95 Percent Mortgage Arranged for Barrister in 10 days

95 percent mortgage arranged for barrister in 10 days

Area
Devon
Capital Raised
£285K

For some clients, investing in their career has precedence over investing in property. Barristers have high earnings potential but are also self-employed and may be burdened with significant training debt. It all makes property finance a bit more challenging…

The Scenario

Our clients are a barrister and his college lecturer wife who bought their new home in Devon on a very tight timetable.

They’d agreed on the sale of their previous house, which was progressing towards completion, but meanwhile, they’d found the home they wanted to buy, and if they couldn’t get a mortgage arranged within three weeks, they would be sofa-surfing.

To make arranging finance a little more interesting, they only had a 5% deposit.

Their situation is a classic illustration of the financial situation of many barristers at the start of their careers: high earnings potential, but with the complications of being self-employed, and carrying heavy pupillage debt and chambers costs.

The Solution

Our barrister client was actually in his 40s but had qualified for the bar only four years earlier, after a career in the navy followed by nine years practising as a solicitor. The couple had taken out a second charge mortgage on their home to get him through pupillage, and had very little equity left in their property.

With such a low deposit, lenders are going to be exercising their most stringed requirements:

  • 3 months’ payslips
  • 3 months’ bank statements
  • Looking at day-to-day spending

We also prepared our client to present two years of tax returns and accountants’ documentation. However, the lender we approached exercised some leniency for a barrister professional, and only required one year’s accounts.

We secured our client a very good 2.68% rate, considering the lender's 95% exposure, with a reduced valuation cost, a cheap lender's fee, and £500 cashback to cover most of the legal costs.

We would have had the lending offers in the bag sooner, had it not been that the lenders failed to instruct for a valuation to be carried out.

Because the timing was so tight, we were tracking progress daily. When we discovered the oversight, we were told the valuation couldn’t be carried out for another fortnight because the vendor was away on holiday.

It took a bit of pushing to arrange for an alternative keyholder to give access, but the funding was finally achieved.

Read our blog: How to get a barrister mortgage

More details of our barrister mortgage service

Review of Clifton Private Finance by barrister client

 

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

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Jonathan Moffatt

Head of Business Finance

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

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I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

Finance Broker

Cardiff

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Louis Levine

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Bristol

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Sam Baker

Finance Broker

Cardiff

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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

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Jacob Phipps

Finance Broker

Bristol

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I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need. customDatabaseField-8455

Mathew Phillips

Senior Finance Broker

Bristol

0117 959 5094

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Alex Chambers

Senior Private Client Adviser

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

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Luther Yeates

Senior Finance Broker

Bristol

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Sam ONeill

Senior Finance Broker

Bristol

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