As a hardworking dentist, you’ll probably want to know if you’ll be able to secure a mortgage to make your home ownership dreams come true. The short answer to that question is yes, dentists can get mortgages. After all, your income is higher than average, your work is highly skilled, and you’ve got job security as demands for dentists are high across the country.
However, the process can be slightly more complicated than you might think, as your job can throw up some challenges for lenders that you weren’t expecting. Save yourself a lot of toothache by reading our guide, which outlines the obstacles dentists can face during mortgage applications and how to overcome them.
What Challenges Can Dentists Face When Applying for a Mortgage?
It doesn’t matter if you’re a dentist at a private practice, an NHS dentist, or a self-employed associate or practice owner or partner, there are some common problems you might come up against when you’re applying for a mortgage:
Complex Income Structure
Dentists often have multiple or complicated income streams that they have to juggle. When it comes to applying for a mortgage, your income is one of the most important factors that go into determining your affordability. As a dentist, your income could come from a number of places. You might be employed with a steady salary, work privately and for the NHS through additional contracted work or take a dividend income if you are a practice owner. If you are a sole trader or self-employed, your earnings could be variable from month to month, which some lenders could consider risky.
Short-Term Employment Contracts
Early on in a dental career, your employment often consists of lots of short-term contracts across the NHS. This frequent moving around can give lenders the false conception that you don’t have job security despite this being standard in the dentistry industry.
Student Debt
When you qualify as a dentist, your student debt level will be at its highest. While you’ll be able to manage this with your income, this debt can limit what you can put towards a mortgage. With a large amount of student debt over you, some lenders will limit the amount you can borrow.
Lack of Understanding From Lenders
Traditional high street lenders take your personal information at face value, which can lead to a rejected mortgage application. They don’t consider your future earnings potential or real-life job stability.
What Solutions Are There?
If the prospect of getting a mortgage seems too big a challenge for you, the good news is that there are mortgage brokers like Professional Mortgages who understand your sector inside out and can help you secure a deal that works for you.
When you seek the help of a mortgage broker for dentists, you’ll get peace of mind that your application is in the best hands. Expert brokers work with lenders that specifically cater to dentists, offering them competitive rates that take into account their future earnings.
If you are at a loss on how to present your income information to the lenders, then brokers can help with that, too. Clearly displaying your income and helping you disclose your student debt in a way that doesn’t put lenders off.
We Can Help
If you’re a dentist who is looking for a mortgage product, then the team at Professional Mortgages can help you. We have years of experience helping dentists get the mortgage deals they deserve. Contact us today to discuss your requirements.
