Solicitor Mortgages – Mortgages for Solicitors

Solicitor Mortgages - are simply mortgages for Solicitors. Solicitor mortgages are available to qualified, registered and practicing Solicitors in England Wales and Northern Ireland. Solicitors wishing to mortgage outside of the jurisdiction can be accommodated through our bespoke international mortgage solutions team. Mortgages for Solicitors are a specialist area within Capital  Fortune.

At Capital  Fortune , we understand the Solicitor profession and the challenges of practice. We particularly understand the remuneration structure of Solicitors both those employed and those working for themselves in private practice. Solicitors requiring mortgages, need to satisfy the mortgage lender that the loan is affordable, however, Solicitors may need to rely upon salary, bonuses, and if a partner or senior associate, sometimes on dividends or profit share.

This can cause complications for some lenders who may treat a partner, even of a large firm as self employed and will need to explore the full trading accounts of the Company. This is less problematic with smaller firms but can cause significant problems with larger companies.

Mortgages for Solicitors – Employed Practice

Solicitors are paid by their practice and may undertake further freelance or overtime work inside the practice or for others. We work with lenders across the whole of market and are able to speak directly to senior underwriters on your behalf to obtain an indication as to how they will treat the application. We appreciate that time is a premium to professionals and our role is to simplify the mortgage process, liaise with lenders and obtain a smooth conclusion to the mortgage transaction.

Our ability to contact senior underwriters on your behalf is useful if you have changed address or employers during the last 6 years as whilst unusual for other professions, it may not be for Solicitors who may have moved practice.

Mortgages for Solicitors – Private Practice

The costs associated with private practice including practice costs, travel, journal subscriptions and subsistence can reduce net earnings figures down to around 30- 40% of total receipts. At Capital  Fortune , we appreciate that ongoing trading and practice costs including taxes may not be payable immediate and this can assist a practice in terms of cash flow. Other costs are incurred throughout the year and as a result, Solicitors through their distinct method of practicing have almost a rolling credit facility being operated which can sometimes justify a home mortgage lender to assess affordability on a gross earnings basis as opposed to a net income multiplier.

Standard mortgage income multipliers applied to the net income of Solicitors  in private practice can be unfair, as they do not reflect a Solicitor’s true earnings capacity.

This coupled with the Solicitor’s outstanding invoices to private clients and insurance companies may not be reflected appropriately when considering the true earnings capacity or net asset worth of a practicing Solicitor or the value of the practice. Mortgages for Solicitors reflect the unique remuneration package generated by our Solicitor clients.  A large degree of diplomacy and negotiation can be required when dealing with a Solicitor’s mortgage application to a mortgage lender.

Capital  Fortune  deal with of a significant number of Solicitor practitioners in both employed and private practice. We have made mortgages for Solicitors a specialist area within the Company and as a Solicitor seeking a mortgage you will receive our premier service.

We understand the pressures of the profession and understand that when arranging a mortgage deal our Solicitors want to be sure in the knowledge that their mortgage will not only save them money, but also save them time and inconvenience.

All Solicitors as part of or our Capital  Fortune  premier service can be dealt with over the telephone or visited at their place of practice or home. We will strive to take the difficulty and time element out of the mortgage application.

We will obtain all the necessary documentation from you after our first discussion and will avoid cascading you with a range of further information during the internet mortgage application. We will contact you via email, text message or mobile telephone at convenient times agreed by you.

We will obtain the most suitable and affordable mortgage product using a home mortgage lender from our online mortgage service list of providers. We can also obtain our best value mortgages specifically only offered to Solicitors, which are not available on the High Street or through banks.

Once the mortgage has completed, your mortgage and mortgage protection needs will be constantly reviewed and in the event that new products become available, we will look to continually switch you to those products in order to increase the savings in a hassle free manner.

If you need any assistance why not speak to one of our Mortgage Advisers by calling 0845 3 630 430 or Enquire Online.