Contractor Mortgage for Trainee Solicitor at 5x Salary

Contractor Mortgage for Trainee Solicitor at 5x Salary

Area
Bristol
Capital Raised
£320k

Career changes can often have a negative effect on your financial stability in the short term in return for greater long-term prospects.  

What many people don’t fully consider is how this change in salary can affect their mortgage or remortgaging options – and it doesn't always move things in the right direction initially. 

But if you’re embarking on a well-trodden career path in a respected and high-earning industry – and if you work with a good mortgage broker – you may still be able to reach the borrowing level you require through a professional mortgage 

The Scenario 

This client approached us having recently changed careers: from teaching in a secondary school to trainee solicitor, with one year out in between to study the required University course.  

Although they were moving to a promising career path with high earning potential, they had been struggling to get a mortgage on their new trainee salary for a few reasons: 

  • They were only five months into their first ever employment contract: a 2-year trainee solicitor contract 

  • Their year of studying left a blank space in their income history 

  • They had no job security or guarantee of future work due to their contractor status 

  • They had no experience working as a solicitor 

They were also looking to borrow £320k, which was roughly 5 times their salary (£50k) and rental income (£14k) combinedwhich would be a stretch to place at the best of times. 

The Solution 

While many mortgage brokers might tell you that this type of application is impossible, we thought that with enough persistence - and with our industry knowledge and lending network - it had potential. 

Our broker got to work and took the client's application to a handful of the bespoke lending departmentof the banks in our network. 

After multiple flat-out rejections due to the client’s contracting status, we found success with one high street bank that could ‘hypothetically’ accept the case. 

Our broker took the time to present the client’s case in the best light possible: in particular, we highlighted their clear route to six-figure earning potential, coupled with their teaching experience that would make them attractive to future employers if their contract wasn’t renewed. 

Along with detailed evidence of their responsible spending history, strong credit profile, and other application strenghts, we managed to secure an offer. 

From the broker... 

If our client hadn’t used a specialist broker, they would have really struggled to get a mortgage. They would have had 15-20 bespoke lending options to explore, and would have had to:  

- Trawl through their T&Cs to find their stance on contracted income 

- Spend hours on the phone with each lender to find out the above 

- Or apply to each one individually 

Each of these options would be incredibly time-consuming and yet still unlikely to produce a successful outcome.

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

Do you need help sourcing your own business finance?

I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

Finance Broker

Cardiff

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Louis Levine

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Bristol

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Sam Baker

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

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Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

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I have extensive experience finding residential and investment property finance for UK and international clients. Book a free telephone consultation with me at a time to suit you.

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

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