As a professional at the top of your career ladder, you can expect to get preferential rates and great deals on mortgages for Barristers when you’re applying within the UK.
However, both Barristers and other legal professionals may face problems with some mainstream banks and high street lenders who are unable to assess your precise financial circumstances as they lack the means to understand irregular income patterns.
We draw on years of specialist experience in the professional sector, including successfully arranging a multitude of mortgages for Barristers in the UK.
We’ve established professional working relationships with most of the major UK banks and lenders, and also with the vast majority of the niche lenders who can be very specialised in what they offer.
We’ll take you through the whole application process on a step-by-step basis, and handle all the paperwork and liaison with lenders so that you don’t have to do anything other than help us with your initial application paperwork.
What can you do to arrange a mortgage for a Barrister?
We can help you to arrange mortgage deals with particular attention to the following benefits:
- High income multiples – there are generous affordability calculations for Barristers available, particularly for the high-earners among you
- Competitive interest rates for all Barristers
- Reduced deposit required in some instances
- Low or no early repayment charges on some mortgage types
- Assistance with UK mortgage applications for foreign nationals, including US Barristers, and in particular for any Barrister working in any of the “Magic Circle” law firms within the UK
- We’ll take care of all of the forms and paperwork needed to find the most suitable deal for your circumstances
Can I get a Mortgage in Principle as a Barrister?
Providing we have all of your information to complete your application, a Mortgage in Principle or Decision in Principle should be quick and easy to come by. If you have any doubts about your application, or any difficulty gathering any of the supporting information, it’s best to contact us as quickly as possible so we can answer all your queries.
What are the main issues affecting Barristers obtaining a mortgage?
From our experience, the main issues you will have are either problems surrounding proving your income, and finding the time to physically complete the mortgage applications, liaise with the lenders, negotiate offers etc.
As a Barrister, your cash flow can often be your biggest issue, given that the very nature of your work means that your income can be up and down due to the length of time cases take to conclude, or cases where a plea is entered meaning you don’t then receive the total income you expected.
Other issues that can affect your cash flow include ongoing debts owed by clients and other solicitors, plus there are your business debts to be offset such as your chamber costs, travel costs, and legal subscriptions.
With regards to your time management, we know that with your case workload your free time is precious to you. Because of that, we’re going to take up as little of your time as possible and we’re going to take on as much of the work in applying as possible.
As a Barrister I’m self-employed, can I still get a mortgage?
Independent barristers present a challenge to some mainstream mortgage lenders, and that’s because as a highly qualified professional, with excellent income growth potential, you’re a borrower they’d very much like to finance.
But as a self-employed professional with what can be a highly variable monthly income, plus often substantial practice costs, it’s sometimes not an easy calculation for them to assess the size of mortgage commitment you can comfortably meet each month.
So, the challenge for most Barristers is to access the level of mortgage lending that fairly reflects your true monthly average income, and lets you reach your full earnings potential in terms of borrowing. We’re perfectly poised to help you achieve your true potential, and to guide you through the myriad of options available for you.
Can I get a Buy to Let mortgage as a Barrister?
The short answer is yes, if you’re already a homeowner and looking to expand your portfolio with a Buy to Let property, then so long as you have the minimum required deposit of 15%, there should be plenty of choice in terms of mortgage lenders.
Can I get an Offset mortgage as a Barrister?
Depending on your circumstances, you should be able to find lenders willing to offer you favourable mortgage deals, including offset mortgages. An offset mortgage is one that allows you to make lower regular repayments each month, while your uneven fee earnings are paid into a linked savings account as lump sums and thereby reduce your regular monthly interest payments.
I’m a newly qualified Barrister can I get a mortgage?
While senior members of the bar – particularly those in commercial chambers – enjoy earnings very much in excess of the UK average (in fact 16% of all Barristers will earn more than £240,000 per annum according to the Bar Council).
However, around 32% of Barristers earn less than £60,000 per annum – and this figure is before deductions for tax, VAT, chambers rent, clerks’ fees, insurance, travel costs and compulsory CPD. This figure is highly skewed towards being the newest qualified Barristers who earn the least.
Young or newly qualified Barristers, working on a self-employed basis, will be carrying heavy pupillage debt at the start of their careers, and those who start working in criminal and family law cases may be earning less than £20,000 per annum initially.
Newly qualified Barristers will have the same burden of proof as other newly qualified professionals – they’ll need to prove their qualifications, prove their job offer, be able to calculate expected earnings and provide proof of income.
While some new Barristers will have to have 1 year’s self-employed accounts behind them to apply, this may not be the case for all and it’s worth talking to us to get our advice.
Overall, Barristers in the UK should find it possible to get a highly advantageous mortgage deal: talking to us early in the application process though, is critical, so that we can help shape your application to have every chance of success.