Getting on the property ladder as a legal professional
Those working within the legal field are often viewed favourably in the eyes of lenders; thanks to the profession’s high earning potential and job security.
With the right mortgage lender, getting a mortgage as a solicitor, lawyer or barrister may even award you with competitive rates and terms. That’s why many choose to use a trusted mortgage advisor to help secure the best deal for them.
Can I get a mortgage as a solicitor or legal professional?
Legal professionals are commonly accepted for a mortgage by plenty of lenders.
We find that although solicitors and other legal workers are similar to many of our clients (in terms of remuneration), there are some differences, as well as some tailored products to consider.
There isn’t a specific mortgage for a solicitor, lawyer or barrister, but you fall into what’s commonly know as the professional mortgage category.
Lenders may offer higher income multiples to professionals, so you may be able afford a higher priced property if you wish. You could also get access to exclusive products — such as competitive fixed rate tracker and variable deals — and bespoke underwriting options, which are commonly available to clients like you.
Am I eligible for a professional mortgage?
If you’re fully qualified and in a specific role, e.g. working as a solicitor for a law firm, you’re typically eligible for a professional mortgage.
How you operate as a legal professional, though, may affect your eligibility and access to specialist lenders.
For example, if you’re traditionally employed, it’s more straightforward to apply for a mortgage. If you’re a partner in an LLP (Limited Liability Partnership), you may need to provide more proof of earnings. The same applies if you’re self-employed. We can help with sourcing the documents for your application.
At Mortgage Synergy, we have access to lenders who will accept:
- Complex remuneration structures (where pay consists of salary and profit share, dividends, or bonuses)
- Self-employed partnership income via SA302s — we’ll typically use one year of accounts if you’ve recently switched from being employed at a firm to self employment.
How much can I borrow?
How much a lender may allow you to borrow depends on a variety of factors. These apply to everyone, regardless of your profession.
Your borrowing power is dependent on:
- Your income
- Your financial history and credit score
- The size of your deposit.
Lenders typically offer clients around 4.5 times their salary for a mortgage. But if you’re in the legal field, it’s likely you receive a high salary, and this may enable you to receive a higher income multiple. This could be up to 5.5 or even 6 times your salary.
Get in touch
Tell us about your mortgage requirements and one of our specialist advisors will be in touch within 24 hours.
Benefits of getting a professional mortgage
Most high street banks lend to solicitors, but there are also plenty of specialist lenders with the experience and expertise to get you a mortgage. These specialist lenders may come with greater benefits, such as:
- Lower fees
- Potential to overpay your mortgage
- Higher LTV (loan-to-value)
- Better mortgage rates
- Reduced deposit requirements
- Repayment holidays for flexibility and control.
Our team will ensure you apply for the right mortgage product for your needs and the stage of your career.
Get in touch with us if you’re considering buying a home as a legal professional; we’ll talk through your options and support you with your application.
Your home may be repossessed if you do not keep up repayments on your mortgage.