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Getting a mortgage as a veterinary professional

Here at Simple Fast Mortgage, we’re proud to provide trusted advice on mortgage products available to both veterinary professionals and surgery owners. While there are no specific mortgages for vets, there are benefits of using an advisor to assess your circumstances, helping you to secure the best loan possible. 

Lenders consider the job of a vet a professional occupation due to the extent of training required. A professional’s income is stable and the job security is high, so lenders will see your application as lower risk. As a result, some vets can find it easier to get a mortgage compared to other jobs. On the other hand, some vets can find it hard to get a mortgage if they are self-employed, are a partner in a veterinary practice, work as a locum vet or are newly qualified – this is where working with our experienced mortgage team can prove to be beneficial. Whatever your situation, our friendly team can explore the different mortgage options available for vets depending on the nature of their employment.

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Securing a mortgage for a veterinary practice

If you are thinking of setting up your own veterinary practice, and need to buy a dedicated property, it’s likely you’ll need a commercial mortgage. The process for applying for a commercial mortgage is very different to that of applying for a residential mortgage in terms of the documentation required, the lender’s criteria and the interest rates. Commercial mortgages typically have higher interest rates and you may have to put down a larger deposit, compared to a residential mortgage. If you’d like to convert part of your existing residential property to include a vet practice and need the finance to arrange this, it’s worth speaking to our team. Some lenders have restrictions over how much of your property can be used for business purposes and specialist rules tend to apply as these mortgages are regulated. Get in touch with our team for more information.

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Mortgages for self-employed vets: key criteria

If you’re a self-employed vet, the process for securing a mortgage is different than if you were employed by a practice. Most lenders will want you to have traded for a minimum of two years, although there are some lenders who will lend if you’ve only been trading for one. Lenders will typically ask for some of the following documentation to verify your income depending on how your business was set up.

  • Tax calculations and tax year overviews from HMRC (or your accountant)
  • Financial accounts prepared by your accountant
  • A reference from your accountant
  • Business bank statements
  • Personal bank statements

Our mortgage advisors will confirm what you will need to supply when you apply, and we’ll also detail the self-employed mortgages requirements too.

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How much can veterinary professionals borrow?

The loan a veterinary professional can borrow will depend on a variety of factors. These include your income, credit score, and personal finances although as a guide, on average you’ll be able to borrow approximately 4.5 times your income. There are some lenders who will allow you to borrow more but our team will be able to advise when you apply. Your employment status could also have an effect on how much you can borrow, especially if you are self-employed i.e. whether you are operating as a sole trader, LLP or limited company. They’ll also look at the property and how much deposit you can put down. For a full assessment of your circumstances contact us.

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Mortgages for vets: Why choose Simple Fast Mortgage to help secure your loan?

If you are a vet considering working with us, here are some of the reasons why you should choose us for your mortgage:

Market-wide advice on mortgages for vets

Our team has access to the full mortgage market to help you secure the best deal with lenders who specifically cater to veterinary professionals.

Access to specialist veterinary mortgage lenders

If you believe your income or your employment status could be an obstacle to securing a mortgage due the complex nature of your situation, a specialist lender might be a better fit. We have access to a wide range of specialist lenders and can usually find one who is the best fit for your circumstances.

Over 20 years of experience

 With more than two decades of experience in the mortgage industry, we’ve helped many vets find the mortgage that’s right for them.

Stress-free process

Buying a property for your business can be a stressful process, but it doesn’t have to be. When you work with us, we’ll take care of the details and we’ll liaise directly with the lender and any other third parties (solicitor, accountant etc.) so you can focus on what really matters.

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