Mortgages for Law Firm Partners
Mortgage Service For Law Firm Partners
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As your mortgage is such an important transaction, good advice is imperative.
Compare Mortgages for Law Firm Partners
Becoming a partner in a law firm is a lifelong ambition for many legal professionals. Depending on whether you are a salaried partner or a full partner, this position offers part-ownership of the law firm and entitles you to a percentage of the profits.
As a partner in a law firm, your financial situation is likely to change for the better, with greater rewards for your hard work in the firm. However, the technicalities of partnership in a law firm can sometimes make getting the mortgage deal you want, that truly reflects your high salary, more difficult.
How do mortgages for law firm partner work?
Most law firms are set up as limited liability partnerships (LLPs). This essentially means that each partner is not personally liable for the business financial obligations as a whole. Instead, each partner’s financial and professional liability is limited to their own investment in the business.
As you are not an employee, your financial circumstances such as your income and tax situation may prove confusing to non-specialist mortgage lenders.
How to get mortgage for law firm partners
As a law firm partner, many mortgage lenders will approach you in the same kind of way that they might approach self-employed people in other professions. For example, they may typically demand to see around 2 years’ worth of business accounts.
If you have been made partner more recently than this, you could face a problem proving your income.
Fortunately, there are specialist mortgage brokers who can help you to find a mortgage that reflects your high net worth as a law firm partner. This type of mortgage lender will usually assess mortgages for law firm partners on a case by case basis, and may take into account factors such as:
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The shares that you have in the law firm
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The past performance of the law firm
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Your average income over a set period of time
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Your projected income as a partner
Benefits of specialist mortgages for law firm partners
Seeking out specialist advice when looking for mortgage for law firm partners could provide benefits such as:
To find the latest mortgage deals for law firm partners, call our specialist team to help you find the right mortgage option for you. Call our mortgage team on 0117 403 4474 or Request a callback.