Fox Davidson are a professional mortgage brokerage specialising in mortgages for vets. We work members of the British Veterinary Association to secure mortgages for qualified and practicing veterinary surgeons.
Fox Davidson offer insightful, expert mortgage advice across the UK.
Mortgages For Vets: Key Criteria
- 1 year’s accounts
- Recent change from sole trader or LLP to Incorporation
- Recent change to partner status (with small % of the LLP)
- 95% loan to value
- Up to 6 x income
- Utilisation of retained profits
- Ability to use the latest years income in isolation (rather than average over 2/3 years)
- Short term contractors – Annualisation of the day rate
Frequently Asked Questions
Can vets get a higher mortgage?
Vets are classed as professionals and as such can secure larger mortgages but also preferential rates from some UK professional mortgage lenders. It is possible to secure up to around 6 x income. Mortgage lenders may also be able to use projected earnings for the right clients.
How much can you borrow with a professional mortgage?
A professional mortgage will allow for income multiples up to 6 x UK taxable income for a professional. Professional occupations that qualify include accountants and veterinary surgeons.
Are professional mortgages worth it?
Professional mortgages allow applicants to secure preferential rates, increased loan to values and increased income multiples. Professional mortgages are worth exploring as they are maybe the difference between being able to buy a property or not.
Can I use retained profits to get a mortgage?
Some UK mortgage lenders will use retained profits in their calculations. It is possible for some lenders to utilise gross profit before tax and many more will use profit after tax. This is beneficial for someone who does not draw all their income in dividends.
Are Mortgage Rates Higher For Self-Employed Professionals?
Mortgage rates are not higher for the self-employed. There is no difference between the rates banks offer employed and self-employed professionals. The way income is treated is the only difference.
Can I Get A Mortgage With 1 year’s Self-Employment?
If you are self-employed, it is possible to secure a mortgage with just one year’s proof of income.
UK mortgage lenders will also look at clients who have recently incorporated their business or moved from employed to partnership status within the same company.
Also Read: How To Get A Professional Mortgage
To discuss mortgages for vets and members of the British Veterinary Association, please contact Fox Davidson using the enquiry form above or by email email@example.com. You can also call us on 01179 897950.
A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.