At Advantage we’re experienced in helping Barristers.
We specialise in helping Barristers with mortgages, whether you’re experienced or have only recently passed the BAR, you are in the right place.
Over the years, we’ve developed strong relationships with lenders. We have the expertise to navigate a few of the issues that legal professionals encounter. If you’re a Barrister, we work closely with you and your chambers’ clerk to present your income in the best possible way.
We recognise that barristers often face delays in receiving payments for certain cases, which can result in tax returns that don’t accurately reflect earnings during a given period. This discrepancy can impact mortgage applications, as lenders could be working from outdated income figures. We can overcome these challenges to ensure you’re realising your true borrowing capacity on the best possible terms.
Questions we get from Barristers
I have recently joined my chambers, is this ok?
Yes. If you have recently moved chambers, this has no material impact on your ability to borrow in a traditional sense as the affordability calculation is based on your net profit over the last two years. If you are expecting to earn more in your new chambers, we work with lenders that can consider a projection from the clerk in conjunction with your latest net profit figure to boost your borrowing.
I haven't completed my first tax return yet. Can my income still be considered?
Providing you’re able to provide evidence of the cases that have concluded, usually in the form of a letter from the chambers clerk, there are lenders that will consider a projected income for the year. We have successfully helped barristers in this position, it’s certainly worth getting in touch!
I only have only submitted one tax return so far, apparently I need two. Is that right?
Whilst most lenders require two years’ worth of tax calculations. Typically working on the average of the last two years, or the most recent year if lower. There are lenders that makes exceptions for certain professions, such as those working in the legal system.
We work with a number of lenders with competitive rates than can potentially consider your first years net profit in conjunction with evidence that you’re likely to earn a similar, or larger, amount this year.
There’s every chance that the rate we end up obtaining for you is the same you could achieve if you had two years net profit figures already. Well worth getting in touch.