The typical starting salary of a newly qualified dentist is £34,840, meaning they could borrow a mortgage of up to £139,360.
Those studying dentistry at university have the greatest choice when it comes to getting onto the property ladder during their first year of work, online mortgage brokerTrussle has found.
The typical starting salary of a newly qualified dentist is £34,840, meaning they could borrow a mortgage of up to £139,360. Provided they’ve managed to save a 5%, they could afford a home worth up to £146,695.
Ishaan Malhi (pictured), founder and chief executive of Trussle, said: “After graduating from university, many students will be thinking about their next steps in terms of careers and where to live. For those in a position to step onto the property ladder, it’s definitely worth considering the options.
“Young professionals are becoming more resourceful as they realise the difficulties of buying a home.
“People are recognising they can tackle affordability issues by buying with friends, while others consider shared ownership - a government scheme that we’re now able to help customers with at Trussle to make home ownership more accessible to everyone.
“But, the sad reality is that most graduates will not earn enough in their first job to borrow enough of a mortgage to get onto the property ladder, let alone save for a deposit.
“Young first-time buyers are simply being let down by the industry. There aregovernment-backed schemes available, but more needs to be done to help this under-served group, such as considering salary projections when calculating affordability.
“We’re using our data to design personalised products, specifically for underserved groups like young first-time buyers.”
This budget gives employed dentistry graduates the option of buying a home in 172different towns and cities across England, Scotland and Wales.
The most expensive being Fairbourne in the Welsh county of Gwynedd, with an average house price of £146,499, Maybole in Scotland, with an average house price of £146,243, and Knottingley in West Yorkshire with an average house price of £146,224.
However, a dentistry degree does take five years to complete, which can have a bigger impact on student loan repayments and affordability.
Taking between three to five years to complete, thechemicalengineering average starting salary of £31,8241offers the second highest choice of property locations.
This gives graduates a budget of £133,9967, which makes 96 towns and cities affordable, including the Scottish town of Mauchline (£133,592).
However, there isn’t such a range of choice for everyone. Those studyingcreativearts &design are unlikely to be able to afford a home anywhere in England, Scotland or Wales without additional help, like a gifted deposit or support from a government scheme, such as shared ownership.
Their typical starting salary of £15,1841would likely give them a total budget of £63,993 – assuming they were able to raise a deposit of just over £3,0009.
Shared ownership allows the buyer to pay a mortgage on the share they own, and pay rent and service charge to a housing association on the remaining share.
This meanscreativearts &design grads are still over £5,000short of affording a home in Britain’s least expensive area, the Welsh town of Ferndale, which has a far lower average house price of £69,306.
