Your step-by-step guide to becoming finance-ready and in control
Buying your first dental practice is one of the most exciting steps in your professional journey but it’s also one of the most financially significant. The good news? The earlier you prepare, the better your position will be.
At FTA Finance, we advise hundreds of dentists each year. If you’re hoping to buy a practice in the next 12 months, here’s what you should be doing now to make the process smoother, faster, and more financially secure.
12 Months Out: Get Organised and Build Your Foundations
- Review Your Personal Finances
Lenders will scrutinise your income, expenditure, and any existing debt. Now’s the time to:
- Clear unnecessary credit card balances or loans
- Avoid taking on any new debt (like car finance or large purchases)
- Make sure your personal bank accounts are well-managed and not overdrawn
A clean personal financial profile tells lenders you’re responsible and reliable.
- Check Your Credit Score
Your credit rating matters more than you think. Use a free credit check service to see where you stand and correct any errors or outdated entries.
9 Months Out: Start Exploring the Market and Your Options
- Research Practice Types
Do you want an NHS, mixed, or private practice? Urban or rural? Large or small team? Get a feel for what’s available and what suits your lifestyle and long-term goals.
- Speak to an Independent Broker
Now’s the perfect time to connect with us. We’ll help you understand:
- Your borrowing capacity
- How much deposit you’ll need
- What different lenders are offering
- How to structure your loan
Working with an independent broker gives you access to the whole market – not just one bank’s products.
6 Months Out: Build a Strong Financial Profile
- Start Saving for a Deposit
Most lenders will want to see that you’ve got a level of background savings for contribution towards the purchase, to cover legal/purchase costs and initial cashflow. The earlier you start saving, the stronger your position will be.
- Set Up a Business Plan Framework
You don’t need a full business plan yet, but start thinking commercially:
- How will you grow the practice?
- What will your clinical and managerial role look like?
- How will you handle staffing and marketing?
Having this thought process early will save you time and stress later.
3 Months Out: Get Lender Ready
- Get Pre-Approved for Finance
This is a game-changer. With pre-approval, you can:
- Act quickly when the right practice becomes available
- Show agents and sellers that you’re a serious buyer
- Understand your budget and structure before committing
We can help you secure pre-approval, tailored specifically to your circumstances and goals.
1 Month Out: Final Preparation
By now, you should have:
✔ A deposit saved
✔ A clear idea of what kind of practice you want
✔ Finance pre-approved
✔ A strong support network of broker, solicitor, and accountant
You’re ready to make an offer and you’ll be far ahead of most first-time buyers who leave these steps too late.
At FTA Finance, we specialise in helping first-time dental buyers prepare properly. With clear advice, tailored funding solutions, and access to the whole lending market, we make sure you’re financially ready and in control of the process from day one.
Thinking about buying in the next 12 months?
Speak us now and take the first step towards ownership with confidence.
We are able to source a wide range of innovative and competitive Healthcare Finance packages specifically tailored to, and for, Healthcare Professionals such as:
Remember!
You are in a specialist market so use a specialist broker who understands your sector. With access to major banks and specialist niche healthcare lenders, we know the types of proposals that are synonymous with this sector.
