Can a Vet Get a Mortgage?

So, you work as a vet. It’s a well-paid and respectable profession, so you’ll have no problems when it comes to getting a mortgage, right? Not exactly. It might come as a surprise to learn that your profession can bring challenges when you’re searching for a mortgage. This is because standard lenders aren’t up to speed with how vets get paid, which can lead to a failed mortgage application. This is not what you want when looking to step on or up the property ladder. If you are a vet who is on the hunt for a mortgage, you need to read this guide from our experts here at Professional Mortgages. The Challenges Vets Face in Getting A Mortgage As mentioned above, traditional lenders often get confused by how vets are paid despite being higher earners. This is because there are various ways that vets can earn a living, and not all of them are straightforward. How you work as a veterinary professional dictates how you’ll be expected to prove your affordability for a mortgage. Employed Vets For vets who are employed, getting a mortgage is quite straightforward, as you should be able to prove your affordability easily. You’ll just need to provide lenders with evidence of payslips for three months, your bank statements and P60. If you are newly employed though or newly qualified, you may not have the evidence to back up your application, which can lead to problems as traditional high street lenders just take your details at face value. Newly Qualified Vets Newly qualified vets might face problems as they may not have the payslips or history to support their applications. If you are newly qualified and going alone by starting up your own business and being self-employed, you will have little to no account history to show lenders, which can cause issues. Self-Employed Vets If you are a self-employed vet or you run your own veterinary practice, this is where things can get tricky if you are relying on high street lenders. Usually, lenders will need you to provide your self-assessment tax return (SA302), bank statements, two to three years of accounts, your profit projections for the upcoming year, and evidence of your existing profits and dividends. If you are newly self-employed or haven’t been running a practice for long, it is unlikely that you’ll have this evidence available to show lenders, which can lead to rejection. How We Can Help The good news is help is at hand. While securing a mortgage for vets might seem daunting, it doesn’t have to be if you look in the right places. This is where Professional Mortgages can help you. It doesn’t matter if you are a first-time buyer, are looking to relocate, upsize, downsize, remortgage, or anything else, securing a mortgage on terms that work for you is possible with us. We’re a team with over 20 years of experience helping professional vets get on and up the property ladder. Reach out to our friendly and expert team today.