5 illustrative situations for mortgages for law firm partners, with preparation questions and considerations. These are not actual client cases or promised outcomes.
These examples explain situations worth discussing. They are not records of actual clients, approvals, quotations or completed transactions. Any outcome would depend on an individual assessment.
A newly appointed partner has a changed income structure and a capital contribution. The signed terms and associated borrowing need to be shown together.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A partner draws less than their allocated annual profit. The file reconciles the accounts, tax records and actual payment arrangement.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A partner changes firms during a home move. Old and new arrangements, transition payments and commitments need a clear timeline.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A partner receives an end-of-year balancing amount. Its relationship with earlier drawings needs explaining so income is not counted twice.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
A partner and spouse apply jointly while a capital loan remains outstanding. Household affordability includes that commitment and both incomes.
The aim is to identify the questions and evidence that matter before making a commitment. A short outline is enough to begin; detailed records can follow through an agreed secure route.
We establish whether you are employed, a fixed-share partner or an equity partner and how income is allocated and paid. Regular drawings may be advances against profits rather than the final annual figure. Partnership accounts, tax records and a firm or accountant explanation help reconcile the position. A partnership capital loan is a commitment that also needs to be included.