As a dentist, your career path offers unique financial opportunities and challenges.
Traditional mortgages often don’t account for your earning trajectory and the complexities of dental income. That’s where specialist dentist mortgages come in.
These tailored solutions recognise your high earning potential, even if your current income structure doesn’t fit standard formulas. Unlock increased borrowing power, flexible repayment terms, and expert guidance from lenders who understand your profession.
Understanding dentist mortgages
As a dentist, you work tirelessly to care for your patients and build a successful career.
But the unique nature of your income and professional path can often make the mortgage process feel more like a root canal than a routine check-up.
With a mortgage designed for dentists, you may benefit from higher borrowing limits, flexible repayment terms, and tailored support from lenders who understand the complexities of dental income.
Are there mortgages just for dentists?
While you won’t find actual mortgages labelled exclusively for dentists, you could qualify for professional mortgages designed for certain individuals in stable, high-earning careers.
These are provided by lenders that recognise your high level of training, and career longevity.
Eligibility criteria
Before applying for a dentist mortgage, it’s essential to understand the factors lenders consider.
While requirements can vary, lenders typically look for a few key things.
You’ll need to be a fully qualified dentist with a valid registration from the General Dental Council (GDC), though some lenders may extend options to associates or those working toward an NHS contract.
Lenders closely examine your income; however, they will also acknowledge your anticipated future earnings or practice profits rather than solely focusing on your current income. This is very relevant for Practice Principals.
Like all mortgages, a strong credit history is crucial for securing the best rates and terms, so minimising late payments and managing debt can significantly improve your chances of approval.
Don’t worry if you’re still building your credit history or feel your income isn’t fully reflective of your potential. A specialist mortgage broker can guide you on strategies to position yourself favourably, even if you don’t fit perfectly into the standard lending criteria.
Mortgages for orthodontists
As a practising orthodontist you would also be able to take advantage of a mortgage for professionals.
You’ll still need a current registration from the General Dental Council (GDC).
Employed, self-employed, practice owner or limited company are all acceptable employment structures.
Types of mortgage
You will have the full range of mortgages available to you. Although the specific choices will differ between lenders.
Residential
Residential mortgages are for the home that you live in. A purchase mortgage will allow you to buy a property and a remortgage switches an existing mortgage to a new lender.
Options are available for first time buyers, guarantor mortgages and JBSP mortgages.
Investment
Investment property mortgages would be for:
Interest rates
The actual rates will always depend on the lender but the main interest rate options are:
Fixed rate: Fixed interest rate mortgages are available in a range of different terms, usually between one and ten years. Once the fixed rate starts your monthly payments won’t be affected by interest rate changes.
Tracker rate: A tracker rate mortgage is a type of variable rate mortgage, which means that the interest rate you pay can go up or down in line with the Bank of England’s (BoE) base rate. Unlike fixed-rate mortgages, a tracker rate can change so the amount you pay each month could go up if interest rates rise.
Variable rate: Variable rate mortgages are linked to the lender’s Standard Variable Rate (SVR). The interest rate you pay will be set by your lender and won’t necessarily rise or fall in line with changes to the Bank of England Base Rate. Your repayments will change when the SVR changes.
Repayment methods
The repayment method is the way that you will pay the mortgage back. There are actually three different options but not all of these will be permitted by your lender.
- Repayment – The traditional capital and interest mortgage where you pay back some of the mortgage each month.
- Interest only – With an interest-only option you only pay the mortgage interest each month and nothing towards the capital sum.
- Part and part – A part and part mortgage is a combination of 1 & 2 above.
Mortgage term
The term is the number of years that your mortgage is setup for.
Traditionally, the standard mortgage term has been 25 years. With rising mortgage and housing costs borrowers are now choosing longer terms, such as 30 and even 40 years. These are sometimes called marathon mortgages.
The term will directly affect the monthly cost of a repayment mortgage, the longer the term, the lower the repayments.
How much can a dentist borrow
Your profession as a dentist can make you eligible for larger mortgages compared to other non-professional borrowers.
Here’s a breakdown of what you might expect:
While most borrowers generally qualify for a mortgage worth roughly 4.5 times their salary, dentists often secure up to 5 times their annual income. This assumes you meet all the lender’s standard requirements.
If you’re an experienced dentist, an associate, or a practice partner, you may even qualify for up to 6 times your salary. However, this depends on having an exceptionally strong application, including factors like excellent credit and a low debt-to-income ratio.
Remember, your income is just one part of the equation. Lenders also look at:
- A solid credit history and healthy credit score are essential.
- Existing debts will be factored into your affordability.
- Putting down a larger deposit may increase your borrowing power.
Proving your income
Employed Dentists (Associates, NHS dentists, etc.)
- Payslips: Your most recent payslips, typically covering the past 3-6 months.
- P60: An annual summary of your income and taxes paid.
- Contract (Associates): Your associate contract outlines your expected earnings, hours, and progression opportunities.
- NHS Earnings: If you receive NHS income, lenders will require summaries or statements indicating your NHS earnings for the past few years.
- Bank statements: 3-6 months of personal bank statements
Self-Employed Dentists (Principals & Practice Owners)
- Tax Returns (SA302s): Your past 2-3 years of tax returns are essential for calculating your net income and business profitability over time.
- Accountant’s Certificate: Many lenders appreciate additional clarity, so an accountant’s certificate confirming your income and projecting future profits can boost your approval chances.
- Practice Accounts: Lenders examine your practice accounts, looking for signs of consistent income, strong cash flow, and practice stability. Some will include retained profits as part of your income.
