Mortgages for Solicitors, Barristers & Lawyers

Lawyers, barristers, and solicitors enjoy high earning potential and job security, which can lead to competitive mortgage rates and terms with the right lender. However, the best mortgage options for professionals often come from specialist lenders rather than high-street banks.

Whether you're looking for a first time mortgage, moving home mortgage, remortgaging or building a Buy to Let portfolio, Cleerly's specialist mortgage consultants can help secure the best deal for your circumstances.

When it comes to mortgages for lawyers, solicitors, and barristers, there's no one-size-fits-all package ready to go. However, you can secure better mortgage offers with tailored underwriting and more flexible conditions. For instance, some lenders offer enhanced income multiples to professionals like lawyers, though these aren't always high street lenders. Therefore, it's crucial to cast a wide net when searching for professional mortgages. Being part of a respected profession, lawyers often find it easier to get mortgage approvals, but not all lenders will offer better deals solely based on your profession.

Although legal professionals are appealing borrowers for high street banks, these institutions often have rigid eligibility criteria that limit underwriting flexibility on their standard mortgages. As a result, specialist underwriting based on profession- typically accessible only via specialist mortgage brokers - offering bespoke mortgage assessment are often the better choice.

If you’re frustrated at having to explain your professional world and how you earr your income to high street banks and lenders, you’ve come to the right place.

Getting in touch with our mortgage specialists is easy – you can tell us a little bit about your background and receive quotes straight to your inbox using our quick quote form, compare potential mortgages using our online mortgage calculator, or just pick up the phone and give us a ring on 02394 212912. 

Applying for a UK Mortgage as a Law Firm Partner

Partners might find that standard mortgage products don't meet their needs. While there isn't a mortgage specifically for law firm partners, specialist lenders with experience in this area are available.

Most lenders assess a partner's income as self-employed, typically requiring:

• 2 or more years of certified accounts, preferably prepared by a qualified accountant. 
• 2 – 3 years of SA302 forms, which are also known as ‘tax calculations’ alongside corresponding ‘tax year overview’ documents.  . 
• Other supporting documents such as future contracts, or profit-sharing proofif any.

Working with a skilled broker is advantageous, as they can recommend lenders who consider all aspects of your earnings, including bonuses, dividends, and royalties, when determining your borrowing limit. In contrast, mainstream lenders often ignore variable pay, significantly reducing your borrowing potential.

Mortgages for Employed Solicitors, Lawyers and Barristers

As an employed legal professional, you're likely a high earner and a favourable credit risk, which is reflected in the competitive rates and terms available to you. However, finding these deals can be challenging, especially since many of the best offers come from lenders without a high street presence.

We collaborate with lenders who are well-versed in this market where we have established relationships. We have access to the entire broker mortgage market and can compare these specialist deals with those from mainstream lenders to ensure you secure the best option.

Mortgages for Self-Employed Legal Practitioners

If most or all of your income comes from self-employment in the legal field, your assessment will differ from that of an employed lawyer, who might only need to provide three months of payslips. To have your self-employment income considered by a mortgage lender, you'll typically need to provide two to three years of tax records. If you've recently started your own legal practice or taken a self-employed contract position, you might not yet have the necessary tax returns and income evidence for mortgage approval.

However, if you're self-employed without two years of financial statements, a specialist mortgage broker like Cleerly can still help you secure property finance that takes your income into account.

Mortgages for Solicitors Earning in Foreign Currency

If you're an expat solicitor or barrister earning in foreign currencies like US Dollars, Australian Dollars, or Euros, you might find it challenging to secure a mortgage through typical high street lenders.

This is where a specialist mortgage broker like Cleerly can assist. We work with lenders who consider offshore income as part of your mortgage application, such as salaries from overseas employers or rental income from foreign properties.

However, we don't overlook high street lenders if they can offer better rates once they fully understand your mortgage application.

Mortgages for Trainee Solicitors and Barristers

If you've completed your legal practice course and are either finishing your training contract or are newly qualified, you can apply for a mortgage with a high street lender. They will consider your projected future earnings to decide whether to approve your mortgage.