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Mortgages for Law Firm Partners

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Mortgages for Law Firm Partners

    • 4.07% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback Max £250
      Free Legals
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    • 4.07% Initial
    • 5 year fixed
    • 6% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.08% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.09% Initial
    • 5 year fixed
    • 6.7% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.11% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.12% Initial
    • 5 year fixed
    • 5.8% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.13% Initial
    • 5 year fixed
    • 6.4% APRC
    • Cashback £0
      Free Legals
      Free Valuation
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    • 4.14% Initial
    • 5 year fixed
    • 6.3% APRC
    • Cashback £0
      Free Legals
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    • 4.14% Initial
    • 2 year fixed
    • 7.7% APRC
    • Cashback £0
      Free Legals
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Representative example based on a fixed rate mortgage

A mortgage of £375,000 payable over 20 years initially on a fixed rate for 5 years at 4.38% and then at the standard variable rate of 7.65% for the remaining 15 years would require 60 monthly payments of £2,351.88 and then 180 monthly payments of £2,899.55.

The total amount payable would be £663,156.80 which includes interest and product fees of £1,124.

The overall cost for comparison is 6.5% APRC representative.

Early repayment charges may apply.

Mortgages for Law Firm Partners

Mortgages for law firm partners

Many legal professionals' lifelong ambition is to partner in a law firm. The position provides part-ownership of the law firm and a percentage of profits depending on whether you are a salaried partner or full partner.

As a partner in a law firm, your financial situation is likely to improve, with greater rewards for your hard work. However, because of the technicalities of partnership in a law firm, it is sometimes difficult to get the mortgage deal you want that really reflects your high salary.

What is the process for mortgages for law firm partners?

The majority of law firms are limited liability partnerships (LLPs). This means that each partner is not personally responsible for the business's financial obligations. Partners are only liable for their own investments in the business for financial and professional reasons.

Since you are not an employee, your financial circumstances, such as your income and tax situation, may appear confusing to non-specialist mortgage lenders.

Law firm partners: how to get a mortgage

Mortgage lenders will approach you in the same way they approach self-employed people in other professions as a law firm partner. Typically, they require 2 years' worth of business accounts.

If you have been made a partner more recently, you may have difficulty proving your income.

Fortunately, some mortgage brokers can help you find a mortgage that reflects your high net worth as a law firm partner. The lender will assess mortgages for law firm partners on a case-by-case basis, taking into account factors such as:

  • The shares that you have in the law firm

  • The past performance of the law firm

  • Your average income over a set period

  • Your projected income as a partner

Law firm partners benefit from specialist mortgages

When looking for mortgages for law firm partners, seeking specialist advice could provide benefits such as:

  • Mortgages that reflect your true financial worth

  • Based on individual affordability calculations

 

To investigate your finance options call our broker team or fill in our call back form -  speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464

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