A conversation with David Wise, Founder of Fitch & Fitch
Q: David, why do you work so closely with barristers on their mortgages?
David Wise:
We act for a wide range of professionals, but the Bar is a significant part of our client base.
Barristers combine three things that make traditional lending tricky. They are self employed. Their income is irregular and often back-loaded. And their career trajectory can be steep once they move beyond pupillage.
That mix does not sit comfortably inside a high street lender’s standard model. My role, and the role of our team at Fitch & Fitch, is to translate a barrister’s career and income story into something an underwriter can genuinely understand. Done well, that can mean higher borrowing, better terms, and a smoother experience.
Q: Can I get a mortgage during pupillage, or do I have to wait?
David Wise:
You do not necessarily have to wait. It is more nuanced than that.
Most mainstream lenders will not lend during pupillage, because they cannot see a track record of self employed income. However, there are lenders who will consider a pupil on a case by case basis if three conditions are in place.
1. There is a clear, guaranteed pupillage award.
2. Chambers are prepared to provide a sensible projection of likely first year earnings as a tenant.
3. The overall scenario is credible in terms of deposit, outgoings and property type.
We will usually ask your senior clerk for a written projection. That tends to be based on what previous pupils have earned in their first full year in chambers. If we can pair that with evidence of billed work and payments already received, we can sometimes agree non standard terms that reflect where your income is going, not just where it has been.
It is not automatic. It is not available everywhere. But it is certainly possible.
Q: I only have one year’s accounts. Is that enough to get a mortgage?
David Wise:
In many cases, yes.
The old rule of “you must have three years’ accounts” is increasingly outdated. A number of lenders will consider one full year of self employed income for barristers, particularly where that year is clearly the start of a growing practice.
The approach broadly falls into three camps.
- Some lenders will simply use year one as it is.
- Others will allow us to present a projection from chambers to support a higher income figure where the practice has clearly stepped up.
- A smaller group will use a blend of historic accounts, billed work, and aged debt to reach an affordability figure.
Our job is to position you with the right lender for your circumstances. If you only have one year’s numbers, we will typically spend more time on the narrative around your work type, instructions, and pipeline, because that is what gives an underwriter confidence.
Q: Most of my invoiced work has not been paid yet. Does that mean I cannot borrow?
David Wise:
Not necessarily. Aged debt is part of life at the Bar.
If you have billed substantial fees that have not yet been collected, we will usually want to see:
- A schedule of billed work from chambers
- An aged debt report
- Evidence of previous collection patterns on similar work
Some specialist lenders are prepared to base affordability on a mixture of received and billed income, as long as there is a clear track record that those invoices do get paid over time.
High street lenders often struggle with this because their systems are built around simple payslips. A tailored lender with a human underwriter can take a more rounded view.
Q: Will any lender look at forecast income, rather than just the last tax return?
David Wise:
Yes, some will, and it can make a material difference.
Where we have a strong reference from your clerk, a clear trend of rising instructions, and evidence of billed work that has not yet hit your bank account, we can sometimes secure terms based on a projected income figure rather than a conservative historic average.
This tends to be most powerful in three situations.
- Moving from pupillage to tenancy.
- Early years of practice where income is climbing quickly.
- A recent move to a stronger set or a particularly busy team.
Forecast-based lending is not something to assume or rely on, but with the right facts and the right lender, it is absolutely achievable.
Q: Can I raise money on my home to pay a tax bill?
David Wise:
It is a very common requirement, and yes, it can usually be structured.
Routine tax bills are best planned for in advance from income. However, barristers can find themselves with large one-off liabilities, often owing to timing, aged debt, or a particularly successful year.
A number of specialist lenders are comfortable with capital raising for tax purposes, provided:
- The overall loan to value remains within their comfort zone.
- The structure is sustainable once the new mortgage is in place.
- There is a clear explanation of how the liability arose and how you will manage things going forward.
These products do not typically sit on the high street. They tend to be with private banks or specialist lenders who understand professional self employment.
Q: Do barristers really get higher income multiples than other borrowers?
David Wise:
In practice, yes, many do.
Standard income multiples sit around 4.5 times income for most applicants. For strong professional profiles such as barristers, some lenders will consider 5 to 5.5 times, and a smaller group may go towards 6 times income where the overall risk profile is compelling.
The key influences tend to be.
- Career stage and chambers pedigree.
- Stability of earnings and track record.
- Overall indebtedness and dependants.
- Size of deposit and property type.
It is not unusual for us to see barristers who have been declined by a high street bank at 4.5 times income, then secure the level of borrowing they need from a more specialist institution that understands their earnings potential.
Q: I want a second home near chambers as well as a main residence. Is that realistic?
David Wise:
Yes, it can be, provided the overall picture makes sense.
Lenders will look at this through two lenses.
1. Can you afford two residential mortgages alongside your other commitments.
2. Is the scenario plausible – for example, commuting distance, family arrangements, and how each property will actually be used.
