When you are working in veterinary practice and looking for a mortgage, it’s likely that you will come across some obstacles when trying to find the right solution for financing your home.
A major reason for this is because in a lot of cases, mortgage lenders are not familiar with the way veterinary staff are paid.
Providing the right income confirmation to these lenders can become difficult – especially if you’re a Practice owner, self-employed or locum. This makes the process of arranging your own mortgage harder than it needs to be – let alone then finding one that is competitively priced.
As an example, here are a couple of the most common issues we’ve seen veterinary professionals come up against:
As a locum, most lenders will consider you to be self-employed. This can cause issues when applying for a mortgage because the lender will need to see three years’ proof of income from self-employed applicants.
We also find that some locums will dip in and out of this type of work to suit their lifestyle or training obligations. Unfortunately, this often doesn’t fit with the income history required by lenders.
If you have recently joined a practice as a partner or director, many lenders will consider you to be newly self-employed. As a result, typical high street lenders won’t consider a mortgage application from you for at least two years.
At ReSource Mortgages we are experienced in arranging mortgages for veterinary personnel and can take care of this on your behalf – removing the stress and ultimately allowing you to focus your time on caring for your clients.
Furthermore, we have the experience and expertise to source lenders that understand your profession and are more likely to offer preferential terms and lending criteria.
For locums, we work with lenders who understand this type of work and will accept shorter periods of income history. If you’re new in practice, we could arrange lending within your first 12 months in the role – rather than you having to wait two years.
This means that the whole mortgage process is streamlined for your benefit. Ultimately, we’ll ensure you get the lender that best suits your circumstances at the best possible price.