High value mortgage for Barrister with complex income, purchasing £2m home

What was the situation?

My client, a self-employed barrister, and his family were looking to purchase a period property in central London for £2 million. They needed to borrow 85% of the property’s value.

What was the issue?

The borrower had been working on a high-profile case for several years and as it was in the public interest, he had agreed to lower his hourly rate. This resulted in reduced earnings that were reflected in his tax documents. He had spoken to another broker before reaching out to me, and they had advised they would be unable to secure the necessary mortgage due to these reduced earnings.

What was the process?

However, rather than giving up on the property they had set their hearts on, I took a different approach. I worked to demonstrate the client’s financial stability by highlighting his earnings over the last six months, after the high-profile case had concluded. Using my network of contacts, I gathered supporting documentation, including a letter from his Chambers and his recent bank statements. This evidence enabled me to assure a High Street lender that his recent earnings were sustainable and would remain so moving forward.

What was the solution?

The lender was satisfied with the income verification, and I was able to secure the full £1.7m mortgage required at a competitive, market-leading rate. As a result, my client and his family were not only able to purchase their dream home, but also to do so with monthly payments that fit comfortably within their budget.

Interested to learn how LDN Finance can help you secure a mortgage? Speak to one of our advisers today.