
Insured income roughly doubled on an own-occupation basis, the deferred period matched to partnership sick pay, and life cover written into trust so it sits outside the estate.

Client names have been changed and identifying details removed at our clients' request, in line with our confidentiality obligations. The circumstances, work carried out and outcomes described are representative of real engagements. Figures relate to the individual circumstances described and are not a guarantee of future results.

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