Navigating the mortgage landscape as a dentist can indeed present unique challenges, especially when it comes to demonstrating income stability and reliability to lenders. Your income streams may not always align with traditional employment patterns, which can lead to misunderstandings or hurdles during the application process.
For instance, lenders might struggle to comprehend the nuances of NHS and private work, regular movement of jobs between surgeries, or fixed-term contracts that are common in the dental field. However, these obstacles are not insurmountable. With proper positioning and guidance, you can successfully secure a mortgage that fits your circumstances.
Working with a mortgage specialist who understands the intricacies of a dentist’s financial situation can be invaluable. They can help tailor your application to highlight your strengths and address any concerns upfront, increasing your chances of approval.
The following is an example of the advantage of using a mortgage specialist. We managed to secure a mortgage for a dentist who was employed 2 days per week by an NHS trust for a number of years but had just started working 2 days a week at an orthodontist working on a day rate. they also worked 1 day a week in a private practice.
The complexity of using the total combined income for this dentist meant that most lenders were not prepared to lend the levels of funding the dentist needed to secure the property. However, by speaking with lenders that are flexible and fully understand how dentists’ income streams work we were able to secure the level of funding the dentist required. The day rate work proved pivotal to allow the level of borrowing required and was acceptable to the lender due to line of work remaining the same. After working closely with the lender, they took a view to accept the case which was slightly outside of policy due to the consistency of role/profession.
It’s a testament to the importance of having specialists who understand the nuances of different professions and can navigate complex financial scenarios to help clients achieve their goals. Chase de Vere Dental are remunerated through mortgage providers and therefore do not need to charge fees directly to dentists for their mortgage service and therefore these are perfect examples of why it makes sense to talk through your scenario with no financial consequences.
These success stories highlight the value of seeking professional advice and exploring all available options when it comes to securing a mortgage so if you are in any doubt about obtaining the right mortgage as a dentist book an appointment with one of our mortgage advisers today to discuss your unique circumstances.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The information contained within this newsletter is for guidance only and does not constitute advice which should be sought before taking any action or inaction.
Content correct at time of writing.