Mortgages for Solicitors, Lawyers & Barristers

If you’re a qualified solicitor, lawyer, or barrister looking for a mortgage – you’ll be pleased to hear that you can access deals and terms not available to everyone else. However, you have to know where to look in order to find these unique arrangements.

This guide explains exactly how you can find these bespoke loans with lenders. You’ll also learn about what you need to do to qualify, the rates available, and what your options are if you’re self-employed or still training.

Are there specific mortgages for legal professionals such as solicitors, lawyers, and barristers?

Yes, and no. There’s no pre-cut packaged deal for those who’re in these professions. But, you can access better mortgage deals with more flexible underwriting and terms. These loans don’t tend to be advertised because each one is set up on a case-by-case basis.

As a professional in a highly regarded industry, lenders tend to look favourably on applicants working in the field of law. But, not all lenders will have the capacity or flexibility to offer you a better deal because of your specific employment. .

What makes them different from a standard mortgage?

This is largely to do with the underwriting. Sometimes, as a solicitor or lawyer, you’ll be offered lower fees or better rates with a mortgage. But the main difference comes down to the flexibility of the terms.

In practice, this can lead to a variety of different benefits to suit your situation, including:

• Higher income multiples
• Lower deposit requirements
• Improved overpayment terms
• The ability to borrow back
• Mortgage repayment holidays
• Smoother application process

However, the majority of lenders on the market aren’t able to fully understand or accommodate complex income patterns. Others will be rigid when it comes to what benefits they can offer you. So, it’s important you deal with lenders who can offer the right borrowing perks for your needs.

How a broker can help

Mortgage deals for solicitors are not something that are advertised or publicised by lenders. So, if you’re a lawyer, barrister, or other legal professional looking for these specific mortgages, you’ll need the support of an experienced broker.

They will be able to assess your situation and finances, then introduce you to the most suitable lenders from day one. This is going to save you a lot of time and plenty of unnecessary effort trying to chase down the best mortgage. Using a specialist advisor means they can unburden you from what can be a long drawn out process.

The brokers we work with have plenty of experience organising these unique mortgage arrangements for clients working as legal professionals.

Just make an enquiry and we’ll introduce you to your ideal broker for free.

Available lenders and example rates

Mortgages created in a tailored way such as this will vary wildly depending on the lender you approach.

But, to give you a rough idea of some lenders willing to create bespoke loans for solicitors, lawyers, and barristers – here’s a few examples:

• Scottish Widows – up to 90% LTV (loan-to-value) but strict criteria if you’re self-employed
• Metro Bank – up to 5.5 times income multiple used as a basis for how much you can borrow for those that qualified in the last 10 years
• Lloyds Bank – flexible repayment options if your income is at least £100,000

The table below illustrates some of the best interest rates currently available (May 2023) for professional mortgages:

Please note that the above rates were accurate at the time of writing, but are always subject to change. Speaking to a mortgage broker is the best way to find the most up-to-date deals.

Eligibility criteria for this type of mortgage

If you’re a solicitor (or other legal professional), the basic eligibility criteria will be quite similar to a standard mortgage with regards to the relevant important aspects of underwriting.

However, there can be some key differences that make it worth your while to arrange a bespoke loan through an expert broker:

• Understanding your full income: the way you receive your pay may not be easy for some lenders to understand. Luckily, by speaking to the right lenders, you’ll be able to explain your pay structure and increase the chances that all of your income will be taken into account during the affordability calculations.
• Higher loan-to-value (LTV): most lenders will have limits on the maximum loan-to-value ratio that they’re willing to offer, often in the region of 75-80%. But, if you’re a solicitor or barrister, these limits can be stretched higher. Up to a 95% mortgage with just a 5% deposit in some cases. Interest-only mortgages can also be set up with a 85% LTV ratio.

Bigger income multiples: arranging a tailored loan allows you to access higher income multiples of up to 6 times your salary with a small number of lenders. This can be a huge benefit if you’re single or in a single-income household. This gives you more buying options, allowing you to purchase the property you really want.

What to do if you’re a trainee solicitor or lawyer

If you’re still in the process of training, this might mean that some lenders won’t be willing to offer you a tailored deal with any added benefits. But don’t lose hope. The brokers we work with can still help you if you’re not fully qualified just yet.

We can introduce you to a broker who’ll be able to help find you a mortgage when you’re still training to become a solicitor. They can also assist and advise you if you happen to be newly qualified, starting a new role or contract, and even if you work on a temporary freelance contract.

Getting a mortgage if you’re a self-employed barrister or solicitor

If you’re self-employed or have your own legal practice, the good news is your chosen profession can make it easier to qualify for a mortgage. In regular circumstances, you’d need to provide at least two years’ worth of certified accounts. As a self-employed barrister or solicitor, this can be reduced.

Due to the prestigious and well-respected industry your business operates in, some lenders will offer more flexible affordability criteria.

This means it can be possible to find a small number of lenders willing to accept proof of accounts covering just one year (or less), potentially allowing you to buy a property much faster than the standard procedure.

Speak to a broker experienced in mortgages for legal professionals

Your time is precious and the last thing you need is to be wasting energy contacting banks and high street lenders. Using an expert broker means they can do all this legwork for you.

We offer a free broker-matching service. This means, we’ll quickly assess your needs and then pair you up with a specialist broker who has plenty of experience setting up mortgages for solicitors, lawyers, barristers, and other legal professionals.

Just call 0808 189 0463 or make an enquiry.

We’ll set up a no obligation chat between you and a skilled advisor today. It’s the fastest and most efficient way to make sure you get the outcome you’re looking for.