Introduction
Why do dentists sometimes struggle to secure a good mortgage deal?
Traditionally, dentists can have quite complex incomes. Many people assume that dentists are salaried employees, but that’s not always the case. Whether it’s a history of short-term contracts or you’re self-employed through your own company or partnership (not to mention your UDAs!), high street lenders are often hesitant to lend to a dentist with an ‘out-the-box’ mortgage deal.
That said, there are plenty of lenders who are prepared to lend to dentists – you just need to use a specialist dentist contractor mortgage broker to find one.
Cleerly can find the best mortgage lenders for dentists
We all know that multiple rejections from high street lenders can leave a bad taste in your mouth.
Specialising in mortgages for people with complex income streams, such as those in the dental profession who work on an employed, self-employed or contractual basis, Cleerly are committed to finding you the best deals, matching you with lenders who understand your unique income framework.
For over 15 years, we’ve assisted the following dental professionals:
- Contractors
- Associate dentists
- Sole traders
- Ltd company directors
- Dentists paid through an umbrella company
Because Cleerly partners with lenders who provide bespoke underwriting, we have access to mortgage and remortgage deals that aren’t available elsewhere or if a lender is approached directly.
Why not explore and compare some of these mortgages by using our mortgage calculator? Alternatively, you can also give us a call on 02394 212912.
The dentist mortgage application process
Whether you’re a dental student, foundation dentist, associate dentist, principal dentist with 20 years’ experience or a dental contractor just starting out, the best way to secure a mortgage or remortgage is through a specialist dentist mortgage broker. Once we’ve helped you find a suitable deal, your dedicated client service manager will guide you through the application process, taking care of all the paperwork and liaising with lenders on your behalf. If you’ve only qualified as a dentist recently, don’t worry - you may still be eligible for a mortgage if you are able to provide evidence of projected future income. As part of the application process, you will normally be required to produce the following documentation:
Accounts or payslips
Bank statements
Contract history and projected earnings
SA302 tax returns
Self-employed dentist mortgages
How to get a mortgage as a self-employed dentist
Securing a mortgage can sometimes be more challenging for self-employed dentists than for NHS or salaried dentists. If you’re a sole trader, you’ll typically need to show 1-2 years’ self-assessment forms stating your annual income. If you work under a limited company structure, lenders will usually require evidence of the last 1-3 years of accounts.
Dealing with a specialist dental mortgage broker like Cleerly may allow you to access mortgage funding based on alternative documents.
Trusted lenders we work with
First-time buyer dental mortgages
How to get a dentist mortgage as a first-time buyer
Dentists looking to buy their first home can benefit from 95% LTV mortgages, meaning they only require a 5% deposit on the property they wish to purchase. First-time buyers can also use their Lifetime ISA savings towards a deposit on a property worth up to £450,000.
Another option for first-time buyers to consider is the Shared Ownership scheme, allowing you to buy a 25%, 50% or 75% share of a property. This means you only need to secure a deposit against the portion of the property you want to own – and is a potential option for dentists practicing in areas with higher-than-average property prices.
To qualify for a mortgage, dentists will often need to demonstrate the following:
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Previous and projected income
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Back-to-back contracts
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Lenders are more likely to approve you for a mortgage if you can demonstrate you’ve had steady, back-to-back contracts over a period of time.
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Good credit score
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Maintain a good credit rating and avoid any defaults, arrears or bankruptcies. A good credit score can help you get a better interest rate and terms.