Locum Veterinary Surgeon Mortgage
- Access to competitive rates and some you can't get direct
- You will not be pushed from one adviser to another
- Quality, professional mortgage advice that you can trust
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Mortgages For Professionals with complex incomes through the main high street lenders
High street lenders typically provide more appealing rates, making them the preferred choice for many professionals seeking mortgage solutions. However, navigating the complexities of professional incomes can present challenges in securing loans from these lenders.
Professionals often assume they must seek alternative lenders due to the intricacies of their income streams. Yet, armed with a deep understanding of various payment structures, we confidently facilitate successful mortgage applications with high street lenders.
In fact, a substantial 93.4% of our mortgage applications are seamlessly processed through reputable high street lenders, showcasing our expertise in navigating complex income scenarios.
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MORTGAGES FOR SOLICITORS
Getting a mortgage as a solicitor can often be quite simple. However, if you are looking for a more specific option to suit your needs, Davidson Deem can help. Our expert team are here to provide you with quality advice and the best rates, something you would be highly unlikely to get from a standard mortgage.
If you are in the legal profession, we can provide you with specialist services, ensuring you receive a better mortgage for your needs. If you apply through us, lenders will individually assess and consider your circumstances instead of using a standard formula.
THE DIFFICULTY OF GETTING MORTGAGES FOR SOLICITORS
Fixed term contracts, overtime, variable income, and profit sharing are just a few examples of the mortgage obstacles you can face as a solicitor. Many mortgage lenders will only consider your initial salary when it comes to the success of your application. This will often result in you only being offered a low mortgage amount. By trusting our team at Davidson Deem, we will provide you with better opportunities and a higher mortgage loan to best suit your needs.
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BENEFITS OF MORTGAGES FOR SOLICITORS
Our lawyer mortgages are flexible in considering your circumstances and can offer you the following benefits:
Large Loan to Value Ratio- If you are a solicitor, you could receive up to 95% loan to value ratio.
Borrow More- Your additional income can be considered when applying for a professional mortgage. Because of this, you will have the opportunity to borrow a larger loan.
Considering Future Income- If you are a recently qualified solicitor, lenders will consider the reliable increases within your profession, allowing you to obtain a mortgage of up to 5.5 times your income.
Desirable Rates- As a solicitor, you could receive lower rates in comparison to traditional mortgage rates.
Different Mortgage Types- It is easier to obtain different mortgage types including re-mortgages, interest-only mortgages and part interest only, part capital & interest mortgages
OBTAINING MORTGAGES FOR SOLICITORS
At the beginning of our service with you, we will start by arranging an initial appointment where we will discuss your requirements. After this, we will advise you on how to obtain a professional mortgage based on your criteria. We can support you by offering our high-quality solutions at a reasonable cost. We have set our fee to £400 and this is only payable once we have obtained a formal mortgage offer from a lender. Find out more information on our charges, discounts and schemes today!
PROFESSIONAL MORTGAGES FOR SOLICITORS
For some of the best services from our expert team, get in touch with our specialist mortgage brokers on 01202 884111 today.
Locum Veterinary Surgeon Mortgage
Brian Keane explains how the mortgage process works if you are a locum veterinary surgeon.
What are the benefits of applying for a mortgage as a vet? Do vets get better mortgage rates?
Certainly one benefit is that lenders like lending to fully qualified professionals, such vets and doctors and dentists and so on. With the demand for vet services in the UK, lenders are keen and ready to lend to vets.
Every now and then, vets may get better rates. Most lenders will give better underwriting or slightly more relaxed underwriting to qualified professionals, and occasionally they’ll tweak their rates to get additional business on board.
What are the eligibility criteria for vets to qualify for a mortgage?
To access more relaxed underwriting and occasionally better products, lenders are looking for vets to be registered with the Royal the College of Veterinary Surgeons.
Lenders have a perception of what a client can afford to borrow, and they are prepared to stretch it a bit for vets.
Can vets get a mortgage without a substantial deposit?
Yes, within reason. Obviously, lenders change their criteria all the time, but as we speak in April 2025, one lender is prepared to accept a flat £5,000 deposit – that’s not even 5% of the purchase price. So, no, a substantial deposit isn’t required.
One thing to be aware of, for vets and anybody else going for a mortgage, is that lenders price their mortgages according to their perceived risk. The less deposit that’s being put in, the more at risk a lender will feel.
