Million-pound mortgage for self-employed law partner starting a new job, but currently on maternity leave

Area
SE London
Capital Raised
£1.23M

Some lenders are unreasonably wary of offering mortgages to clients who are currently on maternity leave. And law partners face additional challenges, being classed as self-employed.

The Scenario

Our client is a senior lawyer and the family breadwinner, who was house-hunting while she was on maternity leave with their first child.

She called us wanting to know what their borrowing limit might be (her partner isn’t in paid work).

She’d just accepted a job offer as partner with the London office of a major US law firm.

Her earnings, paid in US$, would be substantial, but largely based on earnings and performance, on a points-based system.  

The challenges: she would effectively be newly self-employed, with no track record of earnings in this role. And earning in a foreign currency.

The Solution

US-dollar earnings aren’t a huge stumbling block for UK citizens working here in the UK. They just mean that a number of lenders who don’t want to handle greenback payments are knocked out of consideration.

We took her application to a private bank which has a large number of clients with foreign earnings. They applied a 20% currency risk adjustment her salary, but that still left plenty of room at 85% LTV for our clients to buy their £1.45M Dulwich house.

Plus, this lender offers a generous £30K overdraft facility for HNW clients, which would allow this family to do the kitchen re-fit that would suit their culinary enthusiasm.

And the bank compensated for their currency adjustment by offering a very acceptable rate of 2.24% for a two-year fix.

We went for a two-year term because by then our client will have a record of employment with this new firm which we can leverage on her behalf to get an even more competitive longer-term deal.

Read more about our large-mortgage service » 

Our broker service provides expert help to UK law firm partners who have complex income arrangements. This can include bonus payments, profit-sharing agreements, or income and dividends from self-employment. 
Call us today to discuss your requirements on 0203 900 4322

Recent Case Study: Million pound mortgage for self-employed law firm partner »

Mathew Phillips

Finance Broker

Bristol

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Alex Chambers

Senior Finance Broker

Bristol

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Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

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Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

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Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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