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Mortgages for barristers, lawyers and solicitors

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 9, 2023

Mortgages for barristers, lawyers and solicitors in the UK

As mortgage brokers, we have specialist knowledge and specialist lenders for people who work in the legal profession.

We could save you time and money when looking for a mortgage deal, get approved online below now:

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We are able to locate the right advice, and many of our mortgage lenders will offer attractive terms to those who work in the professional sector.

Our experts have the extensive market knowledge and are familiar with the best lenders for lawyers, solicitors, and barristers looking for competitive mortgage terms.

You could be employed by solicitors, barristers’ chambers, lawyers working for law firms, and in legal hearings.

If you are interested in mortgages, we can deal with your property finance and let you focus on your profession.

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Mortgages for barristers in the UK

Many mortgage providers will lend large amounts to your income and offer competitive interest rates.

Barristers can get mortgages at desirable rates and terms from many lenders. Still, some banks and high-street lenders may not be able to understand your financial situation or recognise irregular income patterns.

A lot of professionals are looking for a mortgage lender that offers a range of products specifically tailored to their career goals and higher salaries. One such area is mortgages for barristers.

If you work in a law firm or a legal practice as a mortgage broker, we can help; contact us today.

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These are six popular benefits that lenders offer customers in the legal field:

Lenders include the following benefits in their mortgage offerings:

  • Lower fees, better rates Many lenders will reduce their standard rates while also lowering the fees for the mortgage product they offer.
  • Lower deposit requirements Some lenders restrict their 95% loan-to-value (LTV) mortgage offers only to professionals, while the rest of their customers may require a 10% deposit to achieve a maximum LTV of 90%.
  • Enhanced Income Multiples This is the most sought-after offer by lenders. It’s the preferred benefit for professionals who need to borrow more than their income. The maximum that a typical borrower can get is a 4x salary. However, a barrister could find lenders who will allow borrowers with higher incomes to receive an increase in this limit. It may be possible to borrow up to 5x salary or even up to 6 times salary.
  • Enhanced Overpayment Facility: Many lenders offer flexibility to high-income professionals to pay their mortgages without penalty. Professionals are often allowed to overpay at a standard rate of 10%. This is sometimes increased to 20%. Some lenders may offer professionals an unlimited allowance.
  • Borrow Back – Professional borrowers are more likely to invest or make bigger expenditures when they have the opportunity. Some mortgage products allow customers to borrow as much as they want at any given time. While some lenders permit you to recoup capital payments made, others let you apply for funds without completing a formal application. Some lenders allow cash withdrawals immediately up to a limit.
  • Repayment holidays – Many lenders offer the opportunity to get a break from the obligation of paying your mortgage. Just let them know when and where you would like to use this benefit.

You should expect at least one of these benefits as a legal professional once your mortgage application is approved.

Many mortgage lenders will go out of their way for customers with high incomes or mortgages with high values to provide preferential treatment. This can help ensure a seamless mortgage application.

Getting mortgage approval can be difficult because many high-street banks and building societies may be unable to evaluate how you might earn your income.

These difficulties can sometimes occur during the initial stage of mortgage approval.

The right broker will know about them as we are familiar with the lenders willing to work with them; the broker can help you and your lender reach an agreement.

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Solicitors can get mortgages easily given that they have good credit

While many lenders offer professional mortgages to solicitors, it may be difficult for other providers to grasp the unfamiliar ways your income might come from.

Lenders often offer professional mortgages to solicitors, with additional benefits not available to other customers.

For a quick overview of the types of loan offers and flexibility, you might benefit from, choose the right mortgage product.

Our advisors are specialists in solicitors’ mortgages. They can help you select the best lender terms and streamline the application process.

No matter what your situation is, our experts are here to help.

  • Are you a newly qualified buyer?
  • A trainee solicitor
  • Self-employed looking to get a mortgage
  • You are starting a new job or a new contract.
  • A temporary freelance contract
  • Partner in a company
  • A solicitor with variable income
  • A self-employed partner

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As a self-employed lawyer, you can apply for a mortgage with 1 year filed accounts.

Many professionals, such as lawyers and barristers, are self-employed. While some lenders will accept just one year of accounts, most need at least two to three years before lending.

Some lenders will lend to self-employed lawyers with less than one calendar year of accounts.

However, this is on a case-by-case basis.

Whether you are self-employed or have an unusual income stream, our experts are familiar with mortgages for lawyers. They will help you find the best lender and mortgage deals.

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We can help lawyers get mortgages approved in 24 hours

Like solicitors and barristers, a lawyer may discover that banks and high-street lenders may not be able to comprehend the different ways your income is made.

There are many benefits to being a high-earning professional. Lenders who understand your income stream will be generous with mortgage terms that they offer lawyers and other legal professionals.

Legal professionals have six main benefits that lenders offer. Look at the above list to see what perks the right lender might offer for your mortgage.

We can help you find the best mortgage terms for your situation.

Talk to an expert in mortgages for lawyers.

Our experts know the differences between legal professionals and customers who apply for mortgages. They are familiar with the best lenders and can help you find them.

We have experts who can assist you with everything from finding the right mortgage to applying for it.

We understand that it can be difficult for professionals who work from home or run their businesses to find the right mortgage.

Lawyers, accountants and doctors, among others, may have high incomes and be successful. However, lenders may not consider their income and structure when assessing mortgage affordability.

This is unlike traditional salaried employees who can provide pay slips and proof that they are employed.

We have access to lenders across the UK, including smaller lenders specialising in mortgages for professionals for workers such as mortgages for police officers right through to dentists and other key workers.

To speak with a mortgage advisor experienced in mortgages for solicitors, barristers and lawyers. Even if you are a recent graduate, we can help graduates get mortgages and other professionals such as teachers and accountants.

Get approved in just 24 hours, start online below:

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