Somebody buying a property with a £5,000 deposit puts a lender at risk than when somebody is putting a £50,000 deposit in. They price according to that perceived risk.
With a £5,000 deposit, interest rates will be higher than with a 5% deposit, and rates with a 10% deposit will be better than with 5%.
As the deposit increases, the risk reduces – and also the competition for business increases – which means the rates available improve.
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How does the income of a vet affect the amount they can borrow for a mortgage?
All lenders will look at a client’s income and expenditure position, and then make a decision based on computer modelling and their own affordability tools.
They decide what is comfortably affordable based on that income and expenditure position. They tend to be more relaxed when lending to fully qualified professionals such as vets, and may consider lending slightly more than to a standard applicant.
The key thing is for lenders to be happy the mortgage is affordable based on their assessments. If you are an employed vet, that’s fairly straightforward – it just involves looking at pay slips, and perhaps even taking into account any pay rises due in the next few months.
Any bonus or overtime commission is also fairly easy to assess. If the vet has their own practice and is self-employed, whether they own a company, they’re a sole trader or in partnership with another vet, lenders will have different requirements. They can vary in how they assess income in those circumstances.
What factors do mortgage lenders consider when assessing the affordability of a mortgage for a vet?
It’s just like any other application. Any regular commitments are taken into account, whether that’s car finance, student loan payments or postgraduate loan payments. It’s not cheap to become fully qualified as a vet, and although some student debt is not too important, lenders will factor in any regular loan repayments.
Generally lenders are slightly more relaxed about earnings, and will allow for potential growth in income over the foreseeable future – which tends to be over the next 12 to 18 months.
What documentation is usually required from vets when applying for a mortgage?
All lenders need to identify clients under the Money Laundering Act, so you’ll need identification, a recent utility bill or bank statement. They then look at proving earnings, and that will really depend on the vet’s circumstances.
If they are employed, it’s generally the last few months’ payslips. To take into account a pay rise, we’d need an email from the company stating the new pay and when it’s due to start.
If the vet is self-employed, it’s best to let a mortgage advisor have a copy of the last couple of years’ financial accounts. If you don’t use an accountant, you’ll need to provide the last two years’ tax calculation summaries for your self-employed earnings, from tax returns.
If the mortgage is part of a particularly beneficial vet scheme, lenders may check your registration with the appropriate governing body such as the RCVS: the Royal College of Veterinary Surgeons.
Can veterinary surgeons with irregular income patterns get approved for a mortgage?
Yes. Most lenders will look at irregular income. Perhaps you’re a locum vet work for various different practices and you don’t have one base practice.
If the income is irregular most lenders will look at the last three months’ figures to work out what’s sustainable going forward. Some will look at the last six months, and some the last 12 months’ figures.
Lenders wouldn’t be doing a client any favours by lending them too much money – it only creates a problem for the client and the lender. So they’re trying to work out what is sustainable going forward.
They tend to average the last three or six months’ figures to use as your income. We really need a track record and sustainability to persuade a lender to give you the money. So if somebody’s just started locuming in the last month, that’s not going to be possible.
It would be a minimum of three, or more realistically, six months. The longer the period of time with irregular income, the better, because there’s more of a track record to prove your earnings.
Do vets have access to the same government schemes to buy property?
Yes. There’s nothing under any of the currently available government schemes that preclude vets or veterinary surgeons from having access.
How can a mortgage broker help here? Is there anything else you’d like to add?
A mortgage broker will know which lenders are more flexible and will perhaps be able to use earnings from the last three months or last six months, whatever the situation is.
We can explain to a locum vet that they need to have been working for this period of time, or showing these sorts of figures to be able to get a mortgage. We certainly smooth the process for anybody that wants a mortgage, but particularly somebody with irregular income, such as a locum vet.
You’ll get a good idea of what’s achievable based on your circumstances now and in future, once there’s another few months’ worth of figures available.
If you’ve got a regular income, we’ll explain how much you can borrow – and if you’ve got a particular budget in mind, we know which lenders to talk to. We know which ones have particular schemes for professionals, and help you tap into those particular schemes.
And every now and then, we get exclusive products from lenders in particular sectors, such as vet, dentist and doctor schemes. That’s where a broker can really help – for anybody, but veterinary surgeons in particular.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
