As a qualified veterinarian, you’ve dedicated years of hard work to achieve your professional goals.
Your focus is on providing compassionate care to animals, not on endless hours spent researching mortgages.
That’s where professional mortgages come in. Designed for veterinarians, recognising the stability and earning potential of your profession, often leading to more favourable terms and streamlined qualification.
Whether you’re a seasoned practice owner, a recent graduate, or somewhere in between, there’s a mortgage solution out there that understands your unique circumstances.
In the following guide, we’ll break down everything you need to know about mortgages for vets – from eligibility and types of mortgages to maximising your chances of securing the best deal.
Understanding mortgages for vets
Mortgages suitable for vets can open the door to higher borrowing amounts, and more flexible terms.
As a trusted professional, certain lenders are happy lending you more than a non-professional borrower would be approved for.
They do this by using higher income multiples when calculating the maximum loan size. We cover this in a bit more detail here.
Why do vets get this special treatment?
Well, the truth is that it’s not just veterinarians that benefit, professional mortgages offer enhanced terms for many different occupations.
They’re made for highly qualified individuals in well-established careers, understanding that your income and career path might work a bit differently than the average person’s.
Eligibility criteria
Enhanced mortgages are available to fully qualified, practising and registered vets. Applicants must be registered with the appropriate UK professional body, and working in a field related to their profession.
Only vets who are registered with the RCVS can legally practice veterinary medicine in the UK. The RCVS establishes the educational, ethical, and clinical standards that all vets in the UK must meet.
As well as being a qualified veterinarian, you’ll need to provide evidence of your income and employment status to qualify.
To get a mortgage in the UK, you generally need to:
- Be at least 21 years old
- Live in the UK and have the legal right to work here
- Have a reliable source of income
- Have a decent credit history that shows you manage debt responsibly
Student debt is a common reality for vets, especially those just starting their careers. Don’t worry, this doesn’t automatically disqualify you. Lenders have ways of factoring in your student loans while still determining how much you can comfortably borrow.
Pop in a few contact details and a qualified broker will call you back when convenient.
Types of mortgage
You will have the full range of mortgages available to you. Although the specific choices will differ between lenders.
Residential
Residential mortgages are for the home that you live in. A purchase mortgage will allow you to buy a property and a remortgage switches an existing mortgage to a new lender.
Options are available for first time buyers, guarantor mortgages and JBSP mortgages.
Investment
Investment property mortgages would be for:
Interest rates
The actual rates will always depend on the lender but the main interest rate options are:
Fixed rate: Fixed interest rate mortgages are available in a range of different terms, usually between one and ten years. Once the fixed rate starts your monthly payments won’t be affected by interest rate changes.
Tracker rate: A tracker rate mortgage is a type of variable rate mortgage, which means that the interest rate you pay can go up or down in line with the Bank of England’s (BoE) base rate. Unlike fixed-rate mortgages, a tracker rate can change so the amount you pay each month could go up if interest rates rise.
Variable rate: Variable rate mortgages are linked to the lender’s Standard Variable Rate (SVR). The interest rate you pay will be set by your lender and won’t necessarily rise or fall in line with changes to the Bank of England Base Rate. Your repayments will change when the SVR changes.
Repayment methods
The repayment method is the way that you will pay the mortgage back. There are actually three different options but not all of these will be permitted by your lender.
- Repayment – The traditional capital and interest mortgage where you pay back some of the mortgage each month.
- Interest only – With an interest-only option you only pay the mortgage interest each month and nothing towards the capital sum.
- Part and part – A part and part mortgage is a combination of 1 & 2 above.
Mortgage term
The term is the number of years that your mortgage is setup for.
Traditionally, the standard mortgage term has been 25 years. With rising mortgage and housing costs borrowers are now choosing longer terms, such as 30 and even 40 years. These are sometimes called marathon mortgages.
The term will directly affect the monthly cost of a repayment mortgage, the longer the term, the lower the repayments.
How much can a vet borrow?
Professional mortgages allow practising vets to borrow larger amounts than standard mortgages. Lenders may offer income multiples of up to 5 or 6 times your annual income.
However, several factors influence how much you can actually borrow:
Income: Your salary or self-employed income, ideally demonstrated over several years, is the primary factor. Lenders may also consider dividends, potential bonuses, retained profits or projected income growth.
Deposit: The larger your mortgage deposit, the lower the loan-to-value (LTV) ratio, potentially unlocking better interest rates and increasing the amount you can borrow.
Credit Score: A strong credit score indicates financial responsibility and may result in lenders being willing to lend you more.
Affordability Assessment: Lenders will thoroughly assess your income and outgoings (including other debts) to determine how much you can comfortably afford to repay each month.
| Annual income | Income multiple | Maximum mortgage |
|---|---|---|
| £50,000 | 4.5 | £225,000 |
| £50,000 | 5 | £250,000 |
| £50,000 | 5.5 | £275,000 |
| £50,000 | 6 | £300,000 |
| £75,000 | 4.5 | £337,500 |
| £75,000 | 5 | £375,000 |
| £75,000 | 5.5 | £412,500 |
| £75,000 | 6 | £450,000 |
How much do mortgages cost?
The cost of a mortgage is affected by the loan size, the interest rate and the loan term.
You can use our mortgage calculator to accurately calculate the monthly repayments.
