This is a question we get asked frequently, because not all lenders have the ability to look at complex income streams such as foreign currency or lumpy profit distributions. We understand that if you’re a partner at a law firm, your income structure will vary and may comprise elements including monthly draw, profit distributions and a bonus element, some or all of which may be in a foreign currency. You may also have income generating assets such as overseas property.
“Partners taking their annual distributions in a foreign currency can sometimes struggle to get a mortgage through the high street”, explains private banker Chris Duck. This would again exclude a number of lenders as many lenders withdrew from foreign currency mortgages following the introduction of the EU’s Mortgage Credit Directive, which imposed more stringent controls and processes.
Chris continues “We also have to consider our client’s personal situation, they might live abroad or have substantial assets overseas, as well as receiving a portion of their income in another currency.”

We also have to consider our client’s personal situation, they might live abroad or have substantial assets overseas, as well as receiving a portion of their income in another currency.
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Where we differ from some other lenders is that we’re able to take a client’s foreign earnings and assets into consideration when we’re looking at affordability, something we don’t see a lot of other lenders considering when they’re working with partners at global law firms.
Beyond your income, we understand that if you’re working at a global law firm, you don’t have a lot of time to give to things like your personal finances. We work with a lot of partners who bill down to every six minutes, so every minute they have is precious. They need a lender who can move with urgency and pace, something we’re well versed in doing.
Chris adds “A further consideration is thatbecoming a partner at a law firm usually entails a significant capital commitment, which can have an effect on apparent cash flow, recent law partners can find themselves stretched when it comes to securing a mortgage.”
As such, you will often require a high loan-to-value (LTV), which can be another stumbling block for some lenders, even those who have experience in underwriting self-employed mortgages based on just two- or three-years’ accounts. We've recently helped a number of partners with LTVs of up to 95 per cent.