It is a common misconception among dentists that you can’t get a mortgage unless you have at least 2 years of accounts. Mortgage brokers will even likely tell you the same (or that you will need at least 1 full year).
What makes this even more difficult is that Dentists usually start their self-employment at an awkward time relative to the tax year – typically September, and with a tax year ending in April your first tax return (or ‘accounts’) will be only for a 6 month period.
So do you need to wait another whole year before you can apply for a mortgage? The answer is actually NO.
Your options will be limited certainly, but there are still a number of options that could be suitable and without paying a terribly high interest rate.
It is possible to work outside of typical lender guidelines, where with the correct presentation of facts, a lender can still consider a mortgage even if you have no accounts.
There are some limitations of course, but this applies to those who have many years of accounts too.
If you have been self-employed for a year, we can look at how much you have earned in the last 12 months – typically for those with private income.
If you are an NHS associate in England or Wales, it is possible to use the value of your agreed UDA target as your income.
Income in dentistry is not the simplest to explain to a third party, and it is very important to take professional advice from someone who understands the income in dentistry well.
VR Financial Solutions have been working with dentists since 2010 and have helped over 1000 dentists with their mortgages.
