Trainee Solicitor Mortgage
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Mortgages For Professionals with complex incomes through the main high street lenders
High street lenders typically provide more appealing rates, making them the preferred choice for many professionals seeking mortgage solutions. However, navigating the complexities of professional incomes can present challenges in securing loans from these lenders.
Professionals often assume they must seek alternative lenders due to the intricacies of their income streams. Yet, armed with a deep understanding of various payment structures, we confidently facilitate successful mortgage applications with high street lenders.
In fact, a substantial 93.4% of our mortgage applications are seamlessly processed through reputable high street lenders, showcasing our expertise in navigating complex income scenarios.
Trainee Solicitor Mortgage
Peter Stokes explains how the mortgage process works if you are a trainee solicitor.
Can a trainee solicitor get a mortgage?
Absolutely. Obviously, a trainee contract will be the start of your earning potential and is often a fixed term contract. That doesn’t stop you getting a mortgage based on your job and that income. We can definitely do that.
I’m a trainee solicitor. How does my two-year employment contract affect my chances of getting a mortgage?
For lenders or advisors that don’t understand, it can be a problem. Normally for a mortgage, a fixed term contract needs to have been renewed at least once, or will last for a certain amount of time going forward.
If you come along with a two year contract, with no work history before that, most lenders have a problem with it. But we know the lenders who understand that this is quite standard in how trainee solicitors work.
It would be underwritten in a different way from normal fixed term contract policy. So yes, it does affect your chances unless you put it in the right hands.
Can I get a trainee solicitor mortgage before the job starts?
Yes, we have some lenders that will overlook the fixed term contract policy and do this early. The general rule is that you’ll need to have that contract signed, with a start date confirmed. The lenders that would do that would want you to be within three months of that start date. If that’s the case, it shouldn’t be too much of a problem.
How much can you borrow as a trainee solicitor?
Affordability is a complex thing that’s not just based on income. It also includes your outgoings, your level of debts and how many years the mortgage is going to be over.
Let’s assume for one moment that you have quite low debts and it’s a long term mortgage. A trainee solicitor is likely to be a First Time Buyer and a professional, so a mortgage of five times income is not out of the question.
You could potentially borrow five and a half or maybe even more – but it does come down to each lender. We would have to go into that in detail.
What documents will I need to get a mortgage as a trainee solicitor?
It’s the same as for a standard borrower – some ID, pay slips, bank statements and proof of deposit. Quite possibly you will need a copy of your contract because it’s a fixed term. If you have literally just started or you’ve not even started yet, they will still look at that.
What mortgage deposit do I need as a trainee solicitor?
Again, it’s no different to normal borrowers, so in theory, as low as 5%. As I say to all my clients, though, the greater your deposit, the easier the lending decision becomes – and quite possibly the better the interest rate you will get.
Putting down the biggest deposit possible is always good. There are no rules put on a trainee solicitor mortgage around deposit, so the minimum is 5% or ideally 10% if you can, but the more, the better.
How does my student loan affect getting a mortgage?
First of all, it depends on the level you’re earning at. Below a certain level you’re probably not making any student loan payments anyway, so that wouldn’t make any difference.
Generally speaking, student loan payments don’t affect how much you can borrow if it’s the only debt you have. The reason is that your student loan payment has a direct correlation to how much you earn, and most lenders’ affordability criteria allows a certain amount for payments to debts before it reins in how much you can borrow.
So if your only debt is a student loan, it probably won’t make any difference to what you can borrow. If you had a student loan and a car loan payment, the two payments combined might start to reduce the borrowing. Meanwhile, somebody who didn’t have a student loan but had that same car loan might be able to borrow more.
It’s not the student loan itself that’s a problem, it’s the total amount going out in loan payments. Most lenders set a certain threshold, over which it affects your borrowing.
Is getting a mortgage as a trainee solicitor more expensive?
No, it shouldn’t be. Again, we cannot go to every single lender in the market, so it’s always possible that the lender with the very best rate in the market at the time you’re looking doesn’t do trainee solicitor mortgages. You might end up having to go for the second or third best rate.
But beyond that, there are no extra levels of expenditure. You’re not usually having to take different products specifically designed for that purpose, so it shouldn’t matter.
Are there specific mortgages for trainee solicitors?
There used to be, and there are still some products for newly qualified professionals. We don’t tend to use those now, because a trainee solicitor is very likely to be a First Time Buyer and products for that market tend to be better.
It’s possible we could have a trainee solicitor that’s not a First Time Buyer, in which case we might access one of those products, but generally not.
Can I get a Buy to Let mortgage as a trainee solicitor?
There’s no reason why not. The general rule on Buy to Let is that it’s a lot easier to get a mortgage once you already are a homeowner.
If you’re coming along as a trainee solicitor, you don’t own your own home and you want to get a Buy to Let, that is a lot more difficult – but not out of the question. Some providers require you to have a minimum earned income, and I would expect a trainee solicitor’s contract to meet that requirement.
If you already have your own home and mortgage, and you have the 25% deposit for that Buy to Let mortgage, your trainee solicitor role is likely to carry enough income to meet the criteria.
Are my future earnings taken into account when getting a mortgage?
Yes, if you’re applying before your trainee solicitor job starts, it will be based on the income you’re going to be getting within three months. The same could apply towards the end of your trainee solicitor contract.
It’s quite common that as the trainee solicitor contract ends, you will remain with your current employer. You will no longer be a trainee’s solicitor and your income will go up. The same rules apply if you have a contract stating that the higher income will start within three months – we have lenders who will use that.
