Barristers are in many ways a unique breed of professional, but that doesn’t mean that getting a mortgage should be as difficult as it can seem for a practising Barrister.
The first point of potential issue is the self-employed nature of most Barristers working arrangements. Traditionally this has meant the need to provide a potential lender with 3 years of tax returns or accounts to prove income. The good news is that a few lenders are challenging this and can offer mortgages with 2 or even just 1 year of income proof.
Employed Barristers do not have this issue and can simply demonstrate income with 3 months of payslips in most cases.
For those just starting in the profession the issue is even greater – as they have little in the way of provable income, what they have is quite low and there may be a large amount of debt in place accrued during studies and pupillage. The good news is that a few lenders will not only offer enhancements around the level of lending they will give to Barristers (to reflect the potential future earnings), it is also possible with a small number of lenders to gain parental/family assistance in getting the mortgage – which can be a huge help if your Chambers tenancy is in London or the surrounding area.
Another misconception is that you cannot use a mortgage for business purposes and in most cases this is correct. However, a few lenders will make an exception to Barristers (and some other professionals) looking to expand their Practice.
In addition to all these beneficial bits of criteria that some lenders offer to Barristers, a number of lenders will also give preferential interest rates to certain Professional groups – Lawyers being one of them in the majority of cases.
The mortgage market is a wide and expansive landscape, of ever changing deals, rules and lending options. Whilst it is easy to approach your own Bank, or go online it is very unlikely you will be offered the right solution for your needs; whereas we as professional mortgage advisers will be able to guide you through the maze of options to arrive at a suitable lender and rate.
In addition to finding you the right deal available and completing the application for you to the lender, our experienced and dedicated back office team will then administrate the application process and chase it through with the lender – saving you valuable time in your busy day and giving you one less thing to worry about.
To discuss your needs and see how we can best assist you in your search for the ideal mortgage please contact Scott Taylor-Barr direct on 07941 122792, or email scott.taylor-barr@openwork.uk.com
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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