Barristers
You are probably unaware that securing a mortgage that reflects your earnings will not be as straightforward as you think. Unfortunately, barristers are a prime example of high-earning professionals who find it difficult to get a mortgage on the high street. This isn't just an issue for the junior ranks; it is a problem faced by barristers at all career levels.
You may well be on an excellent salary with potential for significant growth, but your self-employed status will give many banks and high street lenders the jitters. They like certainty and will typically err on the side of caution. Some mortgage providers don't understand the remuneration structure of the legal profession, nor the irregular income patterns of barristers.
Standard income multipliers banks use may not reflect your actual earning capacity, and consequently, the mortgage you're offered is a lot less than what you need. Securing a homeowner's loan is not an open and shut case.
Among the issues that barristers come up against when applying for a mortgage are:
Inexperience - new barristers can present a challenge to mortgage lenders. Financial institutions take a risk whenever they lend money, and they want to reduce that risk as much as possible. An excellent salary track record can convince banks to make funds available. However, newly minted barristers have only been in practice for a short time and so lack the requisite two or three years' worth of accounting records. We have lenders available who will offer enhanced income multipliers to newly qualified barristers, knowing their income trajectory is likely to be on a very sharp upward curve. They can also provide mortgages based on just one year's accounts.
Among the issues that barristers come up against when applying for a mortgage are (continued):
Unpredictability - lenders have to be satisfied that barristers can afford the loan. Most barristers are self-employed, and their incomes are unpredictable and sporadic. Also, while gross earning receipts can be very high, the net figure and be significantly less when costs such as renting Chambers, legal subscriptions and travel are taken into account. A barrister's cash flow can also come under significant pressure with drawn-out cases. This makes it difficult for lenders to determine what size of mortgage commitment can be reliably serviced each month.
In addition to these difficulties, barristers are in high demand and extremely busy. Therefore, it is unlikely you will have the time to do the necessary research to ensure you get the right mortgage for your needs. Approaching a variety of lenders and comparing mortgage products are time-consuming processes.
Benefits of engaging Taylor James Financial Services
In general, mortgages are always going to be available to qualified professionals in an elite industry. The big question is whether a barrister can borrow enough to purchase at the level they want.
Fortunately, there are solutions to all these challenges, which is where the assistance provided by Taylor James Financial Services comes into its own. Our experienced brokers fully understand the profession and have existing relationships with lenders who are familiar with the nature of your business, and will be able to:
Benefits of engaging Taylor James Financial Services (continued)
- Identify lenders with the most favourable terms for a barrister in your situation.
- Secure the most suitable mortgage for your needs based on your specific circumstances and requirements.
- Compile all the required paperwork.
- Effectively present your record of earnings to match a lender's criteria.
Benefits of engaging Taylor James Financial Services (continued)
- Manage the entire application process from start to finish and liaise with all of the relevant parties on your behalf. This saves you valuable time and allows you to focus on your day job.
- Be your trusted adviser for all of your financial planning needs, including advising on your pensions, investments and all of the necessary protection policies. This helps ensure you and your family continue to maintain the standard of living you enjoy, even if your income were to stop, for whatever reason.
Call us today for a no obligation chat about planning your financial future.
Call: 0203 859 3320
Email: contact@taylorjamesfs.co.uk
Please note:
- Your home may be repossessed if you do not keep up repayments on your mortgage.
FAQs
Yes, we provide all of our financial advice and brokering services with the utmost confidentiality. Moreover, we protect your personal data to the highest standards. You can be sure of a professional service when you choose Taylor James.
Yes, our team have worked with High-Net-Worth Individuals on many occasions. This includes working for sportspeople, fund managers, barristers, medical professionals, investment bankers and other HNWIs.
Yes, our website lists the most common services provided, however we have team members who specialise in other and more niche areas of financial planning and advice. Do not hesitate to enquire about services that may not be listed online.
We are a long-standing financial advice provider first established in 2012. Our team are carefully selected based on their experiences and accreditations. All advisers use a client-centric approach that puts the individual at the heart of every decision to offer a truly bespoke service.
FAQs
Yes, we provide all of our financial advice and brokering services with the utmost confidentiality. Moreover, we protect your personal data to the highest standards. You can be sure of a professional service when you choose Taylor James.
Yes, our team have worked with High-Net-Worth Individuals on many occasions. This includes working for sportspeople, fund managers, barristers, medical professionals, investment bankers and other HNWIs.
Yes, our website lists the most common services provided, however we have team members who specialise in other and more niche areas of financial planning and advice. Do not hesitate to enquire about services that may not be listed online.
We are a long-standing financial advice provider first established in 2012. Our team are carefully selected based on their experiences and accreditations. All advisers use a client-centric approach that puts the individual at the heart of every decision to offer a truly bespoke service.