Beyond that, there are really no other future income increases we can get a lender to take into account. If they can’t be quantified, lenders can’t be certain that it’s going to happen.
How do I apply for a mortgage as a trainee solicitor? How can a mortgage broker help me get a mortgage as a legal professional?
If you applied directly, a lender will see that you are on a fixed-term contract. It’s not impossible to get mortgages in that situation, but you normally have to have a contracting history where the contract has previously been renewed. You’re not going to have that.
So you need an advisor that understands this and knows which lenders to approach. We can talk to those lenders – we might know that they’re doing this but occasionally an individual underwriter might not accept it. We point out examples where we’ve done them in the past.
This is quite a unique and niche area. You definitely need a broker that’s dealt with these in the past, who knows how to place that kind of case.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.
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Trainee Solicitor Mortgage (Part 2)
Brian Keane answers more of your questions on mortgages for trainee solicitors. Episode two of two, recorded in February 2025.
Do trainee solicitors get better mortgages?
Not so much better, but they do get different underwriting with some lenders, who understand that a solicitor will have a proven, well trodden career path ahead of them – with a growth in earnings on the back of that.
These lenders tend to be a little bit more flexible when dealing with trainee solicitors than with other professional types.
How will my affordability be calculated as a trainee solicitor?
Lenders will look at all income sources, with some taking that future income into account. If we’re looking at future earnings, lenders prefer them to be a bit more tangible. Pay rises, promotions or increased salary due within the next three months can be taken into account if we can confirm those.
The biggest issue that we come up against for trainee solicitors is they are generally employed on a two-year training contract. The way lenders assess people on contracts is not particularly favourable.
However, some lenders are comfortable lending to trainee solicitors on that particular two-year training contract.
Will lenders check my credit score as a trainee solicitor?
People often look at Experian or Equifax or Clear Credit to see their own credit scores. Although lenders look at the data that’s collected by those agencies, they don’t put any weight on the actual score. Lenders have their own internal scoring systems – and they don’t publicise what goes into those, as an anti-fraud measure.
That said, if you have a 999 rating out of 1000, you shouldn’t really have any issues with lenders and their own particular credit score.
However, we did have a client with a 999 Experian credit rating who was turned away by a lender. We got it sorted with them, but it does happen. So the credit score from credit reference agencies is a useful tool, but it’s not what the lenders will be using when they assess an application.
What if I have bad credit? Can I still get a mortgage as a trainee solicitor?
It does depend on how bad the credit history is. The key thing is to get a full breakdown of your credit profile from Experian or Equifax etc., download the full report and be open and honest in any dealings with your mortgage broker or lender.
The worst thing would be to say that you have good credit and then lenders find out that there is a missed payment or a county court judgment on your file. But it won’t preclude you from getting a mortgage – it will potentially just make it a bit harder. It really depends on how poor the actual credit score and history is.
Are there any differences in the mortgage process if I’m a trainee, self-employed solicitor?
No, is the short answer, and this is very rare. I can’t remember a case with a self-employed trainee solicitor. Most trainee solicitors are employed, but on a two-year training contract.
But if you are self-employed, that’s absolutely fine. Just talk to a broker at a very early stage, I would suggest. There may be some challenges and issues, but perhaps not as many as an employee on a training contract.
There will be differences, but talk to a broker, as you may be entering the very specialist, niche areas where you’ll need advice to find the most suitable mortgage.
What if I’m a First Time Buyer and training to be a solicitor? How does the mortgage process work?
The good news is that as a professional, you can find lenders that are a bit more generous in what they’ll lend to newly qualified professionals on this career path.
Banks want to lend to this sector. They can see the growth of earnings for solicitors, making them generally a fairly safe bet when it comes to lending money. Lenders then feel more relaxed and more prepared to stretch and consider cases they wouldn’t otherwise.
Generally, better income multiples are available for solicitors and trainee solicitors. With First Time Buyers, some lenders are a bit more flexible if you have minimum earnings of £30,000 to £40,000. Lenders may be prepared to stretch an income multiple for these clients if you take a five year fixed rate
That may not always be the best thing for you, but lenders are more relaxed and more generous in these cases.
How does remortgaging work if I’m a trainee solicitor?
It’s the same as any other mortgage, providing the lender accepts the training contract as a form of income. Not all lenders will.
But we may not be heavily reliant on a trainee solicitor’s income if they have a partner who is already earning and qualified. The overall circumstances will be taken into account. It doesn’t work any differently as a trainee solicitor. We just need to get a lender prepared to accept the income and assess the case with that knowledge in the background.
Can I get a joint mortgage if I’m a trainee solicitor?
Yes, subject to the lender being happy with the credit history and partner’s earnings, background and expenditure.
Being a trainee solicitor won’t preclude you from going on a joint mortgage. We just need to look for a lender that will use that two-year training contract income. That tends to be the biggest hurdle, but there are good high street lenders that will consider these types of cases.
Do the same government mortgage schemes apply to me as a trainee solicitor?
Yes, there are no exclusions. You can access any schemes available in the market, which is good news.
How can a mortgage broker help me get a mortgage as a legal professional?
The key thing is to make sure you use a broker with a specialism in dealing with professional clients – such as Davidson Deem. I would say that, wouldn’t I?
But we do know which lenders are and aren’t prepared to accept training contracts and this career path that’s ahead of you.
A broker will just just open those doors – that training contract can be such a block with so many lenders. You could be traipsing up and down the high street or online looking at lender after lender that won’t accept it – or you could talk to one broker who knows the market and which lenders to talk to about your particular case. That just saves you a lot of time, hassle and inconvenience.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
