Mortgages for highly skilled professionals, like barristers, form a vital part of the work that mortgage brokers carry out.
There is one reason – barristers simply don’t have time.
This is due to the highly specialised nature of the work they do and the unique circumstances under which chambers operate. The assistance of broker advice on mortgage product selection, and how to present earnings as part of a mortgage application, is invaluable to them.
Barrister mortgage applications are not always simple.
Not simple, but achievable, if you’re a broker who understands what mortgage providers are looking for. One of the main hurdles for a barrister mortgage application is presenting earnings accurately.
Sounds easy? Not really, lenders must be satisfied that an applicant can afford their mortgage – the remuneration of barristers in private practice is rarely a cut and dried affair. A barrister’s cash flow is often restricted by lengthy cases, debt owed by solicitors, the costs of chambers themselves as well as travel expenses and legal subscriptions.
All these act to cause significant underestimation of the net worth and earnings potential of a barrister, and can cause mortgage applications to be rejected.
Of course, if barristers had the time to thoroughly look into lenders’ requirements and preferences, to craft their mortgage applications accordingly, and then to follow up their applications with further responses to lenders’ concerns, then none of this would be a problem.
But long working hours, and heavy caseloads, often means that seeking expert advice and help from a qualified mortgage broker is a much more convenient option.
How can a mortgage broker help a barrister?
A qualified mortgage broker can help a barrister with their mortgage application in three main ways:
- By recommending suitable mortgage products and advising on the likelihood that the barrister’s application for a particular product will be approved;
- Presenting the barrister’s mortgage application to the lender in a way that emphasises the barrister’s true earnings;
- Advocating on the barrister’s behalf in cases where the lender requires further evidence.
Because of their unique method of remuneration, barristers’ making mortgage applications by themselves are not adequately catered for by large financial institutions. A call centre operative at a bank for instance may not be familiar with the extra measures a barrister needs to take when presenting their application.
Mortgage brokers who have experience in mortgages for barristers on the other hand will have existing relationships with such organisations, will know how each lender likes to be presented with evidence of earnings, where each draws the line between an accepted and rejected application and how much room for negotiation there is.