Mortgage For Dentists

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Author: Elliott Culley - Director & Mortgage Adviser of Switch Mortgage Finance

Is There a Specific Mortgage For Dentists?

As a dentist you want to make sure you are getting the best mortgage for you. Lots of lenders offer mortgages for dentists, with some lenders offering better incentives to increases the chances you will use them. Lenders know dentist’s income is stable and as a result offer professional mortgages to dentists, which usually include enhanced borrowing multiples.

It’s important to do your research and shop around for the best mortgage options. Many lenders want to attract dentists and will offer exclusive products. Using a mortgage broker who understands how dentists income works is key to an efficient transaction.

Best Mortgage Lenders for Dentists

There are many mortgage lenders offering mortgage for dentists. Not all lenders offer professional products specifically designed at dentists, so if you are wanting to maximize your borrowing amount, or your income history falls outside normal lending criteria, you will want to apply with a dentist friendly mortgage lender. 

Is it Difficult To Obtain a Mortgage for Dentists?

Obtaining a mortgage for dentists can be a challenge. Dentists’ income can be complicated to those inexperienced in how it all works. You could have multiple sources of income, or you could have decided to recently move from employed to self-employed. To some lenders this can cause problems, which they are not willing to resolve.

However, many lenders recognize the earning potential and stability of the dental profession and are willing to be more flexible with their criteria. Fortunately, obtaining a mortgage can be relatively frictionless if you know which lender to approach.

When assessing your options, we can contact lenders who manually underwrite applications, non-mainstream lenders can consider a case on its own merits as opposed to mainstream lenders’ who would use standard lending criteria.

How Much Can a Dentist Borrow For a Mortgage?

How much you can borrow depends on your income, credit commitments and whether you have any financial dependents. A typical mortgage borrower can expect to borrow up to 4.49x their annual salary.

As a dentist you can attract higher loan to income multiples from certain dentist friendly lenders. Some will offer between 5-5.5x your annual salary. This can significantly increase your borrowing potential.

How Does Income Work For Dentist Mortgages?

Your income as a dentist is the most important factor when mortgage lenders consider your application. Depending on your circumstances, a mortgage lender can use your annual salary, dividends, net profit or remittance payslips when assessing your income. You want to make sure you speak with a mortgage lender that assesses your income in the best possible way.

We have access to dentist friendly lenders that can use a variety of different income streams to help you obtain a mortgage. Approaching the right lender is key to getting the right mortgage for you.

Employed Dentist

To obtain a mortgage you will need to prove your income. If you are employed you will only need to provide your latest payslips. Your annual income will be used to assess your mortgage borrowing amount.

Mortgages for Self Employed Dentists

If you are self employed either as a sole trader or ltd company you will need to provide either a tax calculation or your latest years business accounts.

For self employed individuals, lenders will assess your income using either your salary and dividends or salary and net profit.

It can be tough proving your income if you are a self employed dentists as most will want you to provide two years evidence. We have access to mortgage lenders that offer flexibilty to dentists and it is possible to obtain a mortgage as a dentist with less than one years self employed figures.

There are some great real life examples of self employed dentists we have helped on the link below. 

