As a dentist, you will no doubt pride yourself on giving the best dental health advice possible. When it comes to getting a mortgage, you need the best advice that you can get.
Finding the best rates of your dentist mortgage can a considerable amount of time and effort. You will want to know that you are getting the right deal on your mortgage. However, you may not know which lenders provide the best rates for dentists.
What Type Of Mortgages Are Available For Dentists?
The mortgages that will be available to you as a dentist will largely depend on your own personal and financial situation. As with any financial product, your income and credit score will be a contributing factor in the amount that you can borrow and the interest rate on the mortgage.
Every lender uses a different set of criteria to assess your suitability for a mortgage, so if you have been turned down for a dentist mortgage in the past, do not be put off from looking elsewhere. Some lenders are better placed for providing lending to dentists.
The factors that will be considered in your mortgage application will include:
- The amount that you available for your deposit The larger your deposit, the more money you may be offered. Having more money to put towards a deposit can also mean that you will need to borrow less, which leads to more favourable interest rates and lower monthly repayments.
- Your credit history As with any lending, your credit score and borrowing history is important. Lenders need to know that you do not have a history of debt problems.
- Your total annual income The majority of lenders will provide mortgages of up to 4.5 times the amount of the borrower’s annual income. Using this rate, the average dentist’s starting salary of £31,355 would mean that you might be able to borrow £141,097. There may be some mortgage lenders who are willing to lend up to five or six times the annual salary.
- Your age If you are nearing retirement age, this may limit the amount that a mortgage lender is willing to lend.
- How many dependents you have The size of your family is important in a mortgage application as it will dictate how much of your salary is spent on your family’s upkeep.
- The type of property you are buying As with any type of mortgage, the type of property and the material that it is built from may affect the approval of the loan.
- Your employment type Many dentists are self-employed. In these cases, some lenders will be more ideal than others in terms of providing lending for self-employed dentists. Getting the right financial help is essential here to ensure you are applying to lenders who look more favourably on self-employed dentists.
Applying For Your Dentist Mortgage
When applying for your dentist mortgage it is important that you identify the right lender to apply to. Applying to multiple lenders in succession may have an adverse effect on your credit rating. This is because of the fact that credit applications do stay in your credit history. If you make numerous applications it can send off a negative impression or indicate that other lenders are all declining you.
Hard credit searches can appear on your credit file for two years. It is therefore essential that you are making the right decisions when it comes to selecting the mortgage providers that you are going to make an application with.
At The Finance Surgery, your mortgage advisor will be able to examine your specific personal finances and place you with the right lender. Knowing as much as possible about your personal financial situation and your lifestyle will help them to ensure you are looking at the right mortgage lenders along with the right financial products. This means that your mortgage advisor can try and find the right dentist mortgage for you, maximising your potential borrowing while reducing your interest rates and repayments.
They can help you through the paperwork process so that everything is a lot easier for you. By doing this, there will be no delay in getting your mortgage application sent off in time.
To start your mortgage application, get in touch with The Finance Surgery today. Our NHS-specialist mortgage brokers have helped hundreds of people find the right mortgage deal for them.