Mortgages for Dentists

Everything you need to know about getting a Mortgage as a Dentist and how to access the best mortgage products

Do you currently work as a Dentist?

Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 18, 2024

When it comes to getting a mortgage as a dentist, there is no reason that complex income structures or contract arrangements should prevent you from accessing the best deals. You just need to find a lender that understands how your profession works.

In this article we’ll look at how mortgages for dentists differ from ‘standard’ applications, what you can do to boost your chances of getting approved and why a specialist broker who understands dentist mortgages will be invaluable in finding the right lender.

Are there specific mortgages for dentists?

Not exactly. As a dentist you may be eligible for a professional mortgage  aimed at borrowers in secure, well-paid careers. Often, this can open up the possibility of requiring a smaller deposit, securing a better rate or increasing your borrowing capacity.

You may also be eligible for a key worker mortgage.

However, each lender has their own way of assessing applications and, where rigid criteria are applied, dentists can find they are ineligible due to the nuances of their chosen career path and income streams.

Fortunately, there are lots of specialist lenders who take a more flexible approach and understand how the profession operates.

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Options for people in this profession

Wherever you are in your dentist career, there are usually mortgage options open to you:

  • Dental students – If you have nearly graduated and have a formal job offer and sizeable deposit, some lenders will consider approving a mortgage. Alternatively, a guarantor mortgage or family offset mortgage might be more suitable.
  • Foundation dentists – Typically earn a standard monthly salary and will be treated like any other applicant but with the possible exception of projected earnings strengthening borrowing power.
  • Associate dentists – Self-employed and may face challenges to acceptance with some mainstream lenders – particularly if unable to provide at least two years of accounts. Often, the best deals are available through specialist mortgage providers.
  • Principal dentist – Typically a director of a limited company or partnership. Once again, less than two (in some cases three) years of accounts will result in instant rejection with some lenders. Possibly best to go down the company director mortgage route to include retained profits as part of income.

How a broker can help you get a better deal

Lots of lenders who deal in mortgages for dentists will only accept applications via an intermediary. So, applying via a broker rather than going it alone increases your pool of potential lenders and, as a result, could see you secure a more favourable rate.

A broker will also know how to package your application to suit the lender’s underwriting criteria. This could include maximising your income for affordability calculations or, in some cases, calculating projected earnings into the equation.

And they can take care of a lot of the paperwork – because one thing dentists tend not to have on their side is time.

If you get in touch we can arrange for a broker we work with to contact you directly and discuss this further.

We're so confident in our service, we guarantee it.

We know it's important for you to have complete confidence in our service, and trust that you're getting the best chance of mortgage approval at the best available rate. We guarantee to get your mortgage approved where others can't - or we'll give you £100*

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What if you have moved about a lot during your career?

It’s common for dentists in the early stages of their career to have worked with several different practices and moved home regularly for training or work. Both factors can result in a low credit score and rejection with some traditional lenders.

Specialist brokers are aware of this and know which lenders are most likely to approve your application. This is also the case if you’re still in a probationary period with a new employer.

If you expect to move again in the short to mid term, you may also want to approach a lender who provides flexibility such as fee-free early redemption or the ability to let out your property while you’re away.

Discussing your plans with an expert broker can help ensure you get the right advice from the outset.

How much could you borrow?

Professionals can often benefit from higher income multiples than some other borrowers. So, as a dentist, you may be able to borrow a maximum of five times your annual salary, provided you meet all the other eligibility criteria. This is higher than 4.5 times income available to lots of borrowers.

Established dentists, associates or partners can borrow as much as six times their salary if they have a very strong application – although this is not common.

An example of how income multiples impact borrowing capacity is set out below:

Role Average Salary 4.5 Times Income 5 Times Income 6 Times Income
NHS Dentist £52,988 £238,446 £264,940 £317,928
Private Dentist £75,851 £341,329 £379,255 £455,106
Orthodontist £100,373 £451,678 £501,865 £602,238
Consultant Dentist £103,748 £466,866 £518,740 £622,488

If you’d like to see how this may work out for you take a look at our calculator below:

Mortgage Affordability Calculator

Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.

Input full salaries for all applicants
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Your Results:

You could borrow up to 

Most lenders would consider letting you borrow

This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.

Some lenders would consider letting you borrow

This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.

A minority of lenders would consider letting you borrow

This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.

Get Started with an expert broker to find out exactly how much you could borrow.

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If you’re a self-employed dentist, you may need to go to a specialist lender to maximise your borrowing power. This is because some mainstream lenders are wary of self-employed income and you face barriers when trying to prove exactly how much you earn.

A lender with knowledge of this market is more likely to understand complex income streams that some dentists have and be prepared to calculate your true affordability by carefully examining your financial position.

Commercial mortgages for dental practices

Taking out a commercial mortgage  for your dental practice will help keep your business and personal finances separate.

Typically, it also allows you to borrow more as the ability to make repayments will be judged more against the profitability of your business than your own declared income.

Commercial mortgages are unregulated and any offer you receive often comes as the result of negotiation. So, your chances of approval are greater if you have a strong business plan and are working with a lender who has comprehensive knowledge of the business aspect of dentistry.

Factors likely to impact the outcome include:

  • The health of your business accounts
  • How long you have been practising
  • Your business plan
  • Tax records
  • Personal and business credit files
  • The value of any assets you can put up as security

Get matched with a broker who specialises in mortgages for dentists

If you know where to look, getting a mortgage as a dentist is pretty straightforward. And the first step to finding the right lender is finding the best broker for your circumstances.

Our broker matching service will assess where you are personally and profess to identify the mortgage advisor who is best placed to help you according to their knowledge and experience of this niche.

To get matched with your ideal broker call 0808 189 2301 or enquire online.

Increase your chances of approval with a dedicated specialist

Get Started

Ask Us A Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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FAQs

Not necessarily. Student debt repayments are deducted at source so technically impact your affordability. But when entering a highly paid profession such as dentistry, student loan repayments are likely to be a minor factor in the underwriting decision.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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