Will Taking on Finance for Dental Implant affect Mortgage Approval

SouthL_DnA

I’ve been saving up for a deposit for my first flat and have almost saved the target deposit amount for the range of properties I’m interested in. However, through the dental insurance I get through my employer I have the opportunity to get a dental implant at a discount. I plan to pay the remainder monthly over a 12 month period and my question is will this have an effect on the amount I can get from a lender? Am I better off trying to get the implant after sorting out a mortgage?

MattMattMattUK

SouthL_DnA said:

I’ve been saving up for a deposit for my first flat and have almost saved the target deposit amount for the range of properties I’m interested in. However, through the dental insurance I get through my employer I have the opportunity to get a dental implant at a discount. I plan to pay the remainder monthly over a 12 month period and my question is will this have an effect on the amount I can get from a lender? Am I better off trying to get the implant after sorting out a mortgage?

It will have an impact yes, how much depends on how close you are to the limits of the lending criteria, affordability etc. Have you spoken to a broker yet and got an idea of your borrowing potential or are you currently making a bit of a guess on how much you can borrow and what it will cost?

Personally I would leave the implant until after you have the flat, but your broker might be able to confirm that you have enough headroom that you do not need to.

SouthL_DnA

I have spoken to a mortgage broker and he’s given me an idea of how much I could borrow. But I thought I could include it within the prospective monthly expenses as I’m not really much of a spender in general. I’ll talk to the broker I’m using now I know it’ll affect the amount I could get lended.
Thanks for the adviceMattMattMattUK said:

SouthL_DnA said:

I’ve been saving up for a deposit for my first flat and have almost saved the target deposit amount for the range of properties I’m interested in. However, through the dental insurance I get through my employer I have the opportunity to get a dental implant at a discount. I plan to pay the remainder monthly over a 12 month period and my question is will this have an effect on the amount I can get from a lender? Am I better off trying to get the implant after sorting out a mortgage?

It will have an impact yes, how much depends on how close you are to the limits of the lending criteria, affordability etc. Have you spoken to a broker yet and got an idea of your borrowing potential or are you currently making a bit of a guess on how much you can borrow and what it will cost?

Personally I would leave the implant until after you have the flat, but your broker might be able to confirm that you have enough headroom that you do not need to.