Professional Mortgages: Preferable Mortgage Options for Veterinarians
As a veterinarian, you're likely classified as a professional. The range of mortgages available may seem vast, did you know that certain lenders offer exclusive rates and deals, tailored specifically for professionals like you?
What exactly is a professional mortgage?
While it's not a distinct product category, the term refers to mortgages tailored for professionals, offering exclusive rates and bespoke deals.
These mortgages recognise professionals as lower-risk borrowers due to their qualifications, predictable career trajectories, and reliable income streams.
While professionals can technically apply for any mortgage product, some lenders often extend preferential treatment, offering flexibility in eligibility criteria, income multiples and deposit requirements.
This favourable treatment stems from the statistically lower risk associated with professionals, prompting lenders to seek their custom with the offer of better mortgage terms and rates.
Many lenders offer specialised product ranges or discounts for professionals like veterinarians, but what can that include?
Increased borrowing
The average mortgage customer is usually only able to borrow between 4.5 and 5 times their salary, but for professionals, some lenders will stretch to 5.5 times salary, and even 6 times.
Lower deposit requirements
Your chances of getting a low deposit mortgage are higher when you’re classified as professional. Lenders ask for higher deposits where risk is present, but working in a safe profession helps to offset any risk.
Enhanced underwriting
Some lenders may provide an enhanced level of discretion in underwriting, particularly for unique cases that may have initially been declined elsewhere.
Exclusive Interest Rates
When it comes to interest rates, professionals generally receive rates similar to the general market. However, some lenders may offer exclusive deals with lower rates, particularly for those willing to put down larger deposits and with minimal risk factors like bad credit.
Are there professional mortgage benefits for self-employed vets?
For most borrowers registered as self-employed, typically lenders will be looking for between two and three years’ of your accounts to prove your income, as part of the average mortgage application.
Veterinarian professionals could get approved for a mortgage with just 12 months’ trading history, leveraging their acknowledged lower risk profile - useful if you haven’t been in your current role for long.
Accessing these exclusive deals requires strategic navigation of the mortgage landscape.
As mentioned, the ‘professional mortgage’ isn’t a distinct product category, often leaving it illusive to the layman as they navigate a mortgage process - but with our expertise and knowledge of the market, our team can help.