Mortgages for Dentists

Finding the right mortgage for dentists can be confusing and time consuming. This means it is a good idea to speak to an expert who understands both your job role and how this may affect your mortgage application.

There will generally be a number of key points to consider for dentists mortgages, such as your income. Many dentists have their own Limited Company so there will generally be certain elements such as dividends and company accounts.

If you’re not familiar with mortgage criteria and you don’t necessarily have time to find out how to get the best deal, then a dentists mortgage expert can make a huge difference.

We offer specialist mortgage advice from our team fully qualified experts to help you save time and money, with the right deal with our comprehensive panel of top lenders.

Statistics suggest that there were over 47,000 dental practitioners in the UK in 2021 according to statista.com. Over 80% of UK adults visit their dentist at least once every two years and nearly 90% of them visits every six months.

About mortgages for dentists UK

Every mortgage application will follow a similar process to find the best mortgage rates and deals for you. Mortgages for dentists can add a few extra complications as well as the fact that most dental practitioners are often extremely busy people.

There is over 100 mortgage lenders in the UK and potentially thousands of mortgage options at any time. Finding a good rate for dentists can be straight forward, but also can be difficult at times depending on your circumstances.

Some of the main areas that we specialise in with mortgages for dentists are:

Self employed dentists
Dentists with bad credit
Trainee dentists
Dentists with multiple income streams
New dentists

Main areas of expertise where we help with mortgages for dentists:

Self employed (sole trader)
Less than 3 years accounts
Poor credit
Employed (PAYE)
Newly qualified

Getting the best mortgage rates and deals can be confusing so this is where an expert like us can make a big difference.

Types of Mortgages from Essential

New Mortgage

When you buy a new home then you’re likely to need a mortgage which can be either as a first time buyer or a previous borrower. There are lots of things to think about when you buy a new home such as which types of mortgage work for you?
Remortgage

People will often remortgage their home several times which can save money or release equity. There are several reasons why you might want to raise money, such as home improvements, debt consolidation, or for big purchases.
Buy to Let

The property investment market in the UK is booming and there are more and more people looking at buy to let. You can use savings to pay for a deposit and buy an investment property to provide you with another income.

Home mortgage for dentists

The most common type of loan that we deal with is a home mortgage for dentists on a purchase or remortgage basis. Of course some dentists may still wish to take out other mortgage types, such as a buy to let mortgage.

Residential mortgages are usually the most simple types of mortgages to apply for, however the number of options can make it confusing. There are a few critical points to think about when applying for a home mortgage for dentists.

Some key areas are:

Type of mortgage rate
Fees and charges
Mortgage repayment type
Early repayment charges (ERCs)

Once you’ve decided which type of home mortgage that you want then you can narrow down the options to find the best deal.

For more information on buying a home with a mortgage CLICK HERE.

Mortgage advice for dentists

Seeking specialist advice from an expert in mortgages for dentists can make a big difference in time and overall costs of your loan.

Your mortgage advisor should have the relevant experience and expertise to be able to find the best mortgage or remortgage deals for you. This is especially true with a remortgage or equity loan where the loan is secured against your home.

A good understanding of mortgage advice for key workers such as dentists, means that we’re able to help you save time and money.

You should always make sure that your mortgage advisor has a good customer service rating and plenty of experience in your area.

Mortgage advice for dentists is similar to most standard applications apart from income and understanding your profession. Our experts know how difficult your job can be and how precious your time is so we’re here to help.

If unsure where to start with your application, you can CLICK HERE for our extensive mortgage application guide.

Mortgage brokers for dentists

Getting advice from a mortgage broker will usually give you a greater chance of getting a good deal and more options, with a better idea of the application process overall.

Most mortgage brokers for dentists will have a selection or a panel of lenders that will be ideal for your profession. You might be able to get a better deal based on your income and your credit history by applying with a mortgage broker.

We have over 50 top lenders and specialist lenders on our panel and we can search thousands of deals to save you money.

How does income work for dentists mortgages?

