95 percent mortgage arranged for barrister in 10 days

Area
Devon
Capital Raised
£285K

For some clients, investing in their career has taken precedence over investing in property. Barristers have high earnings potential, but they’re 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 were buying their new home in Devon on a very tight timetable.

They’d agreed 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 inside three weeks they would be sofa-surfing.

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

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’ tax returns and accountants’ documentation, though, in the event, 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 offer in the bag sooner, had it not been for the fact that the lenders failed to instruct for a valuation to be carried out.

Because timing was so tight, we were tracking progress on a daily basis: when we discovered the oversight we were then 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 achieved in time.

Review of Clifton Private Finance by barrister client

More details of our barrister mortgage service

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

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.

Alex Chambers

Senior Finance Broker

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.

Luther Yeates

Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange to discuss your situation at any time that's convenient for you.

James Palmer

Senior Associate

London

0203 900 4322

Are you looking for similar property finance? I specialise in development and commercial finance for Clifton - I can find creative and commercially effective solutions for your project.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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