A barrister’s income can be heavily influenced by their caseload, often being remunerated on a case-by-case basis. When applying for a mortgage, this can be problematic, as our barrister client found when they were trying to prove their level of income to lenders.
The client
Our client was an experienced barrister who is a UK national and UK resident. Our client was paid a relatively small basic income, but their main income is generated through individual cases. The client had been rejected by high street lenders because of their narrow definition of this case-based income. In their assessment, this was neither a bonus income or commission.
With the fact that the client was often not paid for cases until they had reached a conclusion, their income stream was ‘lumpy’ and not always consistent. This meant that the lenders that the client had previously approached would not consider their entire income stream as they could only prove previous income and a short forecast into the future, and so the application was rejected.
Our solution
We worked closely with the client to assess their previous income and the potential earnings based on their caseload. This enabled us to put a strong case together for their short and long term earning potential.
We worked with a niche building society who are experienced in facilitating loans to barristers. They offer more flexibility than high street lenders and take an holistic approach to an individual’s actual and likely income.
Ultimately, Articus Finance achieved a mortgage amount of £794,500, which was a fantastic outcome for the client who had previously struggled to access their desired property level.
The case in brief
- £1,135,000 property value
- Inconsistent income stream
- Previous applications rejected
- Achieved a £794,500 mortgage for the client
In a difficult financial climate, accessing a high value mortgage amount with an inconsistent income is more challenging than ever. Read more about our mortgage services, or speak to a broker today.
