Mortgages for LLP Partners: What New Law Firm Partners Need to Know
DIRECTOR AND MORTGAGE ADVISER
Becoming a partner at a law firm is a huge milestone — financially, professionally, and personally. But when it comes to getting a mortgage, your new LLP income structure might introduce more complexity than expected.
Whether you're applying for the first time or remortgaging after a promotion, this guide walks you through how mortgage lenders assess LLP income, what documents you’ll need, and how to improve your chances of securing the right deal.
What Is LLP Income and How Does It Work?
When you’re promoted to partner in a law firm structured as a Limited Liability Partnership (LLP), your income typically shifts from a salary to profit share or drawdown-based earnings. You’re no longer classed as an employee — you’re now self-employed in the eyes of lenders.
This means:
Your income typically has a fixed share and a variable profit distribution
You receive drawings rather than a PAYE salary
Your earnings may vary based on firm performance
This structure is common for lawyers but often misunderstood by lenders — especially if you’ve recently been promoted or changed firms.
Why LLP Income Can Be Challenging for Mortgage Lenders?
Lenders can be cautious with LLP income due to:
Variability
Lack of payslips or employment references
Perceived instability (especially early on)
Many lenders default to “self-employed” criteria, which may limit your borrowing potential unless you choose the right lender.
Recent Case Studies
How Do Lenders Assess LLP Income for a Mortgage?
Mainstream lenders may use LLP income from day one.
If your remuneration includes a fixed share, some mainstream lenders will accept it immediately — even if you’ve just changed firms. They simply need:
A letter from your firm confirming your fixed income
Confirmation of your role and start date
Some lenders also consider forecasted profit share.
If your firm can provide a written forecast of your expected profit share, certain lenders will include this in affordability calculations. You’ll need:
A letter from HR or finance on firm-headed paper
Possibly a copy of your partnership agreement or historic income
Typical documents you may need:
Firm letter confirming fixed and/or forecasted drawings
Tax returns (if available)
Partnership agreement or offer letter
Confirmation of previous salary if relevant
Which Lenders Are LLP-Friendly?
Some high street banks and private lenders will:
Accept fixed income from day one
Include forecasted profit share with supporting documents
Offer higher income multiples for professionals
Speak To An Expert Today
Get in touch for a fee free, no-obligation chat about how we might be able to help you.
Strategies to Maximise Your Borrowing Power
Get the firm letter early
Apply strategically (once your offer is in place)
Work with a broker who understands LLP income
Don’t rely on automated “mortgage in principle” tools — they often misjudge professional cases
Common Mistakes to Avoid
Waiting unnecessarily for tax returns
Applying with lenders who don’t understand LLP structures
Underestimating your eligibility
What Our Clients Say
FAQs
Can I get a mortgage straight after becoming a partner?
Yes, if you have a fixed income and the right firm letter, many lenders will accept it from day one.
Do I need three years of tax returns?
Not necessarily. Some lenders only require one year or may waive the requirement with strong supporting documents.
Is LLP income treated as self-employed?
Yes, but some lenders will treat fixed drawings similarly to employed income if they’re well evidenced.
Next Steps: Get Expert Advice That Fits Your Needs
If you’ve recently made partner — congratulations. Now’s the time to ensure your mortgage reflects your new financial profile.
Looking for tailored advice? We specialise in helping law firm partners and high-earning professionals navigate complex income cases.
YOUR HOME MAY BE REPOSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
Kite Mortgages is a trading style of Kite Financial Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
APPROVED BY THE OPENWORK PARTNERSHIP ON 14/07/2025
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