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Mortgages for dentists

Author: Myles Robinson - Expert Finance Advisor

Posted: Jul 7, 2022

Mortgages for dentists

As a mortgage broker, we can give advice on your mortgage application if you are a dentist. We have a number of mortgage providers we can introduce you to who will ensure you have the best mortgage deal.

You are probably accustomed to giving expert advice to patients as a dentist. However, when it comes time to find a mortgage, it may be financially advantageous to seek out guidance.

It can be time-consuming to compare products and search the market for the best rates for dentist mortgages. This is especially true if you don’t know which lenders offer more favourable terms and conditions for those in this field of work.

Use our online mortgage calculator as a guide for your monthly repayments now

We are expert dental mortgage brokers

We have access to over 200 lenders in the UK to get you the best rates

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What kind of mortgage advice for dentists can we offer?

  • Advice for first-time buyers, including advice from newly qualified and self-employed dentists
  • We can arrange mortgage loans up to 95% with low deposit mortgages
  • Self-employed people will love offset mortgages
  • Remortgages: Get the lowest mortgage rate when your current deal is over
  • Mortgages to buy and let

What mortgages are available for dentists?

There may be several mortgage options available to you as a dentist depending on your financial and personal circumstances.

Remember that you may have been rejected for a mortgage in the past, but there might be other lenders willing to approve your loan.

Each mortgage provider will have its own criteria to determine if you are eligible to borrow. Sometimes it is just a matter of finding the right lender. Some are better equipped to serve the needs of dentists than others. As mortgage brokers, this is our job to find you a lender with the criteria you will meet.

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For first-time buyers and self-employed associates, mortgages

Many dentists want to be able to move up the property ladder as soon as they qualify. If you are self-employed, most lenders require you to have at least two years of accounts. This can prove problematic if your qualifications were made within the past three years.

Because we only work with dentists, we know which mortgage lenders have more flexible lending criteria. Your NHS associate-principal agreement may be used as income evidence in lieu of standard accounting.

What are the factors that can affect dentist mortgage loans

While lenders may have different criteria and guidelines for assessing your mortgage request, most will be focused on:

  • Deposit size
  • Income
  • Credit history
  • Age
  • Property type
  • Types of employment
  • Number of dependents

Size of deposit

Your deposit size can impact the interest rate and amount of the loan you are offered.

A larger deposit for a mortgage will mean you have more equity in your property and would need a smaller loan. This can result in lenders offering lower interest rates to some borrowers.

Talk to an advisor for advice about how much deposit you might need. Contact us today!

Income

Your choice of the lender can also be affected by the income you earn and where it comes from.

Sometimes, a lower income or a less stable source can reduce the number of mortgage lenders who may be willing to lend to you.

Lenders will lend up to 4.5x the borrower’s monthly salary.

If we took the average starting pay of a UK dentist, the numbers would be:

£31,355 + 4.5 = £141.097.5

There are also dentist mortgage lenders that will offer higher incomes than 5x the annual salary. In exceptional cases, they may even be willing to lend 6x.

There are many areas and specialist roles in dentistry. Each has a different salary, which can affect the amount of mortgage approval.

Age

Lenders may limit the amount they lend to retirees or soon-to-be-retired professionals due to concerns about their ability to pay the mortgage with a restricted retirement income.

Type of property

Lenders may not approve mortgage applications for certain property types or materials.

For advice on how to obtain a mortgage for non-standard builds, please make an inquiry

Our guide also contains more information on non-standard mortgages.

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Mortgages for self-employed dentists

Many general dentists are looking for a mortgage. They often combine NHS work with private practice.

A combined income of two sources will increase your annual earnings. However, in certain cases, lenders may be cautious about lending to self-employed dentists.

Income from contracts is less predictable than other sources, it can be difficult to predict how much you might earn in the future.

This can lead to uncertainty regarding your ability to pay your mortgage over the term of your loan agreement.

Sometimes, a lender might limit the amount they lend to you or reject your application for a mortgage loan for dentists.

If I am a dentist who is self-employed, will I be eligible for a mortgage?

Many self-employed dentists have trouble getting a mortgage. This is especially true if they make more than the average borrower.

However, specialist lenders may be able to help self-employed buyers obtain mortgages depending on their circumstances.

Our advisors have helped many self-employed professionals secure mortgages, even though they had less than two years of credit history.

For more information about how a self-employed dentist can obtain a mortgage, speak to a mortgage specialist.

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What lenders should I contact for a mortgage for a dentist?

Too many dentists make the mistake of applying for multiple dentist mortgages in a short time span because they aren’t sure which lenders will accept them.

This can however have a negative effect on your credit score.

Many dentist mortgage lenders will search your credit history. If you have applied to multiple lenders in a short period of time, this could indicate an urgency for financing or that you are being repeatedly declined.

Additionally, each lender has a different view on what makes a good borrower. This means that your application may not be accepted.

Each hard credit search in your file can leave a mark on your credit score, and this can remain on your credit report for up to two years.

No matter if the application is accepted or rejected, hard credit searches can have the same effect on your credit score/file.

Research dentist mortgage lenders before you apply

Lenders will examine your credit report carefully. Don’t apply for a mortgage unless you consult a mortgage professional.

Our brokers have access to the whole market, so they can view the rates and deals of all UK lenders. This includes Scottish Widows mortgages for dentists, and products from mainstream lenders as well as niche lenders.

They can help you determine which lenders are most likely to approve your loan by using their industry knowledge.

To find out the best lenders for your dentist mortgage, contact an advisor

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How can a mortgage broker help me with my home mortgage for a dentist?

Our advisors are mortgage experts who have helped many people like you. They will find the best rates for you and save you time and money by not wasting your time on mortgage applications.

Many paperwork is required for mortgage applications. Our advisors know that time is precious for working professionals.

They will manage all paperwork for you and ensure that it gets to the right departments promptly.

They also know which lenders offer the best rates and best deals for dentists so you can be sure that you are introduced to the right provider the first time.

We recommend dentists talk to a mortgage broker

We can answer your questions regarding home mortgages for dentists. You can also make an enquiry here.

Relax and contact us to find the right broker for you. There is no charge and absolutely no obligation to impact on your credit rating.

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