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Dentist Mortgages – What you need to know
What mortgages are there for Dentists?
As a Dentist you’ll have access to the same wide range of mortgage products that are available to all applicants, however, you may find that as a professional mortgage applicant, you will enjoy the benefits of the Mortgage Lenders favour and trust.
Some lenders will specialise in offering mortgages to those working in Dentistry, and approaching this type of lender can ensure that you maximise the benefits that come along with your profession.
What factors can affect Dentist mortgage loans?
Although some of the following factors will apply to mortgage applicants in general, Dentists may more easily meet the requirements in these areas, as a result of their chosen career. This means that it could be easier to arrange your mortgage once you have qualified as a Dentist.
Typically the minimum deposit requirement for a Standard Residential Mortgage is between 5-10%, depending on the product. As a higher earner, however, if you can afford to offer more than the minimum requirement, you will benefit from more competitive interest rates.
One of the major factors a lender will consider is your affordability to make the repayments on your mortgage. Dentists can therefore benefit from their higher than average income, which may mean you can borrow a larger loan amount.
Mortgage Lenders who specialise in offering professional mortgages may be able to offer a higher multiple of your annual income, with some allowing up to five times your annual salary.
A very poor credit score can also lead to a refusal, even when you have a high income. However, this is less likely to happen if you approach the right lender for your circumstances. All applicants will benefit from checking their score prior to their application and making improvements, where necessary.
This is a consideration across the board, so if you’re nearing retirement age, it can be more difficult to secure a mortgage, regardless of your career choice.
As it can be common place in Dentistry to run a dental practice from home, if you’re considering this option, it’s important to note that you will need a specific mortgage type to reflect the mixed-use status of the building.
Many Dentists in the UK work for both the NHS and private clinics. While this likely provides you with a higher overall income, it’s important to consider that contract work, such as is commonly undertaken for the NHS, is viewed as less stable than a permanent PAYE role.
It is, of course, possible to get a mortgage when you have a range of employment types, however, it will narrow down your pool of Mortgage Lenders, as the application and calculations will be more complex. A specialist lender is much more likely to be able to facilitate this type of borrowing.
Number of dependants
Again, this is applicable to all applicants, and refers to the affordability calculation. Those with more dependants are likely to be able to borrow less, even when their income is very high, as they also have significant outgoings.
What mortgages are there for Self-Employed Dentists?
Self-Employed Dentists will generally experience more leniency than other Self-Employed borrowers, given that they are still employed in a trusted and relatively stable profession. A newly qualified Dentist may even be able to secure a mortgage prior to taking on their first associate role.
Whether you operate as a Sole Trader, Limited Company or Contractor, as a Self-Employed Dentist, it’s important to keep accurate accounting records. Particularly if you approach high street lenders, you may need to provide two to three years accounts as proof of income.
How can a Mortgage Broker help?
At Choice Finance, our Mortgage Brokers specialise in providing mortgage advice to professionals, such as Dentists. We can put you in touch with those lenders who are able to maximise the benefits of your chosen career path. Whatever your style of employment, we can find a lender to match your criteria and ensure that you obtain the most suitable deal available.
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.