Mortgages For Trainee Solicitors
- Expert, personalised guidance at every stage
- Advice available seven days a week
- Here to help with any questions you have
Get in Touch
On this page (click arrow to expand)
Can I get a mortgage as a trainee solicitor?
Absolutely!
Not every lender will accept your training contract, however.
Is it hard to get a mortgage as a trainee solicitor?
It can be, because a training contract is deemed a fixed term contract. With this kind of employment, most lenders want a history of contract work that you won’t necessarily have.
That said, some lenders are more flexible and accepting of the fact that it isn’t a permanent role.
Can I get a mortgage as a trainee solicitor if it is my first job?
Yes! Lenders who understand training contracts also appreciate that this is likely to be your first job, so that won’t put them off.
What is a professional mortgage? Can I apply for one of those?
A professional mortgage is a product offered by some lenders to newly qualified professionals, such as solicitors, doctors, and accountants.
You need to be fully qualified – i.e. admitted to the roll of solicitors – and actively working in the legal sector before you can apply. You aren’t eligible while you are completing your training contract.
Am I better off waiting until I’ve finished my training contract before applying for a mortgage?
That depends.
Based on your income alone, you’ll almost certainly be able to borrow more once you are fully qualified. If you’re moving into a permanent role, more lenders could be available to you.
However, if you can borrow what you need now, then avoiding rent and building up equity can be appealing.
Bear in mind if you are tied into a mortgage deal with an Early Repayment Charge, there is a penalty to pay for selling up within the penalty period. This could restrict you if you want to move in the near future.
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.
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. Flats also usually need a bigger deposit of circa 10%.
Putting down a bigger deposit than the minimum is usually an advantage, and can result in lower interest rates being available to you.
How can The Mortgage Store Chorley help with mortgages for trainee solicitors?
At The Mortgage Store Chorley, we work with a number of mortgage providers that specialise in helping trainee solicitors find a mortgage. Plus, our specialist adviser has a law degree, so she understands the industry and how it operates.
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
