CASE STUDY
Securing a mortgage as a barrister comes with its complexities. The perceived unconventional nature of your income can pose challenges. However, this shouldn’t deter you! Obtaining a competitive mortgage, even from a high street lender, is still possible.
In this case, we’re thrilled to share the successful outcome for our barrister client with complex circumstances.
Our Client’s Scenario
Our client, a barrister with a promising legal career ahead, was eager to take the next step and purchase their first property. Despite our proven track record in helping barristers achieve their property goals, our client presented an additional hurdle. Multiple address changes caused by frequent relocation for work resulted in a limited credit profile. This posed a significant challenge, as many traditional lenders rely heavily on credit history when assessing mortgage applications. Initially, securing an Agreement in Principle (AIP), a crucial first step, proved difficult.
The property market itself added another layer of complexity. Several properties fell through due to unforeseen circumstances or changes in the seller’s mind. However, we maintained close communication with our client throughout, keeping them informed and adapting our strategy as needed. This collaborative approach ensured they felt supported during the entire process.
Our Bespoke Solutions for Barristers
Through our strong lender relationships, in-depth knowledge of the market, and understanding of a barrister’s income structure, we presented a compelling case to the lender. This resulted in securing a highly competitive 5-year fixed-rate mortgage with a loan amount of £385,000. This allowed our client to proceed with the purchase of their £450,000 property. The favourable Loan-to-Value (LTV) ratio of 85% significantly reduced the upfront deposit required.
Kem Kemal, CEO of Henry Dannell, comments:
“Having secured over 800 mortgages for barristers, we have a broad understanding of the intricacies of their income and how to effectively present a case to lenders for a successful outcome. Despite the added layer of complexity with our client’s limited credit history, we were pleased to obtain a solution that allowed them to proceed with their purchase. In many cases, it’s not just about understanding the client’s scenario (which is key) but also knowing where to place the case and how to present it effectively.”
This case study exemplifies our dedication to finding creative solutions for barristers, even in challenging situations. By leveraging our expertise and strong relationships, we were able to help our client secure a high LTV mortgage despite their limited credit history.
Do you require support seeking a mortgage as a barrister?
Contact our specialist team for a free consultation and support in securing the most suitable outcome for your unique circumstances and requirements.
Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Please also note: The Financial Conduct Authority does not regulate most forms of buy to let mortgage.
