Mortgages for Dentists

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Mortgage advice for dentists

No matter what stage you are in the dental career, these is a mortgage that will be suitable for your unique situation. Mortgage providers are often keen to work with dentists as they have steady income and strong earning prospects. Whether you are newly qualified or running your own dental practice, you should have no problem securing a mortgage.

If you are a first time buyer, you should make the most of schemes available to you. These schemes can help you to boost your deposit, buy a percentage of a property or even borrow the money for your deposit. You can read more about first time buyer schemes here, and help to buy schemes here.

Dentists may also want to diversify their income by purchasing a buy-to-let property. This can provide additional income while you are starting your career. It can also provide an additional source of savings as you head towards retirement.

Getting a mortgage as a dental professional doesn’t have to be complicated. The first step is to understand your position. You should then work with a specialist mortgage broker like Niche Mortgage Info to help you find the best possible deal on your mortgage for dentists.

Read on to find out how to get a mortgage as a dentist at different stages of your career.
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Mortgages for dental students

If you are still in medical school and are looking to get on the property ladder, there are a few different options you could try. If you are nearing graduation and have your first job lined up, mortgage providers might be willing to offer you a mortgage provided you have a formal job offer and a healthy deposit.

In some cases, a guarantor mortgage might be more appropriate. You will need a family member or friend who is also a homeowner to agree to be your guarantor. They will have to pay the mortgage in the event you are unable to.

Mortgages for foundation dentists

As a foundation dentist, you will have a monthly salary and therefore lenders will treat you like any other borrower. Provided you have passed your probationary period and you are on a permanent contract, you should be able to borrow around 3-4x your annual salary.

Mortgages for associate dentists

As an associate dentist, you will be responsible for your own tax and national insurance contributions. As a self-employed individual, you will often need to provide at least one year of accounts as part of your mortgage application.

Lenders will look favourably on your position as an associate dentist as they will see that the opportunities for career progression are very strong. Working with an accountant is one of the best ways to streamline the process of securing a mortgage. This is because the accountant will be able to confirm your income.

Mortgage for principle dentists

As a principal dentist, you are responsible for your own practice. Rather than being self-employed, you are more likely to be the director of limited company or part of a partnership.

As above, you will need to provide at least one year of accounts as confirmed by your accountant. It’s important to choose a mortgage provider who understands your different sources of income, as some will not include things like like company retained profits in their calculations. You can read more about company director mortgages here.

Commercial mortgages for dentists

If you are looking to purchase premises for your dental practice, you may want to consider a commercial mortgage. Securing a commercial mortgage for your business premises can be beneficial as it ensures that your personal assets remain separate from your business assets. If you choose to go down this route, it’s important that you seek the advice of a specialist mortgage broker who will be able to put you in touch with the best possible mortgage providers for your needs.

Buy to let mortgage for dentists

If you are hoping to purchase a buy-to-let property, you will not have access to the same mortgage products. The terms of a buy-to-let mortgage often differ from that of a residential mortgage and it’s important that you understand the difference.

You will not be able to use any help-to-buy schemes and you may need to provide a larger deposit. The average deposit for a buy-to-let mortgage is 25% of the property value, although this can vary from 20-40%.

Mortgages for dentists with bad credit

Anyone can suffer from financial difficulties that lead to your credit score taking a hit. If you are looking for a mortgage and you are worried that your credit score will hold you back, your first step should be to speak to a specialist mortgage broker.

While lenders will look at your credit score as part of the lending decision, they will also look at your career, earnings and the size of your deposit. This means that poor credit doesn’t have to be the end of the road for your mortgage application. Many lenders will look past your credit score if you have a good career with high earning potential. We all have a credit past, and if your mortgage is affordable in your present circumstances, there is a good chance of getting your application accepted.

You can read more about bad credit mortgages here.

How can Niche Mortgage Info help?

Niche Mortgage Info is a specialist mortgage broker. We can help you in a number of ways.

First, we can put you in touch with the best mortgage providers for your unique situation. If you are looking for mortgages for dentists, we can advise you on the lenders most likely to accept your application.

Second, we can help you to understand the mortgage application process. Our website is an incredible resource for those looking to secure a mortgage. If you’re struggling to make sense of the process, you will find the answers on this website.

Get in touch today to find out how we can help you to find the perfect mortgages for dentists. 

Niche Mortgage Info is a guidance website and introducer and is not regulated by the FCA. All of the advisers we partner with work only for firms who are authorised and regulated by the FCA and specialise in a number of different fields. They will offer any advice specific to you and your needs. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice.

By making an enquiry you accept that your information will be passed to one of the specialists.