If you have built your career as a vet, you may be pleased to learn that you are in one of the professions that is most likely to be offered a preferential deal on your mortgage. You are likely to have access to bigger mortgages as a result of your career choice. Dealing with animals large and small in your everyday life isn’t the only perk of the job.
No matter what stage of your career you are in, if you are looking for mortgages for vets, you should be able to find a good deal. Whether you are newly qualified, working in a partnership, or the principal vet of your own practice, you will benefit from the advice of a specialist mortgage broker.
A mortgage broker with experience in your industry will be able to help you to navigate the mortgage landscape and ensure that you get the best possible deal. Read on to find out about mortgages for vets at different stages in their career. We will also offer advice on mortgages for those with poor credit, and buy to let mortgage options for vets.
Mortgages for trainee vets
If you are in university training to be a vet and you would like to get on the property ladder, you have a few options. If you will soon graduate and you already have a job offer lined up, some mortgage providers will be happy to accept your application based on your future potential earnings. With most newly qualified vets earning around £30,000, you should be able to borrow around 4x your annual income.
If you are unable to secure a mortgage in this instance, you could also look at the possibility of a guarantor mortgage. This will involve asking a friend or family member who is also a homeowner to co-sign your mortgage. They won’t be on the title deeds, but they will agree to be responsible for paying your mortgage in the event you are unable to do so.
Mortgages for newly qualified vets
If you have recently qualified as a vet and are looking to get on the property ladder, you should have no trouble securing a mortgage. Mortgage providers will consider you to be in permanent, full-time employment and you will have access to the same mortgage products as anyone else. It’s a good idea to wait until you have passed your probationary period before you submit your application. However, you could get a mortgage in principle to allow you to start looking for your dream home.
Mortgages for vets in partnership
If you run a veterinary practice as a partnership, you will be considered as self-employed. Mortgage providers will want to see between 1 and 3 years of accounts in order to make a lending decision. If your partnership is newly established, get in touch with Niche Mortgage Info to find out which mortgage providers will still consider your application. Some will take into consideration things like projected earnings from an accountant, or past accounts if you have taken over a veterinary practice.
Mortgages for principal vets
If you are the principal veterinary surgeon of your own practice, you will likely run a limited company. As the director of a limited company, your accountant will be able to provide information about your earnings to the mortgage provider. It’s important to approach a lender who understands how to categorise your income. While some will only consider your monthly salary, others will look at things like company retained profits in their calculations.
Buy to let mortgages for vets
Many vets expand their property portfolio with buy-to-let properties in order to diversify their income and add to their retirement pot. If you are looking for a buy-to-let mortgage as a veterinary surgeon, you will likely have access to a wide range of products. It’s important to remember that a buy to let mortgage will require a larger deposit than a residential mortgage. You will typically be asked to provide a 25% deposit, but this could also be as low as 20% and as high as 40%.
Mortgages for vets with poor credit
We all have a credit history, and sometimes our past behaviour leaves a mark on our records. If you are struggling with a poor credit score for whatever reason, it’s important to remember that this doesn’t mean the end of the road for your dreams of owning your own home. It can take up to 7 years for things like a CCJ to drop from your record. However, you don’t need to let this hold you back.
By approaching the right lenders and ensuring that everything else is in order, you could soon achieve your dreams of owning your own home. You can read more about mortgages for people with bad credit here.
How can Niche Mortgage Info help?
As a specialist mortgage broker, we understand your industry. We’ve worked with vets to help them secure the best possible deal on their mortgage. With our in-depth understanding of how veterinary surgeons work, we can provide up-to-date information about the best way to secure a mortgage.
We have access to a wide range of mortgage providers and can help to point you in the right direction. Even if you are in a unique situation, we can help advise you on the best way forward. There are three main ways we can help you in your search for the right mortgage.
- We can put you in touch with the best mortgage providers for your situation.
- We can advise you on the application process, ensuring that everything is in order before you hit send.
- Provide up to date information on the mortgage market. Our website is a valuable resource for those looking for impartial advice about the mortgage process.
If you are a veterinary surgeon looking for a mortgage, we can help point you in the right direction. Get in touch using the link below to take some of the mystery out of applying for a mortgage.