Mortgages for Dentists

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As a dentist, no matter what stage you are in in your career, it can be difficult finding mortgage lenders who fully understand the nature of your profession. 

Whether you are self employed, belong to a private practice or work for the NHS, your job may present unexpected challenges when you’re trying to get on the property ladder. 

At Go2Mortgage, we’re here to help you find the perfect lender who understands your mortgage needs. 

Can I get a specialist professional mortgage as a dentist?

Whilst there aren’t any specific mortgages just for dentists, many lenders will offer professional mortgages for dentists. 

These lenders will usually offer exclusive rates and terms offered to dentists as they will be considered lower risk borrowers in the eyes of the lender.

As a dentist, you could expect to access lower fees and deposit requirements, better rates, increased overpayment options and even mortgage repayment holidays. 

What factors can affect dentist mortgage loans?

Although different lenders will use different criteria when assessing your mortgage application, the majority will focus on: 

  • Income requirements: The amount you earn and the source of your income can affect your choice of lenders. In some instances, a lower and less stable income can limit the range of mortgage lenders that are willing to lend to you. 
  • Deposit size: The size of your deposit can affect the rate and size of a loan that you may be offered. Having a larger deposit ready for a mortgage would mean that you own more equity in the property and would therefore need a smaller loan. This can lead to lenders offering a lower interest rate. 
  • Age: Some lenders can limit how much they will lend to retired or soon to be retired professionals because of concerns about how they will afford to pay off their mortgage with a limited retirement income. 
  • Property type: Certain properties and the materials used can affect whether or not a lender will approve a mortgage application.

What mortgages are there for dentists?

Depending on your personal and financial circumstances, there may be a variety of mortgage options available to choose from as a dentist. 

Each mortgage lender will use their own set of criteria to determine whether you’re an eligible borrower, so sometimes it is a case of taking time to find the right lender for you. 

Some are simply better positioned to cater for the needs of dentists. 

Mortgages for dental students

If you’re still studying but you're looking to get on the property ladder, there are a few different options open to you. 

If you are nearing the end of your degree and have your first job already lined up, some lenders may be willing to offer you a mortgage, provided you can provide a deposit and a formal job offer.

For some situations, a guarantor mortgage may be more appropriate. You will need a friend or family member who is also a homeowner to agree to be your guarantor. They will have to pay the mortgage if you fail to do so or are unable to. 

Mortgages for associate dentists

As an associate dentist, you will be self employed and so 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 see that there is potential for career progression, and so will look favourably on your position as an associate dentist. 

Working with an accountant is one of the best ways to confirm your income which will streamline the process of securing a mortgage. 

Mortgage for practice principle dentists

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

You will need to provide at least one year of accounts confirmed by your accountant when applying for a mortgage. It is important to choose a mortgage provider who understands your different sources of income.

How can a mortgage broker help me get a specialist dentist mortgage?

By working with a mortgage broker, like ourselves at Go2Mortgage, you will be put in touch with the best mortgage advisors to suit your unique situation. 

If you are a dentist looking for a mortgage, we can advise you on the lenders who will be most likely to accept your application. 

At Go2Mortgage, we understand the mortgage application process can be difficult for some, but we strive on finding the best options on the market for you. 

FAQs about Dentists Mortgages

Can I get a buy to let mortgage as a dentist?

If you are looking to purchase a buy-to-let property, you will not have the same access to the usual mortgage products. The terms and requirements of a buy-to-let mortgage differ from usual residential mortgages.

With a buy-to-let mortgage, you will not be able to use any help-to-buy schemes and you may also need to provide a larger deposit of 25%, although the deposit can vary from 20-40%. 

Can I get a mortgage as a self-employed dentist?

Yes, you can get a mortgage if you are a self-employed dentist, but there may be some difficulties that arise with it. 

In general, lenders can be wary about self-employed borrowers as your income may not be as stable as someone who is employed by a company. 

However, there are some lenders who specialise in helping self-employed buyers get mortgages. 

Can I get a mortgage for dentists with bad credit?

If you are looking for a mortgage and you are worried that your credit score will hold you back, your first step should be speaking to our specialist team. 

While lenders do look at your credit score, they also look at other factors such as your career, earnings and the size of your deposit. This means poor credit is not the whole deciding factor for your mortgage application. 

Many lenders will look past your credit score if you have a good career with potential for high earnings.