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The benefits offered through mortgages for lawyers, solicitors, and barristers are the same as those of mortgages for professionals. These mortgages are designed to cater to the unique employment in specific occupations.
Lenders consider the earning potential and career trajectory of legal professionals, offering benefits such as:
Proving your income when applying for a mortgage for lawyers varies depending on whether you are employed or self-employed.
Employed
As a qualified lawyer, you will typically need to provide copies of your latest three months’ worth of payslips. There are, however, some lenders who can lend with just an employment contract or first payslip.
Self-Employed
If you are self-employed lawyer, you will need to provide copies of one to three years SA302s and corresponding tax overviews, depending on the lender. Where there has been a recent transition from employed to partner/self-employed, some lenders will consider a reference letter in lieu of tax documents.
Private Finance is an award-winning, independent, whole-of-market mortgage broker, combining insights and knowledge developed over 20 years. We offer specialised advice across the entire range of mortgage products, earning the trust of our clients through the following key factors:
Drawing from two decades of industry experience, we’ve collected the breadth of experience and expertise necessary to solve almost any mortgage problem – no matter how niche or specialist.
Our consultants are dedicated to providing the finest mortgage advice available in the market. Our average client rating of 4.97 out of 5 and happy repeat clients are a testament to our client-first approach that has been preserved over the years.
Our robust connections with mainstream lenders, Private Banks, and specialist providers grant us access to exclusive rates and bespoke solutions. We secure some of the most competitive mortgage arrangements for lawyers.
Mortgages for lawyers offer advantages such as enhanced income multiples and enhanced affordability. This means you may be able to borrow more for your mortgage compared to a non-professional with a similar financial situation.
It is important to bear in mind that the amount you can borrow is largely based on your declared income. If you have recently set up your own law firm and have a variable income, providing sufficient proof of income can be a challenge. In such cases, a mortgage broker can help you gather the necessary paperwork and help avoid these potential hurdles.
Furthermore, certain lenders are open to considering other assets and business profits as alternative income sources. This can be beneficial if your business holds substantial capital but you haven’t drawn an income recently, or if you have a low income but have substantial assets.
Not every lender offers mortgages tailored specifically for lawyers or professionals. A mortgage broker can help identify these lenders and find the right mortgage for you, satisfying your individual requirements.
Navigating the mortgage market alone can lead to missed opportunities and potentially less favourable terms. A mortgage broker can play a crucial role in helping lawyers identify the full range of mortgage options available to them.
Our consultants not only provide invaluable expertise but also have access to a wide array of mortgage lenders, including bespoke products and exclusive mortgage rates. This access proves especially advantageous for lawyers with unique financial circumstances that align with only a select few lenders.
To begin your mortgage journey, speaking with one of our expert consultants will help you understand your options in the context of your personal and financial circumstances.
Private Finance offers a free initial 30 minute consultation to discuss your needs – You can enquire here or call us on 0800 980 8777 to get started.
Your home may be repossessed if you do not keep up repayments on your mortgage.
With our online mortgage tools, find the information you need using our helpful guides, information on the best mortgage rates and handy mortgage calculators.
