Mortgages for law firm partners
As a partner in a law firm, your income rarely fits a standard payslip, and a high street affordability model rarely does it justice. Profit share, drawings and capital account movements all form part of the picture, and many lenders average two or three years of figures just when your income has stepped up.
Soul Mortgages is a whole of market broker based on Great Portland Street in Central London. We arrange large residential mortgages for equity, fixed-share and salaried partners across the City and the Home Counties, with access to private banks, specialist lenders and the high street, advising by video call or phone.
How lenders assess partnership income
Profit share and drawings
Lenders that understand partnerships look beyond a single figure to your true earnings as a member, which can include your profit share, your drawings through the year and movements on your capital account. Underwriters usually rely on SA302 tax calculations and tax year overviews alongside the partnership or LLP accounts.
Newly made-up partners
Promotion often brings a sharp rise in income but limited history in the role. Many lenders average several years and cap borrowing well below what you can afford. Some private banks and specialist lenders will use your latest year or a reasonable projection, supported by the LLP accounts or an accountant’s reference.
Fixed-share and salaried members
Fixed-share and salaried members are assessed differently from full equity partners, and some mainstream lenders treat the fixed element and profit share inconsistently. Presenting the income correctly from the outset avoids an avoidable decline.
Capital contributions and timing
Capital contributions can tie up cash at the wrong moment, and distributions may land after you need to buy. Offset facilities, interest-only elements or short-term bridging can be structured around partnership cashflow.
Who we help
What you will typically need
How we work
- An initial conversation about the property, your income and your timescales.
- We assess your full financial position, including assets and variable pay.
- We compare private banks, specialist lenders and the high street side by side.
- We present a clear, well packaged case to the right underwriter.
- We manage the case through valuation, offer and completion with your solicitor and agent.
Frequently asked questions
Can I get a mortgage soon after becoming an equity partner?
Often, yes. Some private banks and specialist lenders will assess your latest year’s profit share or a reasonable projection rather than a multi-year average, using the LLP accounts and an accountant’s reference to evidence the step-up.
Will lenders count my drawings or my profit share?
It depends on the lender and your structure. Many use your share of profit from your tax calculations and the partnership accounts, while others look at drawings. We match you to lenders whose approach reflects your real earnings.
Can I borrow on an interest-only basis?
Yes, many lenders offer interest-only or part-and-part borrowing for higher earners, provided there is a credible repayment strategy such as investments, pension or future partnership income.
Do I need to come to your office?
No. We advise clients by video call or phone at a time that suits you, and documents are shared securely online.