Mortgages For Solicitors
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Are there special mortgages for solicitors?
Solicitors can apply for standard mortgages that are available to all, but sometimes lenders can offer products aimed exclusively at solicitors and other professionals.
Generally, however, lenders may simply be prepared to be more open-minded when considering a mortgage application from a solicitor.
What is the eligibility criteria for mortgages aimed at legal professionals?
You need to be fully qualified – i.e. admitted to the roll of solicitors – and actively working in the legal sector.
Can I get a professional mortgage as a solicitor if my partner isn’t a qualified professional?
Yes. Only one applicant needs to be a professional.
Can I get a mortgage as a trainee solicitor?
Potentially, yes, but you wouldn’t qualify for a professional mortgage until you have finished your training. It would be a standard mortgage instead.
Can I get a mortgage as a newly qualified solicitor?
Absolutely!
Newly qualified solicitors may be able to borrow more than other people, with some lenders offering enhanced income multiples. This is because they recognise your earnings are likely to increase with experience. Typically you need to have qualified in the last five years to be eligible.
What’s more, you don’t necessarily need to have started your first job as a qualified solicitor to apply for a mortgage. If you have a signed employment contract, and are due to start within the next three months, we might be able to use this instead of waiting for payslips.
I’m moving to a new firm – will that affect my chances of getting a mortgage?
Not necessarily. Some lenders accept signed employment contracts if the job is due to start in the next three months.
If you’re getting a pay increase as part of your move, we should be able to use that, too!
Why The Mortgage Store Chorley?
Exclusive rates you won’t get directly from lenders
A dedicated point of contact from initial enquiry right through to completion and beyond
Appointments seven days a week, to best suit your schedule
Ongoing rate monitoring until completion as standard
Do you have a question?
I’m about to become a partner – should I wait before applying for a mortgage?
First of all, congratulations!
Secondly, becoming a partner at an LLP often comes with a big pay increase. Most lenders will treat you as self-employed, however, which typically means having to provide two years’ worth of tax calculations.
If you don’t have those yet, exceptions can be made for solicitors with a track record in the industry (which most will have before becoming a partner anyway), as long as the firm has company accounts to evidence its financial position. We may also require a letter from the firm confirming your new position and pay structure.
If you’re setting up a new firm, lenders would need at least one year’s accounts, and ideally two, before being able to consider an application from you.
I’m on maternity leave – do I have to be back at work before I can get a mortgage?
No! If you are going back to work on the same terms as before, we can use your pre-maternity leave pay for affordability.
If you are reducing your hours, we’ll need to know what your salary will be when you go back to work.
We’ll also have to factor in any childcare costs.
How much can I borrow?
The amount you can borrow depends on your personal circumstances. Some lenders can offer up to six times your income as a professional.
In addition to looking at your income, lenders will also look at your expenditure. This includes credit cards and loans as well as things like childcare and maintenance.
Every lender uses a different calculator, so speak to an experienced mortgage advisor, who will be best-placed to help you.
Will my student loan affect what I can borrow?
Your monthly repayments will be factored in as committed expenditure, but the total loan balance won’t have any impact. This is unlike personal loans, where the balance is a factor, too.
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What deposit do I need?
The smallest deposit most lenders will accept is 5%. You may need a bigger deposit, for example if you have bad credit.
Putting down a bigger deposit than the minimum is usually an advantage, and can result in lower interest rates being available to you.
Can I get an interest-only mortgage as a solicitor?
Possibly, yes.
Lenders usually have minimum income requirements for interest-only mortgages. The required deposit will be higher than 5%.
They also need an acceptable repayment vehicle so they can see how you’re going to repay the mortgage at the end of the term. If you are planning to sell the house and downsize, there are often minimum equity requirements, too.
How can The Mortgage Store Chorley help with mortgages for solicitors?
At The Mortgage Store Chorley, we work with a number of mortgage providers that specialise in helping solicitors find a mortgage. Plus, our specialist advisor has a law degree, so she understands the industry and how it operates.
Whether you’ve just completed your training contract or are a new partner in an LLP, get in touch to see how we can help.
Although we’re based in Lancashire, we can help wherever you are in the UK, with video and phone appointments available seven days a week.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