- Bank statements: 3-6 months of personal bank statements
How much do mortgages cost?
The cost of a mortgage is affected by the loan size, the interest rate and the loan term.
You can use our mortgage calculator to accurately calculate the monthly repayments.
These pages may also be of interest:
Average Mortgage Payments: Understand what homeowners across the country are paying and how property location can affect your mortgage outlay.
Mortgage Repayments Guide: Learn more about the monthly cost of different mortgages, including repayment and interest only.
How much do you need to earn: We explain mortgage affordability and give a guide on how much you need to earn.
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How to apply
Applying for a dentist mortgage might initially feel unfamiliar, but it doesn’t need to be as daunting as performing a complex dental procedure.
Your first step is finding a mortgage broker who specialises in working with dentists. They understand the unique rhythms of your income and career path.
Experienced advisers will be aware of the lenders that offer specialised mortgages for professionals.
Then it’s time to gather the right documentation. You’ll provide evidence of your GDC registration, recent payslips or tax returns and likely some projections prepared by your accountant (particularly if you run a practice).
Improve your chances of success
Getting yourself organised and ‘mortgage ready‘ before applying for a mortgage is one of the best things you can do.
Whether you are buying your first home or thinking of moving somewhere new, there are a number of ways that you can improve your situation, which will also speed up the mortgage process.
It’s really important to allow yourself enough time to gather everything together.
Credit status
Get a copy of your credit report. The report will show all sorts of credit related information and you need to make sure that it is all correct. Any errors need to be fixed.
Mortgage broker
Speak with a mortgage broker who is experienced in dealing with professional mortgages. They will be able to see how well you ‘fit’ a lenders criteria and can make practical suggestions and tips on how you can improve your situation.
Decision in principle (DIP)
Ask your mortgage adviser whether a Decision in Principle, or DIP, would be a good idea. Most first time buyers will benefit from one. A DIP or AIP will provide some extra confidence in your ability to borrow the size of mortgage you need.
Electoral roll
One factor that can greatly impact your mortgage application and creditworthiness is your presence on the Electoral Roll. The Electoral Register, is a comprehensive record of eligible voters in the United Kingdom. Am I on the Electoral Register?
Financial Associations
If you have previously applied for any type of credit with another person, the Credit Reference Agencies (CRA) will have ‘linked’ you to the other party. If an old or irrelevant financial association is still on your report, it is important to remove it.
Paperwork
Get your paperwork in order. The main documents needed are: Driving licence, Passport, Utility bills,
Last three/six payslips, Most recent P60, Company accounts, Self-assessment returns, SA302, CIS vouchers, Bank statements, Proof of deposit
Pay your bills
on time. (always)
Don’t apply
for any more credit before or during the mortgage application process. This could seriously damage your chances of being approved.
Credit limits
Stay well within your credit limits and if possible, reduce any debts held on credit cards or store cards.
Mortgage broker
Contact an experienced mortgage broker. Oh, we said that already. Don’t forget!!
How a broker can help
Your status as a professional may grant you access to exclusive rates or bespoke deals that general mortgage products don’t offer.
Forget comparing endless spreadsheets of rates and terms on your own. The best way to find and compare these specialist deals is by using a qualified whole of market mortgage broker. An experienced broker will do the research on your behalf, finding your ideal professional mortgage from over 100 lenders.
They will understand your industry, your pay structure and the lender’s that favour careers like yours.
Searching for your own mortgage is very time-consuming and can also be quite confusing. While some people are happy to do this themselves, others recognise the advantages of using a qualified broker.
To benefit from these specialised mortgages, you typically need to be employed in a recognised profession. Here are some of the key career paths that may qualify:
- Medical: including NHS doctors, pharmacists, and vets
- Legal: such as solicitors and barristers
- Financial: comprising roles like accountants and actuaries
- Education: for instance, teachers
- Engineering and Architecture: including civil engineers and architects
You will need to be fully qualified, registered and practising in your profession.
Certain lenders may also consider other roles if they involve comparable levels of professional qualifications or responsibility.
Some lenders will offer improved rates, or exclusive deals. The main advantage is dealing with a lender that understands your situation and who will normally offer enhanced borrowing terms.
Options are available. Although your recent qualification may mean a more limited choice of lenders. Specialist mortgage providers often consider projected income and career trajectory, allowing you to access funds even if your current income doesn’t reflect your full earning potential.
An experienced broker focused on dentists can save you more than their fee through securing lower rates and avoiding unsuitable mortgage products.
Student debt is a factor lenders consider, but it doesn’t automatically disqualify you. Surprisingly, student loans don’t appear on your credit file. Nevertheless, they should always be disclosed to a lender.
With BDS degrees taking five years, specialist lenders are more understanding of the fact that dentists may carry higher student loan balances, focusing more on your earning potential to repay both your student debt and your mortgage.
Yes, professional mortgages are available for first-time buyers.
This question relates to practises run as a limited company. If you don’t draw all of the declared profits each year your business accounts will accrue retained profits.
As this is your money there are lenders that can use retained profits as part of the mortgage income calculations.
We work with one of the largest and most experienced independent mortgage brokers in the UK.
They have been experts in the mortgage industry for over 45 years, so they understand the challenges that clients can face when looking for a mortgage.
With qualified advisers based across the UK, they have the experience and expertise to help guide you through the complex process of buying a house, remortgaging, raising bridging finance or investing in the property market.
Fully FCA regulated, they have more expertise across more lending solutions than any other broker and have specialist teams in place to work with clients through every stage of their journey.
To get started please call us on 0330 030 5050 so we can match you to a specialist broker, or use the form below.
