Trainee Solicitor Mortgage

Do trainee solicitors get better mortgages?

As a trainee solicitor, you’ll be considered a professional – which means some lenders will allow you to borrow more, or offer more flexibility with their criteria. 

You won’t tend to find cheaper rates as a result of being a trainee solicitor. It’s more to do with flexibility and borrowing amounts, rather than it being cheaper.

How will my affordability be calculated as a trainee solicitor?

Most trainee solicitors are on a fixed-term contract. Lenders tend to take the annual salary as your income and multiply that by 4.5 or five to get your borrowing capacity.

At that point, they look at any commitments you’ve got, as well, which will potentially reduce that total. As a trainee solicitor in a professional role, you may be able to get 5.5 times your income – there’s a bit more flexibility with some lenders.

Something I’ve noticed recently is that because you’re on a fixed-term contract, some lenders don’t actually take 100% of that annual salary. You may find you can borrow more with other lenders. 

It’s definitely worth checking with a few providers, or talking to a mortgage broker to look at them all at once for you.

Will lenders check my credit score as a trainee solicitor?

Yes, a credit score check will be carried out for any mortgage application, regardless of whether you’re a trainee solicitor. It will be carried out at the Decision in Principle stage, as a soft credit check.

That doesn’t harm your credit score in any way and no other lenders can see it. You’ll have another credit check done on submission of your application – once you’ve found a property and had an offer accepted. At that point, it’s a hard credit search which would then show on your credit profile going forward.

What if I have bad credit? Can I still get a mortgage as a trainee solicitor?

Yes, you can still get a mortgage as a trainee solicitor if you have bad credit. It will depend on the severity of that bad credit. A couple of missed payments shouldn’t cause too much of an issue, but if you have a default or CCJ, for example, that can shrink the number of lenders available to you – especially as you’re on a fixed-term contract as well.

If you’re in that situation, you may need a slightly larger deposit of perhaps 15%. It will be better if you’ve paid off any defaults or CCJs. I’ve achieved mortgages with a couple of lenders once the debts have been paid off.

If you show a good track record since the event, some lenders may even accept a 10% deposit, or possibly 5%. In that scenario, I would always recommend speaking to a mortgage broker.

Are there any differences if I’m a trainee self-employed solicitor?

This will be a little more tricky and there will be fewer lenders available to you. With some lenders, you’ll need at least one year’s earnings submitted to HMRC to show a track record of what you have been earning, via a tax calculation.

We may be able to get a lender to look at the value of the contract, because you’re in a professional role. But that’s a case-by-case scenario.

What if I’m a First Time Buyer and training to be a solicitor? Any differences here?

If you’re a First Time Buyer and training to be a solicitor, this will be fine. We see this quite often. Provided you are earning and you’ve got your contract showing your annual salary, plus some payslips, we can help.

You can even potentially begin that process before you’ve started work. A couple of lenders will accept you up to three months before your contract begins. You’ve got the employment contract and they don’t even potentially need to see payslips. 

You should speak to a mortgage broker to find out which lenders those are and get them to present your case.

How does remortgaging work if I’m a trainee solicitor? Any differences in the process here?

It’s very similar to a purchase application, when you’re buying your first home. We’ll still need your evidence of your income and lenders still look at your commitments.

They also look at the equity in the property in place of a deposit. They put those things together, and that’s how the remortgage process works.

Can I get a joint mortgage if I’m a trainee solicitor?

Yes, you can. Many clients improve their overall borrowing capacity by getting a joint mortgage with a partner.

You might be a trainee solicitor and the other applicant is in a standard employed role. You’ll be assessed on your income as a trainee solicitor, and lenders will look at your fixed term contract to make sure you’ve been doing that for enough time. The minimum is potentially 12 months in some cases.

The other person on the mortgage will be assessed on their income. It’s a little bit easier if they are on a permanent contract, but if not, they’ll just be assessed in the most appropriate way. They will also have their commitments and their credit profile looked at.

Lenders will put that all together – your situation and theirs – to give you a figure for what you can borrow as a result.

Do the same government or mortgage schemes apply to me as a trainee solicitor?

Yes, you can access all the same First Time Buyer schemes such as the Lifetime ISA,  shared ownership and Right to Buy, for example. All of those are accessible to you as a trainee solicitor.

How can a mortgage broker help me get a mortgage as a trainee solicitor or legal professional?

It’s really key as a trainee solicitor to speak to a mortgage broker prior to starting to look for a property. A lot of lenders want you to have been in that trainee solicitor role for a little longer. 

You’re on a fixed-term contract, which is usually 24 months, and lenders may want you to have been in that role for at least 12 months before arranging a mortgage. 

Some lenders can do it earlier than that, but it’s a good idea to find out what’s possible before you start looking at properties.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.