Mortgages For Newly Qualified Solicitors
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Can I get a mortgage as a newly qualified solicitor?
Absolutely!
In fact, newly qualified professionals can get special treatment when it comes to mortgages.
Are there special mortgages for newly qualified solicitors?
Sometimes lenders can offer products aimed exclusively at newly qualified solicitors and other professionals.
You 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.
What is the eligibility criteria for mortgages aimed at newly qualified solicitors?
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 newly qualified solicitor if my partner isn’t a qualified professional?
Yes. Only one applicant needs to be a professional.
I’m moving to a new firm – will that affect my chances of getting a mortgage?
Not necessarily. Although some lenders prefer continuous employment with at least three months’ payslips, others are happy to accept just the first month’s payslip in isolation. Some will even 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!
Can I still get a mortgage if I’m in a probationary period?
While some lenders will want probation to end, we do have others who will happily ignore it.
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?
Will my student loans affect what I can borrow on a mortgage?
If they are loans through the Student Loans Company, with payment deductions showing on your payslips, then the 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.
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 newly qualified 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 adviser, like us, who will be best-placed to help you.
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.
We understand that saving up while repaying student loans and covering living expenses is hard. You may be able to get a mortgage with no deposit but you can’t combine it with a professional mortgage.
Are there interest-only mortgages for newly qualified solicitors?
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 newly qualified solicitors?
At The Mortgage Store Chorley, we work with a number of mortgage providers that specialise in helping newly qualified solicitors find a mortgage. Plus, our specialist adviser has a law degree, so she understands the industry and how it operates.
Whether you’ve just completed your training contract or are a few years into your career, get in touch to see how we can help you buy your dream home.
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
