Mortgages for LLP Partners: What New Law Firm Partners Need to Know

David Walsh

DIRECTOR AND MORTGAGE ADVISER

Specialist broker for high-earning professionals and complex income cases.

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.

Request your fee free mortgage consultation today. No obligation, just sound advice.

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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.

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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

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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

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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.

Request your fee free mortgage consultation today. No obligation, just sound advice.

Complete Enquiry Form

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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.

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