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Which mortgages are there for dentists?
There may not be specific mortgage products for dentists, but there are lenders who tailor-make mortgages for specific professions such as dentistry, with fixed-rate mortgages, variable-rate mortgages, flexible mortgage products and Buy to Let mortgages to choose from.
It’s all about finding the right lender and every lender’s criteria to fulfill is completely different. That’s why it’s important to seek advice from a mortgage expert to find the right mortgage product depending upon your current financial status.
What factors can affect dentist mortgage loans?
There are a few things that can affect your mortgage application, such as the size of the deposit you provide or your credit history. It’s best to get all the factors that affect your mortgage in order before applying, and you can do this by contacting a mortgage expert at CTA Mortgage Advice Centre, who will be happy to help you start the process.
The deposit amount that you approach a lender with will make a difference to borrowing ability and the rates you will receive. Having a bigger deposit will mean that you own more of the property and will require a smaller loan and therefore less from the lender. Lenders often offer lower interest rates for your mortgage if you provide a bigger deposit up front.
The amount of money you are on annually will determine how much you will be able to borrow. Lenders will carry out an affordability check to ensure your income covers the repayments on your mortgage.
Typically, if you have a good credit history and good credit score, you can access up to five times your annual salary in the form of a mortgage loan. There are obviously varying roles in dental practices so the amount of income that you receive is something you will need to factor in when applying for a mortgage.
Your credit history will affect your mortgage application and can be the difference between being approved for a mortgage or not. If you have a good credit history and a high credit score, you will be determined as a low-risk borrower and will have a wider range of mortgage options available to you.
If you have a low credit score, you will need to try and correct this before applying for a mortgage. If you want to apply for a mortgage with bad credit, there are options for you and specialist lenders who will be willing to take you on board but they can be a little harder to find.
Every lender has different lending criteria and it is important to read the small print to ensure that you are fulfilling all of them before you apply. A mortgage adviser from CTA Mortgage Advice Centre can look at your current financial status in terms of your credit score and history and guide you towards an option suitable for you.
Age is a factor which can affect a mortgage application, as if you are retired or soon to be retired there may be concerns over your income soon decreasing due to retirement.
The type of property that you are trying to obtain a mortgage for will make a difference to your application too. You will need to carry out checks such as property valuations before a mortgage can be completely processed. This is so the lender can check the value of the property before offering a mortgage.
If you are an employee enrolled in the PAYE payroll system it’s easy for a lender to find history of your income and see the amount of taxes you have paid. If you are self-employed, you will need to provide this information to the lenders through SA302 forms and tax overviews. Lenders usually ask for two years’ of accounts to show a stable income but there are exceptions for some professions.
What mortgages are there for Self-Employed dentists?
Some dentists opt to work for both the NHS and on a private basis, meaning that they are Self-Employed. Lenders will require more substantial proof of earning for Self-Employed applicants due to their income sometimes fluctuating or being more difficult to trace.
A lender can sometimes cap the amount that they are going to loan to you or reject your application all together if they aren’t happy with your income. You will need to have at least one years’ worth of accounts alongside your mortgage application.
How can a Mortgage Adviser from Mortgage Advice Centre help me?
As a dentist, you could be just starting out or five years into your career, no matter the circumstance Mortgage Advice Centre mortgage experts will be able to help you find the right mortgage product for you. There are a lot of different mortgage lenders out there and here at Mortgage Advice Centre, we have access to a panel of over 50 lenders meaning we can access lenders that are not found on the high street.
We can help gather everything you need for your mortgage application as well as approaching lenders on your behalf. We tailor advice based upon your current situation and will be honest about your application when giving regular updates. Through Openwork Ltd, we are authorised and regulated by the financial conduct authority as well as a registered office, registered in England so we have the qualifications and all the certificates to give mortgage advice too.