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Dentist Mortgages at Fitch & Fitch
At Fitch & Fitch, we specialise in understanding the unique financial profiles and challenges faced by dental professionals. Whether you’re an NHS or private practice dentist, our expertise in arranging whole-of-market mortgages ensures tailored solutions that recognize the intricacies of your profession and income structure.
Unique mortgage challenges for Dentists
Dentists often encounter specific hurdles when applying for mortgages. The fluctuating nature of dental incomes, including bonuses, dividends from private practices, and even earnings from different locations or practices, can complicate the approval process. Additionally, the burden of student loans from dental school significantly impacts what you can afford, influencing lenders’ decisions based on affordability.
How can Fitch & Fitch help
At Fitch & Fitch Independent Mortgage Brokers, we partner with a panel of leading lenders who specialise in providing mortgages tailored for dental professionals. Whether you are at the beginning of your dental career or an established practice owner, our expertise ensures that lenders receive a comprehensive and accurate representation of your financial health. This collaboration enhances your prospects for a successful mortgage application by aligning you with financial solutions that understand and cater to the specific needs of dentists.
Maximising your borrowing potential
Emerging from dental school with substantial debt can hinder your initial steps on the property ladder. Recognizing this, Fitch & Fitch looks beyond immediate financial circumstances and considers your long-term earning potential, which is crucial for securing a mortgage that suits your future financial growth.
Relocation and credit history
The path to establishing a dental career often involves multiple relocations, which can affect your credit score—an essential factor in mortgage approvals. We advise checking your credit score early and taking steps to improve it, ensuring you present the best possible financial picture to lenders.
Short-term contracts and job stability
Early dental careers often involve short-term contracts, which some lenders may view as unstable. At Fitch & Fitch, we connect with lenders who specialize in professional mortgages and understand the career trajectory of dental professionals, ensuring fair consideration of your employment pattern.
Which mortgage is right for me?
Foundation Dentists
When applying for a mortgage, Foundation Dentists are often assessed using criteria similar to that applied to standard employment. If you’re a Foundation Dentist exploring your mortgage options, Fitch & Fitch can help evaluate your borrowing potential. We’ll discuss the necessary documentation and evidence that lenders require to support your application, ensuring you’re well-prepared to secure financing.
Associate Dentists
For Associate Dentists who may not yet have one year’s worth of accounts, we offer solutions that can accommodate your specific circumstances. We have connections with lenders who are open to considering an accountant’s projection provided by a Specialist Dental Accountant, or an employer’s reference letter confirming your UDA value. This flexibility allows us to assist you in securing a mortgage even in the early stages of your career.
Principal Dentists
Principal Dentists typically have their businesses structured in one of several ways, each with specific lending considerations:
- Sole Traders & Partnerships: Most lenders will review the net profit from your business, averaging over the last 1-3 years. However, Fitch & Fitch has access to lenders who may consider the most recent year’s net profit if it is higher, potentially increasing your borrowing capacity.
- Limited Companies: Similar to sole traders, lenders generally require 1-3 years of income proof through Tax Calculations or Accounts. We guide you through selecting the best documentation to present a strong case for your mortgage application.
At Fitch & Fitch, we specialise in securing bespoke mortgage solutions for dentists across all stages of their careers. Whether you are just starting out or looking to expand your practice, our team is here to provide expert advice and facilitate the mortgage process.
Client story
A long-standing private practice dentist approached us to purchase a £750,000 property. With our assistance, they secured a mortgage with a 90% LTV, requiring just a £75,000 deposit. The terms included a competitive fixed interest rate, recognising the dentist’s stable career and potential for income growth.
Q&A: Mortgage Solutions for Dentists
A: At Fitch & Fitch, we recognise that dentists often face unique financial challenges due to the nature of their training and career progression. We work with lenders who appreciate the long-term earning potential of dental professionals, offering generous salary multipliers and preferential rates. This means dentists can typically borrow up to five times their income, and in certain cases, more, depending on their career stage and financial stability.
A: Many dentists begin their careers with substantial student debt, which can impact their early mortgage applications. Additionally, the nature of dental contracts—often involving short-term positions or freelance work—can complicate income verification. Fitch & Fitch helps bridge this gap by working with lenders who specialize in understanding and accommodating the professional and financial nuances of dental careers.
A: Understanding the trajectory of dental careers allows us to advocate for mortgages based on future earning potential, not just current income. This approach is particularly beneficial for early-career dentists or those transitioning to ownership roles within practices, enabling them to secure funding based on projected income from signed contracts and reliable career advancements.
A: Dentists are eligible for professional mortgages that offer better terms, such as lower deposit requirements and more competitive interest rates, acknowledging the high earning potential within the profession. Fitch & Fitch facilitates these specialised mortgage products, ensuring that dentists receive terms that reflect their qualifications and potential, whether they are purchasing a first home or investing in property.
What our customers are saying…
Dentists seeking tailored mortgage advice?
For dental professionals looking to navigate the complexities of mortgage arrangement, Fitch & Fitch offers tailored guidance and support to the unique needs of your profession. For more detailed information or to discuss your specific requirements, please contact us via email at info@fitchandfitch.co.uk or call us at 020 7859 4339.