Mary Miz
First Time Buyer - Self Employed Dentist
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"Elliott did a fantastic job of advising and guiding me through my mortgage journey as a dentist. He was super quick to reply to me if I had any questions , he was answering my questions without confusing me. I would sincerely recommend his services at Switch Mortgage Finance"
Louisa Smith
First Time Buyer - Employed Dentist
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"Buying a first home can be a daunting experience but using this company made it extremely easy and smooth sailing. We specifically owe thanks to Elliott, who looked after us really well through the whole experience. He was excellent at alleviating any concerns, helping us find the best mortgage that would suit our situation and being patient with all our queries and questions. I couldn't recommend this company and Elliott enough."
Anike Sanni
Anike Sanni
First Time Buyer - Self Employed Dentist
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I recently had the pleasure of working with Elliot at Switch Mortgage Finance, and I cannot express how pleased I am with the exceptional service I received. From start to finish, the experience was nothing short of fantastic. With the complexity of my situation, previous brokers had been unable to find suitable options. However, Elliot's unwavering commitment and hard work paid off, as he tirelessly worked to secure a fantastic mortgage offer tailored specifically to my needs.
Andrew Wortley
First Time Buyer - Self Employed Dentist
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"Elliott was very helpful through the whole process of buying my first flat! I had many questions which he gave quick and detailed responses to. You could tell he had my best interests at heart because he gave me a multitude of options and explained them clearly whilst taking into account my situation and goals. Could not recommend more, will be sending anyone I know his way for sure!!"
Khaled Elgamaz
Khaled Elgamaz
First Time Buyer- Self Employed Dentist
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I can’t recommend Elliott Culley enough !! He has made a great effort to secure my mortgage offer. Given my circumstances it was very difficult to secure a decent mortgage offer at that time. Yet he managed to nail that and in such a reasonable time If you are really struggling or been told you can't get a mortgage then thats your man.

Speak to an Expert!

elliott-culley-mortgage-adviser- director-of-switch-mortgage

Contact us today for expert advice and guidance on your unique mortgage and property needs. We will work with you on a one-on-one to basis to help you find the right solution for your needs.  

With our experience you can rest assured that you are in good hands when it comes to securing the financing you need for your property.

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. 

mortgage for dentists. Switch Mortgage Finance. Whiteley and Fareham ortgage adviser.

Can I Get a Dentist Mortgage If I Have Changed From Sole Trader to Ltd Company?

Yes, there are mortgage lenders who will be able to lend to you in this scenario. Lenders would either ask for a projection from your accountant as well as asking for your tax calculations and overviews for previous years working as a sole trader.

You would have access to a bigger pool of lenders if you have been running your business as a ltd company for at least two years. However, the lenders that can help you now are competitive.

Can I Obtain a Mortgage With 1 or Less Years Self Employed Accounts?

Yes you can obtain a mortgage with just one years accounts or less. In fact we have done this on many occassions for self employed dentists.

Mortgage lenders may ask for a projection from your accountant, or a p60 from your last year employed. It is also possible you could be asked for remittance slips if you are paid by this method.

There are options available for those with limited accounting history. Mortgage lenders are recognising the stability of dentists and as a result are offering mortgages to dentists with little accounting history.

Mortgage for Dentists Trading as a Limited Company Directors

For limited companies directors, 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.

First Time Buyer Mortgage for Dentists

As a dentist you will be treated as a professional, which means potential to be offered better rates than other first time buyers and enhanced borrowing figures.

As a first time buyer you will have access to government schemes designed to make purchasing a property more attainable. You have an enhanced stamp duty tax exemption on your first purchase, so you will want to choose a mortgage lender that maximises your borrowing potential. This way you can take advantage of the tax benefits you will have as a first-time buyer.

Buy to Let Mortgage for Dentists

For dentists looking to invest in rental property, buy to let mortgages can be a great option. These mortgages are designed specifically for those who want to purchase a property to rent out to tenants.

For a buy to let mortgage you will need a bigger deposit of at least 20%, but in most scenarios 25%. You will also need to make sure your property passes the lenders income coverage ratio test.

There are also restrictions with some lenders if you are a first time landlord or if you don’t own a residential property yet. If you are a first time landlord or first time buyer then I would recommend speaking to a mortgage broker to ensure you have an experienced individual to assist.

Mortgages for Dentists With Bad

It is certainly possible to get a mortgage with bad credit. It will depend on how recent the bad credit occurred, if it has now been settled and the severity of the issue. If you have bad credit lenders will want a higher deposit of around 15%-20%.

Why Use Switch Mortgage Finance?

We know you want a mortgage broker that understands your financial situation, who works with mortgage lenders, who understands the unique income streams of dental professionals. That is exactly what we do at Switch.

With the right approach, you can secure the mortgage you need to achieve your homeownership goals. 

Why Switch Mortgage Finance