Lawyer Monthly Magazine -December 2019 Edition

Moving On Up: A Lawyers’ Guide to Mortgages Recent application figures from Wesleyan Financial Services show that the average mortgage advance given to lawyers is 52% higher than the national average when compared to lending figures from the Bank of England 1 . It doesn’t matter if you are a seasoned lawyer or a trainee, you may be eligible for a ‘professionalmortgage’.Lenders offering these mortgages will take your professional status into account and potentially offer you a higher loan at a preferential rate. Clearly, it pays to do your homework when it comes to choosing the right mortgage. We’ve outlined four key tips to help you stay ahead of the game. Look attractive on paper When assessing your suitability for a mortgage, lenders don’t just look at your monthly income. They also have a duty to assess whether you can afford to keep up with the re-payments after your monthly out-goings are taken into account. Many in the legal sector aren’t aware that their professional status can be an advantage when it comes to making mortgage or re-mortgage applications. If you’re a newly qualified lawyer, you may have debts to repay such as student loans which will also be considered. Producing a household budget detailing your monthly income and expenditure can help to build a strong mortgage application and demonstrate to lenders that you’re making a realistic application. Including all household bills as well as essentials, such as food and clothing, will help to paint a clearer picture of your financial situation and make you look more attractive on paper. Clearing any outstanding debt such as credit card bills can also support the process and give potential lenders the opportunity to lend you that bit more towards your dream home. Have confidence in your credit score It’s better to identify any unexpected results in your credit score before you make a mortgage application rather 38 WWW.LAWYER-MONTHLY.COM | DEC 2019 Special Feature By Sarah Deacon, Wesleyan To find out more information on how to find the right mortgage for you, visit: https://www.wesleyan.co.uk/mortgages/personalmortgages “If you’re a newly qualified lawyer, you may have debts to repay such as student loans which will also be considered.”