These pages may also be of interest:
Average Mortgage Payments: Understand what homeowners across the country are paying and how property location can affect your mortgage outlay.
Mortgage Repayments Guide: Learn more about the monthly cost of different mortgages, including repayment and interest only.
How much do you need to earn: We explain mortgage affordability and give a guide on how much you need to earn.
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How to apply
Choosing the right lender is important as not every lender offers mortgages tailored specifically for vets.
Before applying, ensure you have the necessary paperwork. This will vary depending on your employment status:
- Employed:
- Payslips (last 3-6 months) to verify your income
- P60
- Employment contract to demonstrate job security
- Self-Employed:
- Certified accounts (ideally the last 3 years, though some lenders may consider less)
- SA302 tax calculation forms to show your income history
An adviser who understands the complexities of professional mortgages is essential. They have access to lenders offering preferential rates and terms tailored to your profession, saving you time and effort in your search.
Before formally approaching a lender, you may want to test the water with a decision in principle (DIP). This is a mini application, that doesn’t affect your credit file, but does give a strong indication of how a lender feels about you.
It can then give you the confidence to move on to a full application, knowing what your borrowing limit is.
Whichever way you choose, your mortgage adviser will be there to help you.
Improve your chances of success
Getting yourself organised and ‘mortgage ready‘ before applying for a mortgage is one of the best things you can do.
Whether you are buying your first home or thinking of moving somewhere new, there are a number of ways that you can improve your situation, which will also speed up the mortgage process.
It’s really important to allow yourself enough time to gather everything together.
Credit status
Get a copy of your credit report. The report will show all sorts of credit related information and you need to make sure that it is all correct. Any errors need to be fixed.
Mortgage broker
Speak with a mortgage broker who is experienced in dealing with professional mortgages. They will be able to see how well you ‘fit’ a lenders criteria and can make practical suggestions and tips on how you can improve your situation.
Decision in principle (DIP)
Ask your mortgage adviser whether a Decision in Principle, or DIP, would be a good idea. Most first time buyers will benefit from one. A DIP or AIP will provide some extra confidence in your ability to borrow the size of mortgage you need.
Electoral roll
One factor that can greatly impact your mortgage application and creditworthiness is your presence on the Electoral Roll. The Electoral Register, is a comprehensive record of eligible voters in the United Kingdom. Am I on the Electoral Register?
Financial Associations
If you have previously applied for any type of credit with another person, the Credit Reference Agencies (CRA) will have ‘linked’ you to the other party. If an old or irrelevant financial association is still on your report, it is important to remove it.
Paperwork
Get your paperwork in order. The main documents needed are: Driving licence, Passport, Utility bills,
Last three/six payslips, Most recent P60, Company accounts, Self-assessment returns, SA302, CIS vouchers, Bank statements, Proof of deposit
Pay your bills
on time. (always)
Don’t apply
for any more credit before or during the mortgage application process. This could seriously damage your chances of being approved.
Credit limits
Stay well within your credit limits and if possible, reduce any debts held on credit cards or store cards.
Mortgage broker
Contact an experienced mortgage broker. Oh, we said that already. Don’t forget!!
How a broker can help
Your status as a professional may grant you access to exclusive rates or bespoke deals that general mortgage products don’t offer.
The best way to find and compare these specialist deals is by using a qualified whole of market mortgage broker. An experienced broker will do the research on your behalf, finding your ideal professional mortgage from over 100 lenders.
They will understand your industry, your pay structure and the lender’s that favour careers like yours.
Searching for your own mortgage is very time-consuming and can also be quite confusing. While some people are happy to do this themselves, others recognise the advantages of using a qualified broker.
To benefit from these specialised mortgages, you typically need to be employed in a recognised profession. Here are some of the key career paths that may qualify:
- Medical: including doctors, dentists, and pharmacists
- Legal: such as solicitors and barristers
- Financial: comprising roles like accountants and investment bankers
- Education: for instance, teachers
- Engineering and Architecture: including civil engineers and architects
You will need to be fully qualified, registered and practising in your profession.
Certain lenders may also consider other roles if they involve comparable levels of professional qualifications or responsibility.
Not so much better rates. More preferential deals with enhanced income multiples.
If you’re new to the profession then options are available. Remember that you need to be fully qualified and registered.
Yes, working as a locum vet still grants you access to these enhanced mortgages.
As a self-employed locum vet it’s common to dip in and out of work. Experienced advisers will be able to help, by selecting lenders who understand the nature of locum work.
Whole of market mortgage brokers can give you access to over 100 different lenders. In addition to that, they will know which of these favour lending to vets.
Many lenders only offer their range of professional mortgages through brokers and intermediaries.
Yes, professional mortgages are available for first-time buyers.
We work with one of the largest and most experienced independent mortgage brokers in the UK.
They have been experts in the mortgage industry for over 45 years, so they understand the challenges that professional clients can face when looking for a mortgage.
With qualified advisers based across the UK, they have the experience and expertise to help guide you through the complex process of buying a house, remortgaging, raising bridging finance or investing in the property market.
Fully FCA regulated, they have more expertise across more lending solutions than any other broker and have specialist teams in place to work with clients through every stage of their journey.
To get started please call us on 0330 030 5050 so we can match you to a specialist broker, or use the form below.
