Mortgages for Solicitors, Barristers and Lawyers

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Solicitors, Barristers and Lawyers have high earning potentials and great job security, and with the right lender, this can translate into competitive rates and terms on a mortgage.

Are there specific mortgages for Solicitors, Barristers and Lawyers?

While there isn’t a specific product on the market available to Solicitors, Barristers or Lawyers, there are some lenders out there who are able to provide desirable rates since the applicant is of a far lower risk to default on payments. 

Some lenders will recognise the enhanced stability and potential future income of those in the legal sector, but they will usually assess each case on its own merit. 

Can you get a better mortgage as a Solicitor or Barrister?

Although legal professionals are attractive loanees for high street banks, many of these lenders have strict eligibility criteria that won’t allow for flexibility in underwriting. 

However, specialist lenders can often arrange bespoke mortgages that include key benefits high street lenders can’t provide. 

Some of the key benefits include:

  • Lower fees
  • Better interest rates 
  • Lower deposit requirement
  • Higher loan to value
  • Options available for overpayments without fees
  • Repayment holidays

What type of mortgage deals are available for legal professionals?

All types of mortgages are available to legal professionals, and should therefore all be considered. 

Fixed term mortgages tend to be popular amongst those in the legal sector with terms being over two to five years, which gives the assurance of static repayment value. Other options are available, such as tracker mortgages, variable interest rates or even interest-only mortgages. 

However, as with any kind of mortgage, which one is right for you will depend on your own specific circumstances. 

Can a trainee solicitor get a professional mortgage?

As a trainee, you won’t have the same access to all the benefits as someone who is fully qualified. However, you do still have an element of security and stability that a lot of other potential borrowers do not. 

Trainees who are studying to become solicitors may find the mortgage application difficult since they may not have a contract of employment, the income history or the professional standing of a fully qualified applicant. 

Options will vary from applicant to applicant, but if you’re approaching the end of your qualification and have a position for employment lined up, this can be beneficial in the application process. 

Can a self-employed solicitor get a professional mortgage?

Yes, self-employed solicitors can get a professional mortgage, but it may be slightly harder than if you were employed by a company. 

Lenders will usually require at least two years worth of accounts or returns to calculate an average yearly salary. There may be some lenders who are happy to lend based on a year of trading records, while others have greater flexibility and will consider applicants who are new to being self-employed.

Is it difficult to get a mortgage as a Solicitor?

From time to time, it can be difficult to get a mortgage as a solicitor. Overtime, freelance work, bonuses and varied income are just a few examples of the type of extra income you can receive as a solicitor. 

However, in general, lenders will only take into account your annual salary when it comes to the success of your application, which can result in the offer of low mortgage loans. 

Should I use a mortgage broker for a Barrister or Solicitor mortgage?

As legal professionals, you are more than likely to be a higher earner with a good credit rating, and this puts you in a great position when it comes to mortgage rates and terms. However, knowing how to get these mortgages can be challenging. 

At Go2Mortgage, our expert team knows the market and we have long-standing relationships with a range of different lenders. We can take a look at the whole market, comparing specialist lenders against those on the highstreet to find the perfect mortgage for you.