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Mortgage Advisor & Director
Getting a mortgage as a law firm partner
While becoming a law firm partner is the aspiration of many lawyers, it can also make it more challenging to secure a mortgage.
Moving away from a stable salary to a 'merit-based' pay scheme based on performance can increase the risk in the eyes of a lender. As a salaried law partner, you may also find that high street lenders struggle to accommodate performance-related bonuses.
At Teito, we are a whole-of-market mortgage broker, meaning that we have access to mortgages specifically for law firm partners via specialist lenders. Complete our simple form to start the process today, or carry on reading to learn more.
For equity partners
For partners who have equity in a law firm and draw a share of the company profits, they are classed as self-employed, which brings additional complications.
Lenders will typically want to see a minimum of two years of accounts to base their lending decision; however, this will not be possible if you are a recent partner.
The good news is that there are specialist lenders who understand the particular requirements of law firm partners and have mortgage products available.
For global law firm partners
Being an equity partner in a global law firm can increase complexity.
By receiving pay in multiple currencies for tax efficiency, it is difficult for mainstream lenders to acknowledge these various revenue streams into their affordability calculation.
Higher Loan to Value ratio
Becoming a partner in a law firm usually requires a significant capital investment, which means recent partners may need additional borrowing when securing a mortgage. Generally, this means a higher Loan to Value (LTV), and for top earners in more substantial properties, this can mean a significant borrowing.
How can I learn more?
Our experienced advisors have helped many law firm partners to secure the best deal possible on their new mortgage.
We work with specialist lenders who understand the particular requirements of law firm partners. Complete our simple online form today to start the process.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
