Pete Mugleston | Mortgage AdvisorPete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.
Updated: 5th September 2019 *
Many mortgage lenders offer competitive terms to people who work in a professional industry and high-earning legal professionals can find some great mortgage terms, if they know where to find the right advice.
If you’re interested in finding out about specific mortgage offers available to you right now, call us on 0808 189 2301 or make an enquiry. The experts we work with have whole of market experience and know the best lenders to approach for the most competitive mortgage terms for barristers, solicitors and lawyers.
If you’re a barrister, solicitor or lawyer, read on to find out what advantages you could benefit from when it comes to mortgages.
As with other highly respected professions, many mortgage providers are willing to lend generous amounts against your income, alongside competitive interest rates.
While many lenders offer generous rates and terms on mortgages for barristers, some banks and high street lenders might struggle to assess your precise financial circumstances or comprehend irregular income patterns.
Many professionals seeking a mortgage discover lenders offering exclusive product ranges designed specifically to match higher salaries and career expectations. Mortgages for barristers are one such area.
Six popular mortgage benefits lenders offer to customers in the legal profession
The main benefits lenders include in their mortgage offerings include:
Lower fees and better rates: Many lenders will apply a reduction to their standard rates, whilst also reducing the fees charged for the chosen mortgage product.
Reduced deposit requirements: Some lenders limit their 95% loan to value (LTV) mortgage offers to professionals only, while the remainder of their customers may need a 10% deposit for a maximum 90% LTV.
Enhanced income multiples: This is the most popular offering made by lenders and the benefit preferred by professionals wanting to borrow a lot compared to their current income level. Usually, the maximum a standard borrower could get is 4.5x salary, but as a barrister you could find lenders willing to allow an increase on this for borrowers on higher incomes. Up to 5x or even 6x may be possible.
Enhanced overpayment facility: Many lenders will offer flexibility to high income professionals flexibility to overpay their mortgage without penalty. The standard rate possible to overpay allowance for a year is usually 10%, this is often increased to 20% for professionals. Some lenders may even offer professionals an unlimited allowance.
Borrow Back: Along with the flexibility of overpayments, professional borrowers tend to be more likely to make investments or make larger expenditures when there’s an opportunity. Certain mortgage products allow customers to borrow up to certain defined limits, at any time. Some lenders allow you to take back capital payment made to date, while others allow you to apply for funds without another formal application process. Some lenders also allow instant cash withdrawals, up to a predefined limit.
Repayment holidays: Many lenders will offer the ability to take a break from the commitment of paying your mortgage (just make sure you let them know when you want to make use of this benefit).
As a legal professional, once your mortgage is approved, you should expect to have access to at least one of these mortgage benefits.
Along with the above, many mortgage lenders go out of their way to offer high value mortgages and customers with significant income levels preferential treatment, which can hopefully result in a smooth and efficient application process.
However, getting mortgage approval isn’t always straightforward because some high street banks and building societies can struggle to assess the unfamiliar ways your income might be made up.
The right broker will be aware of these occasional difficulties in getting through the first stage of mortgage approval. They will work with you and the lender to reach an agreement because they know which lenders are willing to go outside the normal criteria for legal professionals.
Speak to an expert with experience in arranging mortgages for barristers, solicitors and lawyers today. The mortgage advisors we work with have whole of market experience and work with people in the legal profession every day, helping find and attain the best mortgage deals on offer.
Call 0808 189 2301 or make an enquiry and we’ll connect you with the best expert advisor for you.
Mortgages for solicitors
Whilst many lenders offer professional mortgages for solicitors, other providers may find it difficult to understand the unfamiliar ways that might make up your income.
Many lenders offer professional mortgages for solicitors which often come with various advantages not made available to other customers. See above for a brief summary of the kind of loan offers and flexibility you could benefit from, with the right mortgage product.
The advisors we work with are experts in mortgages for solicitors and can help you choose the best lender terms and smooth the application process.
Our experts can help whether you are:
Newly qualified and want to buy
A trainee solicitor
Self-employed looking for a mortgage
In a new role or commencing a new contract
On a temporary freelance contract
A partner in a firm
A solicitor with variable income
A self-employed partner
Getting a mortgage as a self-employed legal professional
Many professionals such as solicitors or barristers work on a self- employed basis. Normally, whilst a few lenders are happy with just one year’s accounts, the majority need two-three years’ account history before they’d consider lending.
However, there are a few lenders who will consider lending to self-employed legal professionals with less than one year’s accounts on a case by case basis.
Whether you work on a self-employed basis or have an unconventional income stream, the experts we work with are well-versed in mortgages for people working in the legal profession. They can help source the best mortgage deals for solicitors and will find a lender with the best deal to suit you.
Call us on 0808 189 2301 or make an enquiry and speak to an expert with a quick question or full enquiry.
Mortgages for lawyers
As with barristers and solicitors, as a lawyer you may find that some banks and high street lenders might struggle to understand the various different ways your income might be made up.
The upside is that as a high-earning professional, the lenders with an understanding of your income stream are generous in the mortgage terms they are willing to offer to lawyers and other legal professionals.
There are six main benefits lenders tend to offer to legal professionals. See above to find out what perks you might find offered by the right mortgage lender.
If you have questions or wish to talk about your specific mortgage requirements with an expert, the advisors we work with have whole of market experience and often help legal professionals secure the best mortgage terms available.
Speak to an advisor experienced in mortgages for legal professionals
The experts we work with are aware of how legal professionals differ from other customers applying for mortgages. They have first-hand experience of the best lenders to approach for generous lending criteria, competitive loan rates as well as any additional mortgage terms you could benefit from.
Whether you simply want to ask a quick question or request tailored mortgage recommendations, the experts we work with have whole of market experience and can help smooth the way from sourcing to completing the mortgage application process.
Call 0808 189 2301 or make an enquiry to speak to a mortgage advisor experienced in mortgages for barristers, solicitors and lawyers.
*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA.Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.
Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes.
The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete's presence in the industry as the 'go-to' for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!
Read more about Pete here...