| Loan amount | £750,000 |
| Purchase price | £1,050,000 |
| Loan-to-value | 71% |
| Property type | Period townhouse |
| Location | Battersea, London (SW11) |
| Borrower | Equity partner at City law firm |
| Term | 25 years |
| Rate | 5-year fixed |
| Lender type | Professional scheme lender |
The Story
Securing an Optimal Mortgage for a Law Firm Partner with Foreign Currency Income
A review was conducted for an existing client’s mortgage, as the fixed-rate term was set to expire in six months. The objective was to explore remortgage options and identify the most advantageous deal ahead of the deadline.
The Challenge
The client, a partner at a prominent US-owned limited liability partnership (LLP), joined the firm in 2022. His compensation is denominated and paid in US dollars, which introduced complexity in demonstrating income stability and affordability to UK-based lenders.
The Solution
- The client’s start date with the firm;
- Historical annual earnings since joining;
- Projected earnings for the current year;
- Confirmation that payments are made in US dollars, while the client remains UK tax-resident.
A high-street lender with established criteria for applicants remunerated in US dollars was selected. The lender accepted the finance director’s letter as sufficient evidence of income, eliminating the need for UK tax calculations from HM Revenue & Customs (HMRC). Affordability assessments aligned with the lender’s parameters.
Frequently asked questions
How are professionals assessed for a mortgage?
Professional schemes typically allow income multiples of 5x to 6x assessed income against the standard 4.5x for the high street. Eligibility usually requires a recognised qualification (RIBA, ARB, GMC, GDC, RCVS, ACA, ACCA, ICAEW, BCS, etc.).
What deposit do professionals need for a mortgage?
Most professional mortgage schemes accept 10 percent deposit, with several extending to 95 percent LTV (5 percent deposit) on residential purchases up to £750,000. A small number of professional lenders consider 100 percent LTV for established chartered professionals with strong income.
Are there mortgage rates specifically for professionals?
Professional mortgage schemes often price 10 to 30 basis points below the lender standard equivalent product, reflecting the lower historical default rates among professional borrowers. The differential is most material on five-year fixes at higher LTV.
How long does a professional mortgage application take?
A complete professional mortgage application typically completes in three to five weeks. Self-employed professional cases requiring net profit assessment add one to two weeks for accountant verification.
Further reading: mortgages for professionals, law firm partner mortgages, London mortgage guide, high earner mortgages.
All rates and terms are indicative and subject to individual assessment, lender criteria and property valuation. Your home may be repossessed if you do not keep up repayments on a mortgage.
Professional mortgages with 5x-7x income multiples. Fox Davidson are specialist HNW brokers.