Mortgages for Solicitors
If you’re a solicitor, then mortgages for solicitors could prove to be much more beneficial than a standard mortgage loan. Here at Davidson Deem, we are specialists in all aspects of mortgages and can give solicitors the advice they need to get the most desirable mortgage rate. If you would like to speak to or book an appointment with a specialist mortgage broker for fee free advice, simply call us on 01202 884 111 and you’ll have proceedings with the same mortgage specialist going forward.
How are Mortgages for Solicitors Different?
Solicitors are respected individuals that are held in high esteem within the community, therefore, it is expected that getting a mortgage as a solicitor would be an easy feat. However, many solicitors come to us as obtaining a desirable mortgage can prove to be difficult.
Mortgages for solicitors is one of the mortgages for professionals that have recently been introduced. These mortgages provide individuals in a high standing profession a higher chance of receiving a mortgage in addition to receiving better rates than a traditional mortgage.
When a lender receives a solicitor’s mortgage application, these can now be judged differently. Instead of a standard formula which an application is run through, mortgages for solicitors’ applications will each be individually assessed and considered based on the circumstances of the solicitor.
Why is it Hard to get a Mortgage as a Solicitor?
A solicitor can have a varied income with much of their income coming from overtime, freelance work, bonus payments or even dividends. Most mortgage lenders would only consider the base salary of the solicitor’s income which results in the lender offering a mortgage loan that is considerably lower than what the solicitor needs. The income can also be seen as a risk as it’s inconsistent, therefore, some lenders may not want to take a risk on a solicitor entirely if their base salary isn’t high enough.
Benefits of Specialist Solicitor Mortgages
With the introduction of professional mortgages, all solicitors should seek their eligibility before applying for a mortgage and a specialist mortgage broker will be able to help. The specialist solicitor mortgage is flexible in considering the circumstances of the solicitor. As a solicitor, you could benefit from:
- Flexible mortgages – If you can prove that you receive dividends, bonuses or overtime pay throughout certain periods of the year, then a professional mortgage could allow you to take payment breaks. You can also make early repayments on months where you have additional income to reduce your interest repayments.
- Large loan to value ratio – mortgages for solicitors can see the solicitor get up to 95% loan to value ratio.
- Low deposit – Because you’re seen as a trusted individual as a solicitor, many professional mortgage lenders will consider you even with a low deposit.
- Being able to borrow more – Because all your additional income can be considered into your mortgage, you could borrow a large loan. Additionally, you can receive a mortgage up to five and a half times your salary over the standard mortgage that is only four times your salary.
- Being considered on future income – If you’ve recently qualified as a solicitor or are a trainee solicitor, then you can still receive a desirable mortgage. Solicitors tend to have a reliable trajectory of salary increases; therefore, a professional mortgage lender will consider this.
- A range of interest rate types – Mortgages for solicitors have fixed, variable and tracker mortgages available.
- Desirable rates – As a solicitor with a professional mortgage, you could receive much lower rates than the traditional mortgage rate.
- Different mortgage types – With professional mortgages, getting a remortgage, interest-only mortgage or a part interest and part mortgage are easier to obtain.
If you’re a solicitor, seeking a professional mortgage should always be on your radar to receive the best possible mortgage deal.
How to Obtain Specialist Solicitor Mortgages
If you’re a solicitor looking to get a mortgage and you visit a high street lender, then chances are, you’re going to leave the meeting dissatisfied and unable to get the property you desire. The lenders that offer mortgages for solicitors tend to be smaller firms that are willing to take on a higher level of risk. The best way to find lenders that offer mortgages for solicitors is through a specialist mortgage broker.
Here at Davidson Deem, we have a team of specialist mortgage brokers that are trained in obtaining professional mortgages for solicitors. We will start by having an initial appointment with you and talk about the difficulties you’ve been experiencing obtaining a mortgage as a solicitor, in addition to the rates you are looking for in a mortgage. After reviewing your circumstances, we will be upfront and honest with you as to whether we can obtain a professional mortgage based on your criteria.
By using Davidson Deem, we can offer you a fee free mortgage advice service for any mortgage above £100,000.
Proving your Income
If your only source of income is via a salary, then copies of your payslips would suffice as proof of your pay. However, mortgages for solicitors aren’t as straight forward as there are other sources of income that need to be considered. If you are a partner in a firm, receive regular bonuses or are self-employed, then two years of your accounts provided by a qualified accountant will provide enough proof of your income. If you are newly qualified or have only just started your solicitor career, there are lenders that will use your projected income to calculate your salary.
Additionally, partners of a global firm may receive dividends in a different currency. If this is the case, then the process of proving your income can be more complicated; the specialist brokers here at Davidson Deem can help with the process.
Getting a Mortgage as a Solicitor
Whether you are a trainee solicitor, a newly qualified solicitor, experienced solicitor or a partner of a firm, you will be eligible to receive mortgages for solicitors from some lenders. To ensure that you get the best rates for your circumstances, enlist the help of Davidson Deem! Call us on 01202 884 111 and speak to one of our specialist mortgage brokers today.