Why Pupil Barristers Should Not Assume a Mortgage Is Out of Reach
One of the conversations I regularly have with pupil barristers starts with the same assumption:
“I’m in pupillage, so I won’t be able to get a mortgage yet.”
Often, they have already spoken to their bank. They may have been told that because they are moving into self-employment, they need to wait until they have two or three years of accounts.
So they assume that is the end of the conversation.
It does not necessarily have to be.
The problem is that the financial journey of a barrister does not always fit neatly into the way a conventional mortgage application is assessed. Pupillage, the second six and the transition into tenancy create an income profile that requires more understanding than simply asking how many years of accounts someone has.
Pupillage Is Not The Same As Starting A Business From Scratch
This is an important distinction.
When a lender sees “self-employed”, its standard approach may be to look for an established trading history supported by accounts and tax calculations.
For many self-employed borrowers, that makes perfect sense.
But a pupil barrister is following a recognised professional pathway.
During pupillage there can be a guaranteed award, followed by the ability to generate earnings during the second six. From there, the barrister may move into tenancy and begin developing their practice.
The income structure changes, but there can still be a clear professional progression behind it.
That context matters.
Your Second Six Can Change The Conversation
The second six is particularly interesting from a mortgage perspective.
You are beginning to take on your own work and generate income, but you are unlikely to have the historic accounts traditionally associated with a self-employed mortgage application.
That does not mean there is nothing for a lender to assess.
Depending on the circumstances and lender, we may be able to present evidence including your pupillage award, income generated during your second six, chambers reports and confirmation around your move into tenancy.
Chambers information can also provide greater context around work done, payments received and aged debt.
Not every lender will assess this information in the same way. That is precisely why understanding where to place the application matters.
“My bank said no”
A decline from your existing bank can understandably feel definitive.
But it may simply mean that your circumstances do not fit that particular lender’s criteria or underwriting approach.
There is a significant difference between:
“You cannot get a mortgage.”
and:
“This lender cannot offer you a mortgage based on the way it assesses your income.”
For pupil barristers, that distinction can be crucial.
A lender using a conventional self-employed assessment may want a level of historic evidence you simply cannot provide yet.
Another lender may be prepared to consider the wider professional picture and the evidence available.
Future Income Needs To Be Treated Carefully
There is another area where I think expectations need to be managed properly.
Pupil barristers are often at the beginning of what they hope will be a strong earnings trajectory. But expected career progression should not be confused with income a lender will automatically accept for affordability.
Where there is evidence around tenancy and expected income, this may help support the overall application with certain lenders.
But we should never assume that a lender will simply lend against what someone expects to earn in the future.
My role is to understand what can actually be evidenced, how a particular lender is likely to interpret it and whether that produces a viable mortgage application today.
Sometimes it will.
Sometimes the client may benefit from waiting.
The important thing is to establish that properly rather than assuming the answer from the outset.
Do Not Wait Two Years Just Because Somebody Told You To
This is probably the biggest message I would give to pupil barristers thinking about buying a property.
Do not automatically restructure your plans around the assumption that you need two years of accounts.
You may ultimately need more trading history for the particular mortgage you want. Your current income may not support the level of borrowing required. There may also be other aspects of the application that affect affordability.
But those are very different conclusions from assuming that being a pupil barrister makes you ineligible for a mortgage.
Before deciding to wait, understand what your position actually is.
Start The Conversation Earlier
If you are in your first or second six and think you may want to buy, I would encourage you to speak to an adviser before you find the property.
That gives us time to understand your pupillage structure, current earnings, expected progression and the evidence available from chambers.
We can then consider how lenders may assess the position and what documentation could be required.
At Henry Dannell, we understand that a barrister at the beginning of their career cannot necessarily be assessed in the same way as someone running a conventional business.
For pupil barristers, the question should therefore not be:
“How long do I have to wait before I can get a mortgage?”
It should be:
“Given where I am in my career today, what mortgage options could actually be available to me?”
You may be surprised by the answer.
A mortgage is secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Mortgage availability and lending are subject to individual circumstances, status and lender criteria.
