Mortgages for Dentists

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Dentist mortgages are usually easy to find, as long as you know what you’re looking for. Mortgage lenders usually welcome dentists, so it’s just about comparing your options to find the best deal.

Mortgages for Dentists – finding a good deal

Dentists’ mortgages are not usually too difficult to find, as long as you have a clear idea of what you’re looking for. Mortgage lenders usually welcome dentists, so you should find some good, competitive options.

What mortgages are there for Dentists?

Dentists are typically good candidates for mortgages. You are usually well paid, employable, and can be expected to pay back the loan on time.

You should be able to find lots of options to compare – whether you’re a First Time Buyer, are moving house, planning to remortgage, or looking for Buy to Let mortgages.

The first step is to narrow down the type of mortgage products that will suit you best. Decide whether you would prefer a fixed-rate mortgage, or if a variable rate is acceptable. You will also need to choose between a repayment or an interest-only deal.

Each mortgage type has its pros and cons – we will help you explore the options.

How do lenders decide the size of mortgages for Dentists?

There are lots of factors that influence how much you will be able to borrow, such as:

The more deposit you can put down towards a property, the better the interest rates a lender will offer you. Typically, a deposit is around 10% of the property value, but if you can contribute 15% or more you’ll get better rates.

Your income is a very important factor, as it directly affects how much you can borrow. Most lenders will offer you around four times your salary. You will need to prove your income as part of the application.

Credit history
Mortgage lenders will check your credit score when assessing you for a loan. If you’ve had any credit problems in the past, your mortgage will probably have higher interest rates. If the credit issues are recent, or serious, many lenders won’t take your business.

Your employment status
Your employment status affects the mortgage too. How you prove your income depends on your employment structure. You simply supply payslips if you’re employed, self-assessment forms if you’re Self-Employed, or practice accounts if you run your own dental business. The difference that this makes will depend on the company’s lending criteria.

Lenders will ask about your marital status and whether you have children, to understand your income, spending, and how affordable the mortgage will be to you.

Type of property
The home you’re buying can also affect your mortgage application. Different rules apply if the property is a flat above a business, if it’s a listed building, or if it needs a lot of construction work.

For most mortgage deals, you will need to be under a certain age at the end of the term – the limit is typically 75.

Mortgages for Self-Employed Dentists

People frequently presume that it is more difficult for the Self-Employed to get a mortgage. For Dentists this isn’t usually a problem – many mortgage companies provide financial services to Self-Employed customers.
It also depends on how your self-employment works. A sole trader normally provides 1-2 years’ self-assessment records to confirm their annual income. Meanwhile, if you have created a limited company for your dental practice you usually need to supply recent years of accounts.

How can Mortgage Brokers help?

It’s important that you can comfortably afford the repayments on your mortgage. Shopping around will help you find the most competitive deals, but comparing all the options can be time-consuming and complicated.

CD Financial is here to do all that hard work for you. We start by getting to know you and your property plans, and then we research dozens of lenders and mortgage products. We’ll compare all the options for you to help you make an informed decision.

Then, we support you through your property purchase, chasing up lenders, solicitors and doing anything we can to keep things moving. We keep in touch with you throughout so that you know what’s happening at every stage.

As Appointed Representatives registered in England, we are authorised and regulated by the Financial Conduct Authority. We’ve helped many dentists find a good mortgage deal. Call our registered office today to start your home-owning journey.