Securing funding for a Barrister with 3 months full earnings

What was the situation?

My client was looking to sell their existing property and upsize in North West London, the clients owned a flat and were looking to upsize to a new family home.

They wanted to borrow £600,000 for the purchase, but needed a lender who would consider my client’s previous levels of income rather than their actual latest tax return, which was lower due to some parental leave earlier in the year.

What was the issue?

The obstacle with this case was the borrower’s current income structure because they had been on parental leave and returned to work 6 months ago. As a self employed barrister this impacted their most recent tax return which only showed around 30% of their normal annual income.

What was the process?

In order to prove that the reduced income for the most recent year was a temporary reduction, I requested a letter from the client’s chambers to confirm their billing for the last 6 months since returning to full time work. This showed their income had returned and exceeded their pre-maternity revenue.

With a detailed understanding of the client’s situation, we were able to agree the case with various lenders and evaluate who was able to provide the loan amount needed at the most competitive rate. It was important for me to move quickly so the client could obtain the required mortgage amount in good time and be able to make an offer on the home they really wanted.

What was the solution?

In order to help me secure funding for the full amount, the chambers committed to providing a letter showing the earnings over the last 6 months, along with business bank statements. This was enough for the lenders to have confidence in the borrower and provide the full loan required. The clients were over the moon to be able to secure their dream home!

At LDN Finance we’re here to help you find a solution – no matter how complex your circumstances. Our expert brokers have extensive experience in providing creative solutions to secure large loans for our clients.

We work closely with our trusted network of private banks and both high street and specialist lenders to arrange bespoke mortgage arrangements to suit your circumstances at competitive, market-leading rates.

Get in touch with us to organise an initial consultation.