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Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 4.75 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 5.5 times your household income, a salary multiple you will struggle to get without a broker. 5.5 times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedGet expert advice immediately if…
If one or more of the above apply to you, it’s important to get expert advice before making an application. The right broker can help maximise your chances of approval based on your circumstance.
Dentists can often access higher income multiples when applying for a mortgage, which is a significant advantage. Typically, while many borrowers might secure a loan of up to 4.5 times their annual income, dentists may be eligible to borrow up to five times their salary, assuming they meet the other necessary eligibility requirements.
Annual Income | 4.5x Income Multiple | 5x Income Multiple | 6x Income Multiple |
£50,000 | £225,000 | £250,000 | £300,000 |
£80,000 | £360,000 | £400,000 | £480,000 |
£100,000 | £450,000 | £500,000 | £600,000 |
£150,000 | £675,000 | £750,000 | £900,000 |
£200,000 | £900,000 | £1,000,000 | £1,200,000 |
Please note that this table provides a general estimate, and this is just a guide and subject to each lender own affordability calculations alongside the borrowers income and expenditure. It is advisable to consult a mortgage expert for a more accurate assessment tailored to your specific circumstances.
This table demonstrates that as the income multiple increases, so does the potential borrowing capacity for the dentist. For instance, a dentist earning £100,000 annually could borrow between £450,000 and £600,000, depending on the lender’s willingness to offer a higher income multiple.
It’s important for dentists to remember that while income multiples are a guide to borrowing capacity, lenders will also take into account other financial responsibilities and the overall risk profile before making a final lending decision. Working with a knowledgeable mortgage advisor like Ascot Mortgages can help in presenting your financial situation effectively to secure the best possible mortgage terms.
Before approaching lenders, ensure that your financial documents are in order, including tax returns, bank statements, and proof of income. This preparation will streamline the application process.
Each mortgage lender has different criteria for what constitutes a ‘good’ application. Understanding these can significantly increase your chances of success. An expert mortgage broker can provide you with this insight.
A substantial down payment can often tip the scales in your favor, reducing the perceived risk for the lender and possibly securing you a better interest rate.
Based on a mortgage of £300,000 at 75% LTV and 25 years
Speak with Us | Interest Rate | Mortgage Type | Monthly Repayment Amount | Total Fees | Max LTV |
---|---|---|---|---|---|
3.79% | Fixed | £1,174 | £335 | 75% | |
3.86% | Fixed | £1,178 | £1,499 | 75% | |
3.89% | Fixed | £1,180 | £1,025 | 75% | |
3.89% | Fixed | £1,180 | £1,079 | 75% |
Some of the best mortgage deals for dentists aren’t available directly to the public but can be accessed through a broker. These may offer more attractive rates or terms tailored to professional clients.
A specialist broker can negotiate terms with lenders, using their understanding of dentist incomes and career prospects to secure terms that may not be ordinarily available.
The mortgage process can be daunting, and having an expert on hand to guide you through it can be reassuring. From the initial application to completion, a broker will be there to offer advice and support.
In summary, the journey to securing a mortgage for dentists requires specialist knowledge of both the financial industry and the professional circumstances of dental practitioners. By employing the expertise of a mortgage broker and preparing a robust financial profile, dentists in the UK can improve their chances of finding a mortgage product that suits their unique needs. Remember, your career, your hard work, and your professional standing should work in your favor when it comes to securing a mortgage, and with the right guidance, you can make the property-owning dream a reality tailored just for you.
For dentists looking to navigate the mortgage landscape, it’s essential to seek expert advice.
At Ascot Mortgages, we understand the intricacies of your profession and are here to help you find the right mortgage solution. Contact us today to discuss your options and take the first step towards securing your dentist mortgage.
Alison Gibson is a seasoned mortgage expert at Ascot Mortgages, specialising in providing bespoke mortgage advice to professionals across the UK. To find your match and start your journey towards your ideal mortgage, you can reach out to us directly at 01925 711558 or send an inquiry through our online platform.
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Ascot Mortgages authorised and regulated by the Financial Conduct Authority and can be found on the FCA register (www.fca.org.uk) under reference 776062. The FCA do not regulate some forms of mortgages. The guidance and advice contained in this website is subject to UK regulatory regime and is therefore restricted to consumers based in the UK. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances but we estimate it will be £599 per mortgage account. Ascot Mortgages Ltd give you the option to pay a non-refundable fee of £1299 payable with the application. If this option is taken, Ascot Mortgages Ltd will refund any procuration fee received by the lender.
Ascot Mortgages Limited is registered in England and Wales and have their registered office at 8 Webster Court, Westbrook, Warrington, WA5 8WD. The company’s registration number is 06764971.
We are a credit broker, not a lender. We work with the whole of the lending market. We may receive commissions that will vary depending on the lender, product, or other permissible factors. The nature any commissions model will be confirmed to you before you proceed.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT
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