Despite good income levels and a track record of job security newly qualified dentists can struggle to obtain a mortgage from regular high-street lenders.
Why is this?
And what can be done to overcome this hurdle at a time when many dentists will be looking to get onto the property ladder?
Good income, job security, no mortgage
Many dentists will be starting new associate positions in August and September after roughly 1,000 dentists undertook Foundation training in the last academic year.
Associate dentists typically gain an increase in their income from going self-employed and can more often than not easily afford the mortgage repayments with their earnings.
Application requirement: 2 year’s accounts
However, many mortgage companies refuse to even consider an application for a self-employed associate dentist due to the fact they won’t be able to provide 2 years financial accounts to prove their income.
A solution worth trying
Specialist dental and medical lenders understand the income set up of doctors and dentists and are able to support applications accordingly. It is a case of knowing who to approach and how to complete the application in the best way for success whilst at the same time finding the most competitive product.
“You provide an excellent service and not just in times when lending is easy to come by. As always I am very grateful for your invaluable assistance.”
Dr Nigel Fitter, B.D.S Dentist, Inverness