Is it difficult to get a mortgage as a dentist?
Dentists often face challenges when applying for mortgages. This is because lenders and brokers may not understand your income. With a dentist’s income often made up of unpredictable drawings rather than a fixed salary, mortgage lenders may deem that a dentist is not able to make the minimum requirements to be granted a mortgage.
Dentist’s practices are typically set up as Limited Liability Partnerships (LLPs). Therefore dental surgeons usually take their income from as part salary and part dividends. Because this type of income can fluctuate, it poses a challenge for many mortgage lenders to fully understand.
Trainee and junior dentists might spend several years working for a lower income than other, more experienced colleagues. While your earnings potential is set to rise as they progress, applying for a mortgage will result in an application based on your current temporary earnings, rather than what you will be earning a few years from now.
When looking for professional mortgages for dental surgeons it is always best to speak with a mortgage advisor who has a good understanding of the way their incomes are made up.
How can we help with mortgages for dentists?
When it comes to applying for a mortgage for dental surgeons, dental therapists, and dental hygienists, it is important to get sound financial advice from people that understand the nature of your job and the way that your income is made up. With a greater understanding of the medical profession, we are able to draw from our extensive knowledge of mortgage lenders and products to be able to suggest the best mortgage.
Applying for mortgages can leave a mark on your credit file, and repeated failed attempts at securing lending will go against you in future applications. A mortgage lender’s decision to refuse your lending may well be based on their misunderstanding of your circumstances, rather than your current financial situation. Therefore it is important to first choose the right lender and secondly a mortgage broker that really understands your income.
We are able to help dental surgeons in a range of different situations, including:
Mortgages for self-employed dentists
Many dental surgeons will make the move from being a salaried professional to being self-employed. This is very common among those working within the private medical sector. Very often, if you will need 2 or 3 years’ worth of tax returns in order to prove your income. If you are unable to provide this because you have recently made the switch, then it represents a challenge. There are lenders, however, that will provide mortgages based on just one years’ worth of tax returns or accounts, or even accept a self-employed mortgage at any point within your first year in the role. We can help you by identifying these lenders and assisting with your application.
How much mortgage can a dentist get?
There are several different factors that will affect how much you will be able to borrow as a dental surgeon, dental therapist, and dental hygienists. Generally speaking, you should be able to borrow around five or six times your annual income, which is higher than in many other professions. This will vary depending on the specific lender, however, we will guide you to the best mortgages for you.
Do dentists get better mortgage rates (UK)?
Some lenders will offer more favourable mortgage terms and rates than others. There are some UK mortgage lenders that will offer special terms for dental surgeons. Overall, you are likely to be able to borrow more if you go with a mortgage provider that uses a greater income multiplier in order to decide how much they will lend you. Our no-fee mortgage broker will be able to help identify the best dentists mortgages.
Can Junior dentists get a mortgage?
Generally, junior dentists are on much lower incomes than many of their more experienced colleagues. This can lead to reduced lending. However, by speaking with one of our advisors, it may be possible to secure a bigger mortgage with more favourable terms. If you are a first time buyer mortgage lenders will be very keen to help you own your first home.
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How much will a mortgage broker cost me?
Although some mortgage brokers charge for their services there is such a thing as a NO FEE mortgage broker. These brokers get paid by the different lenders and do not make any additional charges. Google ‘Whole of market NO FEE mortgage broker’ and you will get a list of mortgage brokers local to you that do not charge.
Ask YesCanDo Money for dentist Mortgage Advice
Alternatively call, email or WhatsApp us at YesCanDo Money. We have arranged thousands of mortgages dental surgeons, nurses, student dentists and nurses, agency nurses, NHS bank staff, radiographers, and other health professionals. YesCanDo Money are whole of market which means we will be able to get you the largest mortgage with the best rate. We are also a NO FEE mortgage broker so using us will not cost you a penny!