Case Study: City Lawyer With LLP Profit Share Buys London Family Home
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Mortgages For Law Firm Partners
Eligibility: LLP partners often assessed as self-employed; criteria vary.
Income Method: Some lenders may average 2–3 years’ profit share.
Enhanced Affordability: Certain lenders recognise qualified professionals.
Documents: SA302s/tax calcs, partnership statements, drawings letters.
Structure: Part interest-only may be available with a credible plan.
Lender Type: High street or private bank depending on complexity.
Client Profile
Persona: City lawyer, LLP partner
Total Compensation: ~£420,000 (fluctuating profit share + drawings)
Assets/Liabilities: Active capital account; recent capital drawdown
Credit File: Limited UK credit history
Objective
Purchase a £2.1m family home in London with a 60% LTV mortgage (£1.26m), combining part interest-only with repayment, and securing long-term rate certainty.
The Challenge
Income Variability: Profit share fluctuates year-on-year.
Capital Account Movements: Recent drawdown needed clear context.
Thin Credit History: Minimal UK credit footprint due to career commitments.
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Strategy And Lender Selection
Target Underwriters Comfortable With LLPs
We shortlisted lenders known to consider professional partners and who may average three years of profit share (or take a sensible view where one year is demonstrably anomalous).Evidence The Capital Account
We prepared a concise memo explaining capital contributions, recent drawdown purpose, expected replenishment, and liquidity across personal accounts. Supporting items included partnership schedules, drawings letters, SA302s/tax calculations, and bank statements.Optimise Affordability Presentation
We modelled affordability across multiple lenders, highlighting stable multi-year earnings, pipeline visibility, and conservative personal outgoings. Where appropriate, we included firm confirmation of the current year’s anticipated distribution.Structure: Part Interest-Only With Repayment Plan
We proposed a blended structure: a portion on interest-only (within policy) supported by an evidenced repayment strategy—annual profit distributions swept to a ring-fenced investment/savings account—alongside a capital-repayment tranche to reduce balance over time.
Note: Interest-only availability and accepted repayment vehicles vary; some lenders may require additional assets or minimum incomes.Product And Term Selection
We prioritised five-year fixed options for stability, with flexibility for overpayments and a pragmatic view on professional income.
The Outcome
Approval Secured: Underwriters accepted averaged profits and the documented capital account position.
Loan Agreed: £1.26m at 60% LTV, part interest-only / part repayment.
Pricing: Competitive five-year fixed aligned with market leaders at this loan size.
Process: Smooth valuation at agreed purchase price; legal and completion timelines held.
What Our Clients Say
Why It Worked
Narrative + Numbers: Clear, consistent story across tax returns, partnership statements, and bank flows.
Professional Policy Alignment: Targeted lenders that may offer enhanced affordability for qualified professionals.
Risk-Appropriate Structure: Interest-only proportion matched to a credible, evidenced repayment plan.
What This Means For Law Firm Partners
If your income is driven by profit share, drawings, or variable distributions, a generic approach can undershoot your potential. The right lender—paired with the right evidence—may recognise the full picture and offer more flexible structuring than headline multiples suggest.
Request your fee free mortgage consultation today. No obligation, just sound advice.
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YOUR HOME MAY BE REPOSESSED IF YOU DON’T KEEP UP REPAYMENTS ON YOUR MORTGAGE
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APPROVED BY THE OPENWORK PARTNERSHIP ON 24/09/2025