HGV Driver Mortgages

HGV Driver Mortgages: FAQs & Tips

Getting a mortgage as an HGV driver isn’t as difficult as you might think. However, as long as you have a good working history and a decent amount of unbroken employment, it isn’t as difficult as you’d imagine.

Here is everything you need to know about HGV Driver Mortgages.

Frequently Asked Questions About HGV Driver Mortgages

If you’re an HGV driver, you work hard and long hours. The last think you need is to be stressing about getting a mortgage. You might be wondering if your HGV driver salary will stop you from being accepted by lenders, or if you need a bigger deposit to buy your home because of your job.

Do HGV Drivers Earn Good Money?

The main pitfall when it comes to being accepted for a mortgage as a HGV driver is your salary. On a normal working week, a HGV driver in the UK can earn between £19k-£24k. At this base salary rate, a HGV salary is just below the national average, which may make it difficult to get a substantial mortgage.

However, often your salary can be topped up with over time, and your pay may also increase with more experience you have. So to get the best mortgage deal, you should look to find a lender who takes ALL of your earnings into account, not just your base salary.

Can I Get A Mortgage With Years Of Lorry Driving Experience?

Having a steady income and a lengthy period of unbroken employment will also help you as a HGV drivers access the same mortgages as anyone else. So if you can, aim to stay with the same employer or agency for a substantial period of time is very beneficial when it comes to taking out a mortgage.

However, if you are new to the profession, or have moved companies, you can still get a mortgage. There are lots of mortgage lenders in the UK that can provide a deal to suit. Although you may not be able to access them as a private individual. Many mortgage lenders will only deal with brokers, so if you’re new to the driving profession and want a mortgage, find a mortgage broker to help you access the best deals.

Is A Large Deposit Required For HGV Driver Mortgages?

As with any mortgage, having a healthy deposit is also a benefit. Although it isn’t necessary for a HGV driver to have a large deposit for a mortgage, the larger the deposit you have, the better deal you will get. It will help considerably if you have slight gaps in your employment or if you have only recently decided to venture into HGV driving as a career choice.

As tempting as it is to apply for a mortgage as soon as you hit the 5% deposit threshold, it can often be worth just waiting a few more months and making sure that you have as much deposit available as possible, to reduce the chance of being declined for a mortgage.

How To Get A HGV Driver Mortgage

Although many of the same rules apply to HGV Driver Mortgages as they do to mortgages for those in other professions, it can always be useful to seek advice if you’re unsure about what to do and how to apply for a mortgage, so don’t delay in contacting us if you need an extra bit of advice before starting your property buying journey.