Mortgage solutions for dentists
As a dentist, we know lenders can sometimes struggle to assess your income, especially if you have an element of self-employed, which can give rise to concerns about predicability of income for mortgage purposes. That's where our expertise comes in.
We'll work closely with you to gather the right evidence and documentation to demonstrate your experience to validate you will have stable, reliable earnings - whether you're employed by the NHS, working in a practice, or a practice owner. Our strong relationships with lenders mean we can find the perfect mortgage solution at the best possible rate.
Your financial situation may be complex, and Cleerly’s mortgage experts are adept at navigating complexity. Whether you're a newly qualified dentist, or have years of experience, Cleerly’s mortgage consultants will take the time to understand your individual needs and goals, and more importantly, be able to present your income in the right way.
A dentist can be therefore be confident that they're getting the borrowing they deserve and there are no affordability concerns.
As a dentist, you don't fit into a standard tickbox on a mortgage application, but lenders will want to assess you in a conventional way. Whether you're a newly qualified NHS practitioner, foundation dentist, associate or practice owner, finding the right mortgage can be a challenge, especially if you have a limited accounting history.
Many dentists aim to get on the property ladder soon after qualifying. Most lenders require at least 2 years accounts if you are self-employed, which can be a problem if you qualified anytime within the last 3 years. But you don't have to worry, Cleerly are here to help you.
Getting in touch with our contractor mortgage specialists is easy – you can tell us a little bit about your background and receive quotes straight to your inbox using our quick quote form, compare potential mortgages using our online mortgage calculator, or just pick up the phone and give us a ring on 02394 212912.
Introduction
What is a dentist mortgage?
A dentist mortgage is a type of mortgage that has been specifically designed for qualified dental professionals. Cleerly can obtain mortgages for dental professionals in a variety of roles and work arrangements, including: -
- Employed NHS dentists, including those with elements of variable income
- Newly qualified practice dentists, whether paid as self-employed or PAYE
- Practice owners, who are limited company directors who may draw profits via dividends or even retain profit in their business
Those wanting to apply for a dentist mortgage should hold an appropriate dentistry qualification, and be practising and registered with the General Dental Council. They should also be working in a recognisable dentistry role.
A dentistry mortgage can be used for both purchasing and remortgaging purposes.
Eligibility
How to get a mortgage as a dentist
Given the challenges in getting lenders to understand how you work, it is important that a specialist broker like Cleerly is used to manage the lender. Through a broker, you will have access to both residential and buy-to-let mortgages, access to the whole market and therefore competitive borrowing rates, and both offset and interest-only mortgages if you need flexibility around how you earn.
Once we’ve helped you to find a mortgage that best suits your financial situation, we’ll put together an extensive, detailed application to send to potential lenders. To do this, we’ll need documentation like:
- Payslips and P60
- Umbrella company payslips
- SA302 tax calculations
- Limited company trading accounts
- Bank statements
- Potentially a letter from an accountant or umbrella company to provide an earnings projection
The document you need to provide will depend on how you are paid, and how long you've been paid in this way. Your Cleerly Mortgage Consultant will liaise with relevant lenders to ensure your income is assessed in the most advantageous way for you to achieve your goals.
First-time buyers
Getting a dentist mortgage as a first-time buyer
Through a specialist dentist mortgage broker, dentists can access mortgages with a 5% deposit, helping those who may have only been practicing for a year or so to buy a property that would have been out of reach with high street banks and lenders. The best thing is, Cleerly can go back to the same High Street lender to get you a competitive mortgage!
Cleerly can also help dentists utilise their Lifetime ISA savings towards the deposit of a house up to the value of £450,000.
For those who are keen to get on the ladder but haven’t raised a large deposit, it’s also possible to apply for an optometrist mortgage for shared ownership schemes. Shared ownership properties give you the option of purchasing 25%, 50%, or 75% of the property, which means you’re only required to raise a deposit against the percentage of the property you intend to buy.
Trusted lenders we work with
