Frequently asked questions
As we have worked with many barristers over the years, we have become familiar with your needs and requirements. Below are some of the FAQs we receive from those in the profession.
Income assessment
Q: Can I apply before finalising my tax returns?
Potentially. Some lenders accept accountant’s figures, so you don’t need to wait for tax returns. However, it’s case dependent and how the it’s positioned to the lender is important, which is where our expertise can help.
Q: Is two years' trading history always required?
Not necessarily. Several lenders will consider applications with just one year's accounts.
Q: Can I use my most recent year's performance?
Yes – some years you might have had a significant growth in earnings and so might be important to use these. Some lenders will use the most recent set of income figures alongside but might request a letter from your accountant to provide reassurance that the income is sustainable at this level. Again, it is case dependent and positioning with the lender is important.
Q: How do lenders view projected income?
Many lenders understand that your income is inherently forward-looking. However, it’s unlikely the lender will use forecasts over real data but projections can add weight to the case. This is particularly relevant when asking a lender to use the most recent income figures rather than a two-year average.
Q: What if my income has recently declined?
This is not uncommon, and we find that many of our barrister clients have income that fluctuates. Specialist lenders consider the complete picture, including future projections and industry context, rather than focusing solely on temporary dips. Using a good broker to position the case with the lender is important.
Q: Can pupil barristers secure mortgages?
Yes. Some lenders recognise pupillage awards and factor in future earning potential based on chambers, forecasts and career trajectory.
Q: Can I include part-time judicial income?
Contract-based judicial roles or those with clear income history are typically accepted.
Q: How are maternity/paternity breaks handled?
Lenders can accommodate temporary income changes when there's a clear return-to-work plan and established earning history.
Q: Are specialist products available?
Yes. Interest-only and offset mortgages are available subject to eligibility. Offset products can be particularly effective for managing tax provisions while reducing interest costs.
Q: How much can I typically borrow?
This depends on individual circumstances and the lender's affordability model. Some lenders offer higher income multiples to barristers, which is helpful if you are in the early stages of your career and income is likely to increase.
Documentation requirements
Q: What documents will I typically need?
- 1-2 years' accounts (depending on lender)
- 1-2 years' tax calculations and overviews
- 3 months' bank statements
- Senior clerk's projection letter and/or aged-debt report for more complex cases.
- Proof of deposit
Working with a broker who understands your nuanced income structures can result in much better outcomes than direct applications. We also take the stress of the process away from you as we know which lenders to approach for all the variety of circumstances barristers face. We can work quickly and effectively once we understand your unique situation.
If you’d like to learn more, please contact us for a discussion.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £500.