Mortgages for Dentists
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PFM Dental
Mortgages for Dentists
Finding a mortgage if you are a self-employed dentist can be a challenge, especially if you have a limited accounting history and qualified in the last two or three years. We offer a fully independent mortgage advice service exclusively for dentists including for first time buyers, foundation dentists, associate dentists and practice owners.
Many dentists aim to get on the property ladder soon after qualifying. Most lenders require at least two years accounts if you are self-employed, which can be a problem if you qualified anytime within the last three years. We only advise dentists, so we understand which mortgage lenders offer a more flexible lending criteria. We may even be able to use your NHS associate-principal agreement as evidence of income in place of the standard accounting history.
A Wide Range of Mortgage Services
First-Time Buyer
We specialise in newly qualified and self-employed dentists.
Low Deposit Mortgages
At PFM we can arrange a mortgage loan to value for dentists as high as 95%.
Offset Mortgages
These can be ideal for self-employed individuals where tax is paid twice yearly.
Remortgages
Getting you the lowest cost mortgage when your current deal expires.
Buy-to-Let Mortgages
For dentists looking to get into the property market.
Use Our Mortgage Calculator
FAQs
How does an offset mortgage work?
A mortgage offset account allows you to keep your cash savings safe and accessible whilst working harder for you. If you are self-employed you will need to make significant savings for your tax and national insurance liabilities.
Bank interest rates are historically low, but these funds need to remain accessible. Any amount held in your mortgage offset account will reduce the amount of interest charged. This can reduce your monthly mortgage payments or the term of your mortgage. The offset account is usually free to set up but is not available with all lenders. We can establish if the offset account is right for you.
I trade as a limited company, can you help?
If you trade as a limited company or have recently incorporated, we can help arrange your mortgage or remortgage. Evidence of income and salary multiples within a limited company structure may not be obvious at first glance to a mortgage underwriter.
We are able to ensure that your ‘remuneration strategy’ doesn’t get in the way of finding the most cost effective mortgage solution. We often work closely with our chartered accountancy division to ensure that your accounting history is better understood.
Can you help with mortgage insurances?
It is important to consider life and critical illness cover to protect your family or financial dependents. We offer independent advice on the most suitable cover.
Taking on a mortgage means an increase to your fixed monthly outgoings and we recommend that you review your income protection needs in line with this. We are fully independent so will recommend the most cost-effective income protection policy. Because we work exclusively with dentists, we are careful to arrange occupation specific cover. We understand how your NHS sick pay is structured and how this interacts with your income protection requirements.
Can I get a mortgage without accounting history?
Probably. We work with lenders who have a flexible mortgage underwriting criterion for dentists. Most high street lenders will need two or three years’ evidence of income to lend to a self-employed individual and by using the right lender we can overcome this problem.
Often, we can use your NHS associate-principal agreement in place of accounts, if you qualified recently. Applications are subject to other eligibility factors which we can guide you on.
Can you tell me how much I can borrow?
Of course – based on our understanding of the mortgage market we can give you an estimate of what you can borrow, the deposit you will need and the monthly costs.
Is your advice independent?
Yes. We are able to go to the whole of market to source the mortgage for you. We use the latest sourcing software.
Do you offer financial advice in other areas?
Yes – we only advise dentists, so we understand specialist areas of advice such as the NHS pension. We can help you with longer-term planning, investing and insurances, now and as your career progresses.
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