Mortgages for Barristers

Yes, although it’s not standard across all lenders. Some will consider projected income if you have a proven track record of growth and supporting evidence from chambers.

Yes. Some lenders will underwrite based on accounts rather than relying solely on tax returns, which can maximise borrowing potential, particularly if your accounts show a higher income.

Not necessarily. While many lenders prefer two years of accounts, some lenders offer mortgages with just one year’s accounts, benefitting barristers in the early stages of their careers.

The amount varies between lenders, as each has its own affordability model and assessment method. Your income, outgoings, and financial commitments are key factors. Working with a mortgage advisor familiar with barristers’ needs can help secure better terms.

Yes. Some lenders may base their decision solely on your latest year’s accounts, especially if they show significant growth. Bespoke lenders often take a holistic view of your finances.

Typically, you will need:

• Last 2 years’ accounts
• Tax calculations (SA302s) and overviews
• Last 3 months’ bank statements
• Projection letter from your senior clerk
• Aged debt report
• Payment summary
• Work done report

High street lenders often use stringent assessments, but bespoke lenders understand fluctuations in barristers’ income. Providing a comprehensive income trajectory can mitigate credit risk concerns.

Not necessarily. The process varies due to differing income verification documents, and borrowing can be calculated differently, as income will change year on year. This is why speaking with a specialist advisor is key.

Technically, none. Some lenders offer mortgages to barristers with little or no trading history, even during pupillage.

Yes, subject to meeting certain criteria. Some lenders require a minimum income or property equity.

Lenders typically assess income based on your last 2 years’ income. They may consider childcare costs when calculating affordability. Holistic lenders can account for income reductions if you plan to return to work.

Offset mortgages reduce interest by offsetting savings against your mortgage balance, which is especially useful for barristers using tax funds to manage interest costs.

Yes. Some lenders offer mortgages based on pupillage awards, recognising future earning potential.

Yes. Lenders may include sporadic judicial work in their assessments if there’s evidence of income or a contract.

At Henry Dannell, we believe in complete transparency regarding our fees. Your initial 30-minute consultation is complimentary and without obligation.

Should you decide to proceed, we charge an application fee of £749 for Residential and Buy to Let mortgages, including purchases and remortgages, which is payable upon submission of your mortgage application. For Commercial Purchases and Bespoke Commercial Financing, including short term lending, an application fee of £999 is payable upon submission, and a fee of 2% of the loan amount is also payable, split as 0.25% upon receipt of the offer and 1.75% upon completion.

Where Private Banks or International Funding Lines are used, we reserve the right to charge up to 1% of the loan amount. For example, if you apply for a £1,000,000 mortgage and a 1% fee applies, the fee would be £10,000, which is charged in addition to the application fee.

While we do not provide legal advice directly, we can introduce you to a trusted specialist.