As a trainee solicitor you will have most likely just secured a training contract for the next two years. You are now looking at buying your first place, but you might find it is harder to get a mortgage at this point of your career. As it is a contract you will fall into the category of a fixed term contract.
Many mortgage lenders want a 12 month history of fixed term contracting before considering you for a mortgage. However it is possible to get a trainee solicitor mortgage with as little as 3 months history of fixed term contracting or even before you have started.
Can a Trainee Solicitor Get a Mortgage?
Yes it is possible to get a mortgage as a trainee solicitor. You may have spoken to some mortgage lenders who told you they would not lend to you under your current circumstances, however it is possible. We specialise in fixed term contract mortgages and help many clients in your situation find a competitive mortgage to help buy their first home.
Is it Hard to Get a Mortgage as a Trainee Solicitor?It can certainly be more difficult to get a mortgage as a trainee solicitor, especially if you have only just started the role. Most mortgage lenders prefer you to have a history of fixed term contracting for at least 12 months with a renewal contract in place. However, we know lenders that can consider you as a trainee solicitor, with as little as 3 months into the contract.
Can you get a Trainee Solicitor Mortgage Before the Job Starts?Yes. Some lenders will accept your trainee solicitor contract up to 3 months before its start date. You will need to show them a signed employment contract stating your start date and salary.
What Deposit Do I Need for a Trainee Solicitor Mortgage?The minimum deposit you will need is 5%. If you can put down a higher percentage of deposit the lower the mortgage rate will be. For flats and new build houses you will need a higher percentage of deposit of at least 10-15%.
How Much Can You Borrow as a Trainee Solicitor?As standard most lenders starting point is 4.49x your annual income. Some lenders offer better multiples for professional clients and it may be possible depending on your circumstances to borrow more with some other lenders, potentially going as high as 5-5.5x your income.
Is Getting a Mortgage as a Trainee Solicitor More Expensive?It is not more expensive to get a mortgage as a trainee solicitor, however you may have less lenders available to you, depending on your personal circumstances. For example if you have not started the contract yet there will be less lender availability, which might mean a higher interest rate. If you are more than 12 months in to your contract you may find you have more choice. More choice does not necessarily mean lower interest rates, but it does increase the chances.
Speak to an Expert!
Contact us today for expert advice and guidance on your unique mortgage and property needs. We will work with you on a one-on-one to basis to help you find the right solution for your needs.
With our experience you can rest assured that you are in good hands when it comes to securing the financing you need for your property.
Are There Specific Mortgages for Trainee Solicitors?
Yes some lenders offer a professional range of products which trainee solicitors can apply for. This is traditionally offered by specialist mortgage lenders and benefits can include:
- Lower product fees
- Enhanced borrowing capacity
- Reduced deposit requirements
- Higher loan to value options
What Documents Will I Need to get a Mortgage as a Trainee Solicitor?
The minimum required documentation is as followed:
- A copy of your contract
- Maximum 3 months payslips (if started role)
- 3 months bank statements
- Proof of Deposit
Can I Apply For A Mortgage if this is my First Job?Yes, there are mortgage lenders that will consider you even if this is your first job. Most trainee solicitors are coming out of university so don’t have a history of employment. Most mortgage lenders will want either a 12 month history of employment or you will need to be 3 months into your contract. You want to avoid approaching the wrong lenders and this is a where we can help.
How Does My Student Loan Affect Getting a Mortgage?If you are earning above the student loan threshold, you will start making repayments to Student Finance. This will be a percentage of what you earn and if this applies to you it will be taken in to consideration by mortgage lenders which can reduce your borrowing amount.
Can I Get a Trainee Solicitor Mortgage as a First Time Buyer?Yes, it is possible to get mortgage as a first time buyer. It is likely you will be a first time buyer if you are a trainee solicitor and some lenders offer incentives to first time buyers, so you may find yourself in a better position.
Can I Get a Buy to Let Mortgage as a Trainee Solicitor?Yes it is certainly possible to obtain a buy to let mortgage if you are on a training contract. Some mortgage lenders do have a minimum income of £25,000 per year that you will need to earn, but some require no minimum income at all. If this is your first time being a landlord or you are a first time buyer, then there are some lenders that will not consider you, but there are plenty that will.
Can I Get a Mortgage as a Trainee Solicitor if I have Bad Credit?Yes it is possible to get a trainee solicitor mortgage even with bad credit. It would completely depend on the severity of the bad credit, as well the time you have been on the fixed term contract. It is always worth enquiring to see what your options are, but as a general rule the longer you have been on your training contract the better options you will have.
Why Choose Switch to Help You?When purchasing a house, you’ll want access to the best products on the market. We have a proven track record of helping clients with fixed term contracts and will be able to advise you on the best steps to take.
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