Award-winning expert mortgage advisors providing a highly personal service to Barristers and Legal Professionals since 2006. Available to Barristers who are registered with the BAR Council and practising in the UK.
Whether you have just completed your Pupillage, have just one year’s accounts, or you are an experienced Barrister or QC applying for a mortgage with a UK lender can be a frustrating process. The main reason for this is because most lenders now use algorithms to underwrite mortgage applications.
This means lenders are often ill-equipped to truly assess the earning potential of a Barrister. Whether the lenders disregard the often steep increase in earnings at the start of a career, the aged debt or the fact that many Barristers are willing and able to work beyond the state retirement age. This one size fits all approach to underwriting can adversely affect the chances of a Barrister obtaining a prime interest rate from a High Street Bank or Building Society.
Why choose Jordan Lynch?
At Jordan Lynch we have been arranging mortgages for Barristers since 2006 and now have a specialist team of advisors to provide a premium service to Barristers, QC’s and High Court Judges in a time efficient manner.
We have in-depth knowledge of a Barristers career progression and remuneration structure, which enables us to select the most suitable lender. We have found that Barristers often require a more bespoke mortgage arrangement that factors in their enhanced earnings potential and net worth. With our excellent lender contacts, we are confident we can find a solution that fits your circumstances.
What do I need to evidence my income?
- Last two years tax calculations and tax year overviews.
- Last two years income & expenditure accounts.
- Three months personal bank statements.
- Occasionally a letter from your accountant or the clerk of the chambers will be required to provide a projection of the current year earnings.
I am newly qualified and only have one years accounts, can I get a mortgage?
Jordan Lynch have access to a number of specialist lenders who will consider an application from a Barrister with just a one-year trading history.
To accompany the accounts the lender will often require a letter from the clerk of the chambers or your accountant to provide a projection of your second-year earnings. Contact one of our specialist brokers to discuss your requirements today.
I've reached the end of my interest only mortgage, can I extend it?
How can an offset mortgage help me?
Offset mortgages are ideal for barristers who choose to save for tax by placing funds in an offset savings account. This account is linked to your mortgage and the value of your savings is deducted from the balance of your mortgage with you only paying interest on your net balance.
If you have a £500k mortgage and £100k savings the lender will only charge interest on the net balance of £400k. Furthermore, the saving is tax free unlike the interest received on general savings accounts.