Of course when applying for a mortgage, lenders will want to check the applicant’s financial history, looking at factors such as credit score. Usually the most complicated element for finding a mortgage as a dentist is your income, which can often be complex.

As a dentist, you will often have multiple elements to your income which can impact your ability to get a mortgage quickly and easily. There are often several key areas where dentists income can be different to others.

Some of the most common income factors that apply to mortgages for dentists:

Self employed income where the borrower might have their own limited company or partnership. This isn’t usually an issue as long as you have at least three years of accounts for lenders to assess
Self employed with less than three years accounts is another area that we come up against when we speak to dentists. If you are newly qualified or have just started your own business then this can be a common issue. It’s not always a major issue and especially for professionals such as dentists with continuity in employment
Student loans and debts from qualifications is very common with dentists as it can be a long and expensive process to become a qualified dentists. Unpaid debts and student loans can have an impact on affordability when applying for a new mortgage or remortgage

Our qualified mortgage experts specialises in helping dentists with complex income to get the best mortgage deals.

If a self-employed dentist an SA302 is a great way to evidence your income to lenders. For more information on this topic, CLICK HERE for our guide.

Mortgage for new dentists

If you have just qualified as a dentist then you might not have a full history to get the best deal on mortgages for dentists.

There are sometimes other options with mortgages for new dentists if you don’t have sufficient income or credit history. Getting your foot on the property ladder can be far more cost effective than renting a property.

Some options for a mortgage for new dentists:

Guarantor mortgages (e.g. parental guarantee)
Joint mortgages (e.g. partner or friends)
Shared ownership

Getting the best mortgage for new dentists is usually just a case of knowing what your options are and how to find the best solution.

Mortgages for self employed dentists

One of the most common types of mortgage for dentists is for those who are self employed or have a business partnership.

It is generally the case that most dentists will have their own dental practice or will be in a partnership with someone else. You will be able to get a mortgage more easily if you have at least three years accounts.

If you have your own business then some of the key areas will be:

Accounts
Accountants reference
Company trading history
Salary and dividend
SA302s

Our experts also has many years of experience in reading and assessing self employed income or business accounts. We will help you to find the best mortgage deal with your income history.

For more information about securing a mortgage when self-employed CLICK HERE.

Best mortgage lenders for dentists

There are over 100 different mortgage lenders, which includes the most well-known high street banks and building societies.

We know how difficult it can be to find the best mortgage for dentists and the limited time that you might have. Our team of qualified mortgage experts will search over 50 lenders to find the best deal for you.

Our mortgage lenders for dentists include:

Accord Mortgages
Barclays
Halifax
HSBC
Natwest
Newcastle Building Society
Santander
And more…

The best mortgage lender for you will be based on several different areas such as:

Type of mortgage
Mortgage deal
Credit history
Income and income structure
Loan to Value (LTV)

We will take the hassle and time out of getting the best deal from our panel of top lenders.

Mortgages for dentists with bad credit

There is also a good chance that you may have some credit issues that can affect your credit rating and score.

In recent times where there has been a strain on peoples incomes and the cost of living crisis, credit problems are common. Some of the types of credit history problems that we can help with are:

Missed credit payments
Defaults
County Court Judgements (CCJs)
Individual Voluntary Arrangements (IVAs)
Bankruptcy
Mortgage arrears

Getting the best mortgage for dentists with bad credit is something that can be costly if you don’t get the right advice.

For more information on getting a mortgage with poor credit CLICK HERE.

Mortgage specialists for dentists

As a dentist, we understand that your time is precious and how important customer service will be.

There are also many challenges to applying for a mortgage as a dentist which is an area where we specialise. There’s nothing worse than paying more than you should or wasting your time on bad advice. You should be able to access a great deal without paying extortionate repayments on your mortgage.

You will need someone that understands exactly what you need and how mortgages for dentists and other medical staff work.

essential MORTGAGES is authorised and regulated by the financial conduct authority and our experts are always available to offer extensive, professional advice on all mortgage types. This includes first time buyer, buy to let and many more.