Mortgages for Barristers
Fox Davidson specialise in securing mortgages for Barristers. We work regularly with local chambers in Bristol, Bath & London. We also work with members of the Bar council to secure market leading property finance from the whole of the UK mortgage market.
Fox Davidson advise on and arrange property finance including main residence and second home finance, buy to let, commercial investment and property development finance. If you need to finance property or land in the UK, we can help.
What are the main issues affecting Barristers obtaining a mortgage?
From our experience the main issues you will have when trying to secure a mortgage are issues proving income and finding the time to do anything, let alone arrange a mortgage.
As a Barrister, your cash flow can be your biggest issue, the nature of your work means that income is sporadic due to the length of time cases can take to conclude or indeed cases that suddenly have a change of plea and don’t result in the income you had expected. Other issues affecting cash flow include ongoing debts owed by clients and solicitors and then there are your business debts to be offset against income such as chambers costs, travel costs, and legal subscriptions.
You work very long hours and have extremely heavy caseloads. We know how difficult it can be to get hold of you when you are preparing for a case and we appreciate that you really don’t have time to be sourcing mortgages and taking time out of your day to meet with banks that quite frankly will spend several hours reading from a script and will only offer you their products.
Fox Davidson set out to specifically offer mortgage solutions for Barristers. We have addressed the income and time issues you face and offer a solution.
We work with mortgage lenders that understand how a barrister is remunerated. We utilise mortgage providers that are flexible in their lending criteria and that have specific criteria aimed at professionals such as Barristers.
The lenders we work with include private banks, high street banks and building societies and lenders that exclusively work with brokers.
We can secure:
- Enhanced income multiples for barristers of over 5 x income
- Affordability based on the latest (highest) years income only
- Reduced rates and fees for professionals including Barristers
How we work.
As we have mentioned, one of the main issues Barristers tell us they have is time constraints. Fox Davidson will take your initial enquiry by phone or in person. We get to the point and will establish your current situation in a short fact find and will establish your lending requirements.
We take your information and go to the whole of the UK mortgage market which includes hundreds of lenders and many thousands of products. We will provide you with outline terms for lending and request supporting documents to begin the application process. If you do not wish to meet in person, that is fine, we can deal by email, post and phone.
The application process through to mortgage offer and then the conveyancing process through to draw down of the loan is managed by the Fox Davidson team. This means there is little for you to do once the initial application has been submitted to the lender.
Fox Davidson work with some very good property solicitors, accountants, financial advisors and other professionals that can all add value, do ask us for details.
To discuss mortgages for Barristers including mortgages for property you will live in, buy to let finance, commercial property finance and short-term lending solutions, please contact us. We work with Barristers across the UK and have built up good relationships with chambers local to our Bristol, Bath & London offices.
updated may 2018