Mortgages For Professionals
Fox Davidson is an award-winning property finance broker. We secure mortgages for law firm partners wishing to finance property in the UK. We specialise in mortgages for law firm partners borrowing upwards of £100,000.
Mortgages for law firm partners are a specialist area of lending. We work with clients based both in the UK and abroad. Our repertoire of lenders includes private banks, high street banks, building societies, and broker exclusive mortgage providers.
Assessing your income
One of the main complexities in sourcing property finance for a law firm partner comes from the fact that, typically, a law firm partner will have a small percentage holding in the parent company. Profits are distributed and reported to HMRC by the partner via an online tax return. This method of income means you are classed as self-employed by the mortgage lenders.
Traditionally, high street banks require three years’ proof of income, but Fox Davidson can secure finance using just one year’s income. Where there has been a large increase in the latest year’s income, we can utilise lenders that will work from the most recent year’s income only.
We can secure finance using just one year’s tax return or we can utilise the income from the latest year only, which can be helpful where the latest year is substantially higher than the previous year, and averaging the two years would be detrimental to the amount that can be borrowed.
Foreign currency income and UK nationals resident abroad
Many of our clients are based abroad or receive their income or bonuses in a foreign currency. In this instance, the number of lenders willing to lend is reduced. Fox Davidson works with lenders that can will recognise income paid in euros, dirhams, dollars, and many of the world’s other major currencies. In addition, we work with British expatriates based across the globe to secure finance on commercial and residential property in the UK.
What are the terms for mortgages for law firm partners?
- Lending of up to 95% loan-to-value
- Property funded across the UK
- Interest-only options to 85% loan-to-value
- Bespoke underwriting
- Market-leading rates
- Lending of up to 6 times income
- Fixed and floating rates
- Products with no early repayment charges and minimal setup costs
To discuss mortgages for law firm partners with one of our team at Fox Davidson, please contact us. For face-to-face mortgage and mortgage protection advice, we have offices in Bristol, Bath, Exeter, and London, or we can work by phone and email.