Mortgage for New Dentists

Yes, it is certainly possible to obtain a mortgage even if you are a newly qualified dentist.

I have helped foundation dentists as well as newly qualified associates obtain mortgages with very little employment history. You will need to approach a dentist friendly lender. You would still have access to the enhanced borrowing options with some mortgage lenders.

Real Case Example

A client approached us in her first year as a newly qualified dentist. Unusually the client had immediately become self employed and didn’t have 1 years self employed trading figures.

The client had approached a large mortgage broker, who had told her it was not possible to purchase the property she had had an offer accepted on.

I was able to secure a mortgage with a specialist lender who used the remittance payslips to identify the client could afford the mortgage and the client was able to proceed with purchasing her first home.

Can I Get a Mortgage as an Associate Dentist?

Yes as an associate dentist you will be able to get a mortgage. It is common for associate dentist to start looking at purchasing a property about 6-12 months after moving into this role. You may have some difficulty in this scenario if you visited your local high street bank.

Most lenders would require 2 years tax calculations and tax overviews or 2 years accounts. However, we have access to mortgage lenders who will accept you even if you have changed to self employed less than a year ago.

Real Case Example

A client approached us as an associate dentist. He had recently completed his masters and during his studies worked part time. Since completing his masters he had now gone full time. His most recent self employed figures were low due to the part time work and did not reflect his new level of earnings.

I was able to use the clients most recent invoice payslips he had received from the practice to evidence his higher earnings. This allowed the client to buy a property at a higher price range than he had intially thought.

Using invoice payslips is a great way of increasing your maximum mortgage amount. We use this for many associates who have increased their income but can’t currently show that in the tax calculations or accounts.

Can I Get a Mortgage as a Principal Dentist?

Yes as a principal dentist you will be able to get a mortgage. Some difficulty can arise if you have recently changed from sole trader to ltd company director because mortgage lenders start asking for different income evidence. We have access to lenders who will accept you even if you have recently changed your structure.

For limited company directors,how lenders calculate your income can vary significantly. Some use salary plus dividend, others will use profit before tax plus salary. Some will simply assess profit after tax plus salary.

If you have retained profit in your business, your borrowing capacity can vary from lender to lender, depending on which of these calculations is applied. Applying to the right mortgage lender is crucial and will depend on your individual set up.

Can I Get A Dentist Mortgage If I have Recently Turned Self Employed?

Yes, there are mortgage lenders that will consider you. A mortgage lender will ask for either your latest remittance payslips, a projection from your accountant or a p60 to see how much you were earning when you were employed.

You would have access to a bigger pool of lenders if you have been self-employed for at least two years. However, the lenders that can help you now are competitive and could be the best option for you even if you do have two years self employed figures.