Mortgages for Barristers
Fox Davidson secure mortgages for Barristers.
Mortgage brokers work a little differently when catering to the unique needs of a barrister. As a result of the extremely specialised nature of the work barristers do, as well as the varying and unique circumstances their chambers operate under, barristers are a distinct subset when it comes to tailoring mortgages for professionals.
There are several factors barristers face when looking for a mortgage, which can work against them. First and foremost are the problems that arise when it comes to accurately presenting a barrister’s earnings to mortgage lenders.
Part of a lender’s responsibilities is to ensure that applicants can afford the mortgage they are applying for. This is problematic for barristers as their remunerations in a private practice are usually a complex affair. The cash flow of a barrister is frequently restricted by long cases, debts owed by clients and solicitors, as well as the costs incurred from their chambers, travel, and legal subscriptions.
The confluence of these factors lead to the significant underestimation of a barrister’s net worth, as well as their earning potential, and this could if not presented in the right way, have a negative impact on affordability.
Barristers work very long hours and have extremely heavy caseloads, leaving them little time to do the legwork required to find a lenders’ preferences and requirements, to craft an appropriate mortgage application, and follow it up with all the necessary responses to the concerns of the lender.
Fox Davidson work with lenders that understand how a barrister gets paid. For self-employed Barristers we utilise mortgage lenders that can use the latest years income figures or an average of the last 2 or 3 years. We also work with lenders that can work off of projected income figures.
Using a Mortgage Broker
Fox Davidson specialise in securing mortgages for Barristers
As an independent whole of market mortgage broker we have access to lenders that can be flexible with their lending criteria.
When securing mortgage for Barristers we will use our knowledge and contacts to ensure we secure the best possible terms for your situation.
We work on your behalf so that you don’t have to take time out of your busy workload to negotiate with mortgage lenders.
Fox Davidson can secure mortgages for Barristers wishing to finance residential, buy to let and commercial property in the UK.
- Call or email one of our professional mortgage brokers. They will complete a short fact find with you and discuss your requirements.
- We search the market of 1,000’s of mortgage products and discuss your lending proposal with the chosen lender to ensure it meets criteria and is placed with the right lender, first time.
- Your broker will then present the best possible mortgage terms to you.
- On acceptance of the proposed terms we will complete all paperwork and handle the entire process from application through to completion on your behalf.
Our direct access to professional mortgage underwriters allow us to build up a case for lending on your behalf.
With our support and correct presentation of the lending proposal we have secured mortgage terms that don’t meet the lenders standards criteria.
To discuss your professional mortgage requirements please contact a broker by email or by calling one of our offices.
Fox Davidson can work on a face to face basis or we can work remotely by phone and email.