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Mortgages for legal professionals: solicitors, lawyers and barristers

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Mortgages for legal professionals

Are you a legal professional and looking to buy or refinance a property? Legal professionals usually have stable incomes and higher earning potential compared to other professions, yet some struggle to secure mortgages. This is often due to the complex nature of their income. Legal professionals often receive income from multiple sources and not all income sources are accepted. There are lenders that will lend based on more unorthodox income sources and our team will be able to advise further based on your individual situation. Some legal professionals earning high levels of income may wish to buy a high-value property. Lenders often impose loan-to-value restrictions on high-value properties preventing them from borrowing what they need. It’s often still possible to borrow more if you work with the right lender, which is why it is crucial to work with a mortgage advisor to find a suitable mortgage. Contact our mortgage advisers if you need advice on mortgages for legal professionals.

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Are there special mortgages for legal professionals?

Whilst there aren’t special mortgages for legal professionals, there are a range of professional mortgages. These are for borrowers employed in professions such as teachers, doctors, vets etc. Lawyers, barristers and solicitors are professional occupations and therefore qualify for professional mortgages. Professional mortgages offer multiple benefits to legal professionals including higher income multiples, increased borrowing based on property values, lower fees and better interest rates. To qualify for professional mortgage products, you must adhere to some specific mortgage criteria set by the lender. This could include meeting a certain income level or having worked in the role for a set number of years. Our mortgage advisers can confirm exactly what requirements are in place, so please get in touch

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Can a barrister get a bigger mortgage?

If you require a large mortgage, it can be trickier as lenders often have different loan-to-value limits for high-value properties. Fortunately, there are other options available depending on your circumstances. If you are a high net worth individual you can benefit from high net worth mortgages that could enable you to get the financing that you need. An alternative option is private finance arranged through the more exclusive lenders. 

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Mortgages for law firm partners

Do you work as a partner in a law firm? It is possible to secure a mortgage as a partner in a Limited Liability Partnership (LLP). LLP income is generally accepted by lenders although you may need to have been a partner for a minimum period. Partners in LLPs are either paid via PAYE or self-assessment and how your LLP was set up will determine how lenders will verify your income. Those on self-assessment will need to supply tax calculations or financial accounts whilst those on PAYE will normally need to provide payslips. Other documentation evidencing the partnership or bank statements are also occasionally requested by lenders.

Mortgages for self-employed barristers, solicitors and lawyers

Not everyone who is a legal professional is employed. Some barristers, solicitors and lawyers are self-employed either as a sole trader or director of a limited company. If this applies to you it is still possible to secure mortgage finance but it might be trickier. Lenders assess mortgage applications on their own merits so this will check factors such as how long you have been trading for, your income and business performance when deciding whether to lend. Lenders will typically request 2-3 years trading figures for your business either in the form of tax assessments, financial accounts or an accountant’s reference. If you’ve not been trading this long, this won’t necessarily stop you from securing a mortgage but it could limit your options.

Mortgages for trainee legal professionals

Are you a recently qualified solicitor? Are you still training? For those entering the profession or still in training, there are fewer options when it comes to securing mortgage finance. This is because traditional lenders want to see you established in a role and not on probation or unemployed. There are exceptions to this and some lenders who offer professional mortgages may offer you a mortgage under certain conditions. Whether you can secure mortgage finance will depend on your current circumstances and if not already in a role whether you have a job lined up. To find out your chances of securing a mortgage, speak to our experienced mortgage team.

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Why choose Simple Fast Mortgage to secure your mortgage as a legal professional?

Legal professionals tend to have quite a few options when it comes to mortgages but the complex nature of their income can make it more difficult to secure a mortgage. That’s why you should consider working with Simple Fast Mortgage, as we understand the obstacles you’ll face when applying for a mortgage and can help you overcome these. We know that some solicitors have very specialist requirements or have plans which will require more specialist mortgage products and our extensive connections can help secure the finance you need. Our mortgage advisors also appreciate how busy you are so we’ll help by taking the pressure of paperwork off you, streamlining the process as much as possible. 

 

Contact our friendly team to start your mortgage application today.

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