Mortgages For Solicitors: Finance to Suit the Legal Profession

12-July-2022 11:07
in Mortgage
by Sam Hodgson
Mortgages For Solicitors: Finance to Suit the Legal Profession

If you’re working in the legal profession, you could get preferential mortgage terms for your property purchase.

Whether you’re a qualified solicitor or barrister or you’re still completing your period of recognised training, it's worth speaking to a mortgage broker who can connect you with the best mortgage lenders for lawyers.

And while you could get a better deal with your reputable profession, you might also be struggling to get the finance you need if you’re a self-employed solicitor or barrister, or if your income is complex and paid through multiple sources.

This is where a mortgage broker can advise on how to present your income and your mortgage application to potential lenders, and liaise with the right providers to get the most out of your borrowing power.

In This Blog:

Can you get a better mortgage as a solicitor or barrister?

Why can it be difficult to get a mortgage as a barrister or solicitor?

UK mortgages for solicitors and barristers earning in a foreign currency

Mortgages for trainee barristers and solicitors

Mortgages for self employed barristers and solicitors

Should I use a mortgage broker for a solicitor mortgage?

Mortgages for Solicitors

Can you get a better mortgage as a barrister or solicitor?

As with many high-earning industry professionals, you may find that you’re able to get preferential terms on your mortgage because of your high salary and secure job prospects.

With law qualifications behind your belt, mortgage lenders value the fact that you can reliably find well-paying employment more easily in comparison to some other professional fields.

You could also be at the start of a prosperous career at a law firm with a roadmap of salary bumps laid out before you. Some lenders are able to factor this into their mortgage calculators and offer more lenient lending criteria, but some aren't.

Here are some of the main benefits you could see as a legal professional applying for a mortgage:

  • Reduced fees

You could pay fewer product fees through certain lenders.

  • Better rates

You might qualify for discounted mortgage rates due to your high income.

  • Higher-income multipliers

You may be able to leverage your income to a greater extent than a typical borrower. Lenders might see you as more likely to keep up with repayments on your mortgage due to your proven skills and qualifications and see you as less of a risk than other professionals.

  • Lower deposit options

You might get higher loan to value options and be able to put down a smaller deposit.

  • Smoother application process

Some lenders will prioritise your application and give you preferential mortgage services - making your application process quicker and easier.

Related: While you're here, read our full guide and services for HNW Mortgages

legal profession mortgages

Why can it be difficult to get a mortgage as a barrister or solicitor?

You’ll find that some lenders aren’t fully equipped to properly understand and process your income if it’s paid on an irregular basis, paid in a foreign currency, or is supplemented by freelance work.

Some barristers and solicitors get automatically rejected by certain mortgage calculators when putting in their desired loan amount and income figures, even though they’re confident they can achieve the finance they need.

Or, if you haven’t yet completed your period of recognised training and haven’t got your SRA admission, then your earnings might still be low despite your potential earnings being much higher.

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Mortgages for solicitors earning in a foreign currency

If you’re an expat solicitor or barrister earning in a foreign currency such as US Dollars, Australian Dollars or Euros, you’ll likely struggle to get accepted going through your typical high street lender.

This is where a specialist mortgage broker like Clifton Private Finance can help.

We have established relationships with specialist lenders and private banks that facilitate irregular and bespoke expat income situations.

But we don’t rule out high-street lenders if they can offer better rates once they have the full picture of your mortgage application.

Read our case study below on how we helped a High Court Judge working overseas earning in a foreign currency get the UK mortgage he needed.

Expat Solicitor Case Study

Mortgages for trainee solicitors and barristers

If you’ve finished your Legal Practice Course but still completing your training contract, there are specialist lenders out there who will take your future earning potential into consideration for your mortgage application and offer more lenient lending criteria.

A specialist mortgage broker can package your application in a thorough and comprehensive manner and help your lender see the bigger picture about your solicitor's income and potential future earnings.

Mortgages for self-employed solicitors and barristers

If you’re earning all or some of your income from self employed legal work, then you may struggle to get a suitable mortgage from a standard lender. Despite the fact, that you technically have the income required to reach your property’s value.

Firstly, you’ll need at least 2 years of tax returns for any self-employed income that you want to be factored into your mortgage application.

But if you’ve just started your self employed law practice or have recently begun self employed contracts on the side of your permanent job, then you might not have the tax returns and proof of income to get accepted.

A specialist mortgage broker like Clifton Private Finance can liaise with lenders and still source property finance that factors in your self employed income, even if you don’t have two years of accounts to back it up.

Related: Self Employed Mortgage - How to Improve your Chances of Getting One

Mortgages For Trainee Lawyers

Will my student loan for my law degree affect my mortgage application?

Student loans are treated differently from other types of debt and don’t appear on your credit rating for your mortgage application.

Any outstanding student loan you have is only relevant if your lender asks for details of your repayment schedule as an indicator of your ability to make your mortgage repayments - but your total debt amount is not factored into your mortgage options.

How can a mortgage broker help with a solicitor mortgage?

At Clifton Private Finance, we know the best specialist lenders for mortgages for solicitors and barristers.

We have direct contact with the lenders with specialist underwriters in place that can offer more flexible lending criteria on a case by basis.

But we don’t rule out high-street lenders or private banks if they can offer better interest rates.

We also know which lenders offer the best buy to let mortgages for solicitors looking to purchase an investment property.

Whether you already have an existing residential mortgage, you're an experienced property developer, or you’re getting on the property ladder for the first time with a buy to let, we can help.

Our Case Study below was for a US Law Partner who didn't have a recent tax return at the time to prove his earnings as a partner at his firm - click the image below to find out how we got around the issue. 

Solicitor Mortgage Example

We can also advise with professional mortgages for paralegals, mortgages for chartered legal executives, and any other professional role in the legal industry looking for property finance.

We take the hassle out of your mortgage application and give you the peace of mind that your property finance is in safe hands.

Give us a call

Contact us to arrange a convenient time for an in-depth first discussion with one of our trusted finance brokers and see how we can help you:

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Through our market knowledge, we can deliver bespoke terms based on your requirements.  
Call us on +44 203 900 4322 to discuss your requirements.

Or you can book a free consultation with one of our expert advisors at a convenient time for you, below.

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