Mortgages For Dentists

As a dentist you’ll most likely be treated as a professional mortgage applicant, meaning lenders should offer exclusive benefits. However, as dentists sometimes have complex income from a variety of sources, it’s a good idea to seek advice from a broker specialising in mortgages for dentists to ensure that you maximise the benefits available to you.

Do dentists get better mortgage deals?

Given that dentistry is a respected profession that is known to be stable and well-paid, many mortgage lenders will see most applicants working in this industry as lower risk. This can mean your options are broader and more attractive than non-professional applicants’.

What kind of perks are available?

If you are applying for a mortgage as a dentist, benefits you might be entitled to include:

• You may be offered a higher LTV (loan to value), meaning you can buy with a smaller deposit of around 5%
• You may be able to borrow a higher income multiple than the standard 4.5 times your income. This may even apply early on in your career as lenders will be aware of your increasing income potential
• You may have access to more favourable interest rates
• If you’re self-employed, it’s possible that lenders will be more lenient with their terms than they are with the average applicant, so long as you can show ongoing contracts
• Dental students or post-graduates with a job lined up may be able to secure a mortgage before they start their first position

Eligibility criteria

The criteria is largely similar as for other applicants, however, there may be additional considerations for self-employed dentists, depending on how their income is structured. 

Lenders will look at:

• Your deposit - while you may be able to secure a mortgage with a smaller deposit as a professional applicant, it’s a good idea to offer as much as you can afford, as this will reduce the interest rates available to you
• Your income amount and type - as well as if you have multiple income sources from both NHS and private work - each income type will be looked at differently, so those with a more complex source of income may need to opt for a specialist lender 
• Your credit history - those with a strong credit history will typically secure the best rates
• The property type - particularly if you’re planning to run a dental practice from home. In this case you will need a semi-commercial mortgage, rather than a standard residential mortgage

How to get an exclusive deal

The best way to secure the best deal on a dentist mortgage is by speaking to a broker that specialises in providing mortgage advice to professionals in this field, like ourselves. 

We have access to lenders who offer maximum benefits to applicants in your chosen career. No matter your employment type, we can match you with a lender that has criteria most suited to your needs, and potentially provide broke-exclusive deals.

Alternatively, if you’re already confident that you know the type of mortgage you’re looking for, you can utilise our comparison service to compare the entire market of rates available to you quickly and efficiently. Choose your preferred option below:

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Lenders and rates available

Professional mortgages are offered by certain high street lenders, such as Clydesdale and Co-op banks, but they are more commonly available from building societies and specialist lenders.

The rates available are typically more favourable on professional mortgages, however, there are other factors that will impact this, such as your LTV, employment type, career stage, and credit score. 

At the time of writing, you could expect a rate of around 5.09% on a 2-year fixed-rate deal at 60% LTV.

*23 August 2024 - Scottish Building Society

Mortgages for self-employed dentists

Self-employed mortgages can be more difficult to secure, but dentists and other professionals will generally experience more leniency than non-professional borrowers. For example, it may be possible to secure a mortgage as a newly-qualified associate dentist, particularly if you’re able to provide a reference from a colleague within the partnership.

High street lenders may require two to three years of accounts as proof of income from self-employed dentists, however, it’s possible to secure a mortgage with some of the more niche lenders with as little as 12 months of income.

Why choose Teito for your professional mortgage?

Here at Teito you can compare the latest rates for professional mortgages from 90+ UK lenders independently, or if you would prefer further support and advice, our brokers have expertise in securing professional mortgages and are available to help you at every step. 

Choosing Teito for your mortgage needs means:

• Free initial no-obligation consultation
• Specialist professional mortgage advice and broker-exclusive deals
• 5-star rated service
• The option to compare the latest rates yourself for free

Ready to compare the latest rates and take advantage of a free, no-obligation chat with a broker who specialises in mortgages for dentists? Get started here.