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The legal profession is a stable, well-respected occupation. Lenders are likely to see you as a low-risk borrower with good career prospects and as someone who is highly likely to maintain repayments.
Solicitors typically receive higher than average earnings. Even if you are just starting out, and your wages aren’t particularly high at present, lenders are likely to be keen to lend to you in the expectation that your earnings will increase as your career progresses.
As a respected professional, lenders might be prepared to lend you larger amounts, perhaps as much as five times your salary.
Solicitors often have income from multiple sources, including overtime, bonuses and dividends.
Other solicitors are self-employed as sole traders or partners – if this applies to you, this self-employed income might make up 100% of your income or it might supplement your salaried income.
If you are a solicitor, you naturally need a lender that will take into account all of your sources of income when assessing whether you can afford your proposed mortgage repayments. You don’t want a lender that will only use your basic salary.
The lender will want to see payslips, accounts and any other information it might need to prove your income. Your application will be subject to the rigorous affordability and credit checks that the lender needs to carry out in every case.
If you are newly qualified being able to demonstrate at least 1 years earnings through your accountant will be important in securing a standard first time buyer mortgage product.
It is likely that the mortgage deals available to you will include fixed, discounted and capped rates. Capital repayment and interest only mortgages will be available.
It may be possible to find mortgages from non-high street lenders such as private banks for as much as 95% of your property value, meaning that you only need a very small deposit if you earn over £100,000 and you are will to make fixed capital repayments over a 5 year term.
the more you can put down as a deposit the lower mortgage rates will typically be for both residential and buy to let mortgage products.
Flexible features such as payment holidays are offered with many solicitors’ mortgages - ideal if you get your bonuses and other additional payments on an irregular basis. You can make overpayments on the occasions when your income is higher.
After your fixed or discounted period has ended, you should be looking to re-mortgage to a better deal.
A professional mortgage broker can identify the best solutions from lenders that will take into account all of your sources of income to help you secure a mortgage offer. They can help you identify how much you need to borrow and what you can reasonably afford to repay.
Many of the lenders that specialise in providing mortgages for professionals are not well-known high street names, and the only way you can obtain a mortgage with them is via an adviser.
Your adviser can then assist you once again when it’s time to consider re-mortgaging.
Recent Case Study: Million pound mortgage for self-employed law firm partner »
I approached Clifton Private Finance to help me get a mortgage as an Expat working in the Far East. I would normally 'cut out the middle man' on something like this and try to get myself a deal directly with the banks, but I am now sold on the broker concept and wouldn't hesitate to use Clifton Private Finance again. There were a number of complicating factors such as being an expat, the stamp duty holiday, the sheer amount I wanted to borrow and the fact I wanted it all wrapped up before the Stamp Duty holiday ended. It is clear to me now that the relationship that brokers have managed to foster with their banks means they can simply pull levers and make stuff happen that us ordinary folk cannot. Put simply, they are worth every penny, will take most of the stress out of the lending process, and seem to have access to deals that you just won't find on the internet. Thank you George and Jan for all your hard work!
Luther was excellent. Very clear in his advice and explanations of products and was able to move things on very quickly when we ran into difficulties with the estate agents. Without a doubt I would recommend Luther to all friends, family and colleagues. Luther was a joy to deal with and took a lot of the stress out of a troublesome transaction, from my end. I would view Luther as real asset to Clifton Private Finance Ltd.
The team at Clifton Private Finance has been outstanding, not only in helping me to obtain a mortgage on a slightly unusual home, but also in continuing to provide support and liaise with the lender and solicitors through to completion. Thank you for making the process of buying my first home much easier.
Sam O'Neill, and the new lender he identified for me, worked tirelessly together using my time constraints, to make sure my mortgage application was completed on time. They are a brilliant company to work with, fast, efficient, open and transparent from the very beginning, and turned a seemingly impossible situation into a viable one. Sam was brilliant throughout the whole process and I would highly recommend him, and his colleague Helen, to anyone without hesitation, I cannot speak highly enough about them.
I was incredibly lucky to find Clifton Private Finance after a search on line as their service has been more than exemplary. My point of contact was Sam 0’Neill and he was happy to help at every stage during the application of the bridging loan, making a stressful process much easier to deal with. He was always available by phone or email and gave prompt answers to queries I had as well as always getting back to me when he said he would. That to me is excellent customer service and I cannot thank him personally or the company enough for the support they have given me.
Adam cannot thank you enough for all your support throughout this arrangement. You have gone more than the extra mile to support us. Without you we would not have got our dream retirement home. You have been most professional and personable. Liz and I would be more than happy if you wanted to use us a reference with respect to any future clients.
Nigel & Liz K - Bristol
You have certainly shown me that you do everything for your clients, including tolerating their excessive emails and questions for updates. I have been kept in the loop, from yourself, about why the delays were occurring (Nationwide, post etc) which I would like to highlight that I really appreciated. I certainly will be able to recommend you to others as and when the need arises.
I recently contacted Clifton Private Finance after a Google search for bridging finance providers and was immediately struck by their efficiency and support. Forms were emailed over almost immediately and the necessary finance was arranged within a few days. None of the other companies I contacted came close to their professionalism, and the quote that I eventually received was impressive. Thank you Adam, your help has enabled us to reserve the house that we wanted and I certainly recommend you to others.
Mr M. R. - Oxford
Absolutely brilliant. The service was first class, got everything sorted efficiently and were always friendly. Any fees were negligible compared to the service offered. Robert was particularly outstanding.
My advisor, Robert, was very helpful in finding the mortgage to suit me. He kept me up to date throughout the process and dealt with any issues when they arose.