Trainee Solicitor Mortgage
Trainee Solicitor Mortgage
It is absolutely possible to buy a property with a trainee solicitor mortgage. However, most lenders will be put off by the fact that you are likely on a 2 year fixed term contract and do not have much, or any, relevant paid work history.
The lenders I work with recognise that your profession comes with great earning potential, and that if you have got this far then getting a permanent position at the end of your training contract likely won’t be a problem.
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Last updated: 24th October 2023
Can a trainee solicitor get a mortgage?
Yes. Once you are working with a mortgage broker familiar with your situation, like me, it is pretty straight forward. This is because I know which lenders are amenable to your situation and willing to accept training contracts for solicitors. I specialise in fixed term contract mortgages and have helped many trainee solicitors buy their first home.
By working with the right broker – who will approach the right lenders – you can then be assessed like any other borrower.
Why so few lenders accept trainee solicitors
Most mortgage lenders prefer a long work history in order to be confident that you can keep up with mortgage repayments. There are lenders that will issue mortgage offers based on a new job, but unless you have a long history of working on a fixed term contract basis, most will be deterred by the fact that you do not have a permanent role.
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.
If you have agreed to a training contract but haven’t confirmed the start date, a confirmation letter from the firm is acceptable.
How much can you borrow as a trainee solicitor?
As a rough guide most trainee solicitors can borrow up to 4.5 times their salary. If you are applying along with somebody else this includes their income as well. If your joint income is above £70,000 you may be able to borrow up to 5.5 times your total income.
What documents will I need to get a mortgage as a trainee solicitor?
As a minimum you will need to provide the following, most of which are standard issue when applying for a mortgage, even with a regular job:
- Proof of your deposit
- 3 months worth of bank statements
- A copy of your contract
If you have already started the role
If you have started the role already then three months worth of payslips will be requested. If you have only recently started the role and don’t yet have three payslips then one or two will be fine. If you are yet to receive your first payslips see below.
If you have not yet started the role
This isn’t a problem so long as the role starts in the next three months and your contract confirms the start date and salary, or the firm has provided an additional letter confirming the start date.
What deposit do I need as a trainee?
The minimum deposit is 5%.
A larger deposit can get you a lower interest rate and certain types of properties may need a larger deposit.
Deposits for property types
Flats can be considered with a 5% deposit. However, new builds will normally need at least a 10% deposit. If you have less than 12 months remaining on your contract you will need a 15% deposit for a new build.
Can I apply for a mortgage even if this is my first ever job?
Absolutely. Trainee solicitor-friendly mortgage lenders understand that as a professional this is likely to be your first job, and that due to your field of study previous part-time employment would not have been realistic due to your workload.
How does my student loan affect getting a mortgage?
If you are earning below the student loan repayment threshold then your student loan won’t affect you at all. If you are earning over the threshold then your student debt will affect what you can borrow if you have other debts or financial commitments, such as credit card debt, personal loans, or car payments.
Can first time buyers get a trainee solicitor mortgage?
Of course. Lenders know that as a trainee solicitor you are likely to be a first-time buyer. Some even give preferential treatment to first-time buyers by reserving some mortgage products solely for them.
If you are a first-time buyer purchasing a property with somebody who is not a first-time buyer, some lenders will still treat you both as first-time buyers. The Government may assess you differently to how a mortgage lender would though.
It is also possible to get support if you are moving home or looking to remortgage as a trainee solicitor.
Is it a good idea to get a mortgage as a trainee solicitor?
The answer to this will vary from person to person. You need to consider whether you can commit to one location for at least two years, and recognise that owning reduces your mobility compared to renting.
That said, avoiding two years worth of rent is hugely appealing to many of my trainee solicitor clients, and even if they do move away after their training contract they can often rent out their property and use their new job to get a second mortgage.
Here is my advice whenever a client asks me, “Is now a good time to buy a property?”
How much does professional advice cost?
As so few lenders accept clients with training contracts, you can save loads of time and avoid disappointment by working not just with a mortgage broker, but with a mortgage broker that understands your situation and knows lenders that do accept it.
I charge £245 to do all the work involved in getting you a mortgage. This is payable after a video meeting, during which I review all of your documents in order to come back to you with an agreement in principle. This will allow you to go house hunting knowing exactly what you can afford.
My high success rate is due to my commitment to reviewing all of your documents right at the start of the process, instead of leaving it until you have had an offer on a property accepted.
If I cannot get you an agreement in principle, or if said agreement in principle does not turn into a mortgage, I will refund your fees in full.
You can read more about how I set my fees here.
Your home may be repossessed if you do not keep up repayments on your mortgage
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