Contractor Mortgage for Trainee Solicitor at 5x Salary

Career changes can often have a negative effect on your financial stability in the short term in return for greater long-term prospects.  

What many people don’t fully consider is how this change in salary can affect their mortgage or remortgaging options – and it doesn't always move things in the right direction initially. 

But if you’re embarking on a well-trodden career path in a respected and high-earning industry – and if you work with a good mortgage broker – you may still be able to reach the borrowing level you require through a professional mortgage.  

The Scenario 

This client approached us having recently changed careers: from teaching in a secondary school to trainee solicitor, with one year out in between to study the required University course.  

Although they were moving to a promising career path with high earning potential, they had been struggling to get a mortgage on their new trainee salary for a few reasons: 

They were also looking to borrow £320k, which was roughly 5 times their salary (£50k) and rental income (£14k) combined, which would be a stretch to place at the best of times. 

The Solution 

While many mortgage brokers might tell you that this type of application is impossible, we thought that with enough persistence - and with our industry knowledge and lending network - it had potential. 

Our broker got to work and took the client's application to a handful of the bespoke lending departments of the banks in our network. 

After multiple flat-out rejections due to the client’s contracting status, we found success with one high street bank that could ‘hypothetically’ accept the case. 

Our broker took the time to present the client’s case in the best light possible: in particular, we highlighted their clear route to six-figure earning potential, coupled with their teaching experience that would make them attractive to future employers if their contract wasn’t renewed. 

Along with detailed evidence of their responsible spending history, strong credit profile, and other application strenghts, we managed to secure an offer. 

From the broker... 

If our client hadn’t used a specialist broker, they would have really struggled to get a mortgage. They would have had 15-20 bespoke lending options to explore, and would have had to:  

- Trawl through their T&Cs to find their stance on contracted income 

- Spend hours on the phone with each lender to find out the above 

- Or apply to each one individually 

Each of these options would be incredibly time-consuming and yet still unlikely to produce a successful outcome.