We spend time explaining to underwriters why a pied-à-terre close to chambers is practical and time efficient, especially where you have long court days and a young family at home. For some clients it is a lifestyle decision; for others it is part lifestyle, part long term investment.
The right lender will generally accept this if we can show that both properties are affordable and sensibly geared.
Q: Can my mortgage run past state retirement age? I do not see myself stopping at 67.
David Wise:
This is a very familiar conversation.
Many barristers and KCs work well beyond state retirement age. A number of lenders recognise this and will consider terms up to age 75 or even 80, particularly for professionals with strong track records and sensible loan to value.
Some will not require evidence of retirement income at the outset; others will want to see at least a high level plan. For clients whose income is likely to step down later in life, we may consider:
- A long term capital-and-interest mortgage structured to finish by a realistic age; or
- A retirement interest only arrangement, where the loan is ultimately repaid on sale, death or moving into long-term care.
Which route is appropriate will depend on your wider assets and plans.
Q: How do lenders actually look at barrister income behind the scenes?
David Wise:
They start with the basics – tax calculations, tax overviews and, where available, accounts – but the better ones go deeper.
A thorough affordability assessment will consider.
- Total income, including fees, other professional income and sometimes investment income.
- The pattern of that income over recent years.
- Chambers deductions and business expenses.
- Regular personal outgoings and other borrowing.
- Deposit, property type and dependants.
What matters for barristers is that the whole picture is captured, not just the line on your last tax return. That is where aged debt reports, billed work schedules, bank statements and a good clerk’s letter become powerful.
Q: What types of mortgages tend to work well for barristers?
David Wise:
You broadly have access to the same product set as any other high earning professional; the difference is in how you use it.
- Fixed rate mortgages can offer welcome certainty where income is variable or where you simply value knowing your monthly commitment.
- Tracker mortgages may appeal if you are comfortable with some rate movement and want the potential benefit of cuts in the Bank of England base rate.
- Offset mortgages can work extremely well where you hold large cash reserves for tax or practice purposes, allowing those balances to reduce the interest charged on your borrowing.
- Interest only structures remain popular for some barristers, particularly at higher loan sizes, where there is a clear and credible repayment strategy, for example future downsizing, bonuses, or investment portfolios.
- Buy to let mortgages can support longer term wealth building, though they do come with higher deposit requirements, higher fees and a different tax treatment.
The right choice depends entirely on your situation. One of our roles is to join the dots between your practice, your personal financial plans and the structure of the mortgage.
Q: How much can a barrister typically borrow at different stages of their career?
David Wise:
Every case is individual, but there are broad patterns.
- In the early years after tenancy, we often see incomes moving from relatively modest figures into the tens of thousands and beyond quite quickly. With the right lender, borrowing might sit anywhere from the mid tens to low hundreds of thousands, depending on that first year or two of accounts and any clerk projections.
- As a practice matures, it is not unusual to see incomes in the high five or six figures. At that stage, borrowing in the high hundreds of thousands or into seven figures may be realistic, again depending on overall commitments and appetite for leverage.
- Senior juniors and KCs with long established practices, strong asset bases and sensible gearing can often access very significant borrowing, particularly when working with private banks.
The key point is that headline income is only one part of the story. The shape, sustainability and volatility of that income all matter.
Q: What can I do to maximise my borrowing potential as a barrister?
David Wise:
There are some very practical steps you can take.
- Keep your financial records organised. Up to date tax returns, clear bank statements and properly presented chambers information make it far easier for us to build a compelling case.
- Manage personal debt sensibly. High levels of unsecured borrowing or large credit card balances can significantly reduce the loan a lender is prepared to offer.
- Protect your credit profile. Timely payments, avoiding unnecessary credit applications and checking your credit file periodically all help.
- Build a strong deposit where possible. A lower loan to value often opens up better products and can make underwriters more comfortable with higher income multiples.
- Engage early with your accountant and clerk. A well worded projection from chambers and thoughtfully prepared accounts can make a real difference.
Ultimately, lenders are looking for two things. Evidence that you can comfortably afford the mortgage. And confidence that your practice is on a solid footing.
Q: I still have student debt. Will that stop me getting a mortgage?
David Wise:
No. It is a factor, but not a barrier in itself.
Student loans and other educational borrowing are treated as part of your overall outgoings. They will feed into the affordability calculation, which may slightly reduce the maximum loan available, but they very rarely prevent you from getting a mortgage altogether.
What matters far more is how you manage all of your commitments in the round.
Q: My income is irregular and I have had one weaker year. Is there any hope?
David Wise:
Yes, there usually is. Few barristers have a perfectly smooth earnings profile.
If you have had a dip – perhaps due to parental leave, health issues, a chambers move or a temporary change in work type – the important thing is to explain it. Some lenders will ignore an anomalous year if the most recent figures clearly show recovery and there is a credible explanation.
This is where a broker who understands the Bar adds genuine value. We will not simply submit numbers and hope for the best. We will frame those numbers so that the underwriter sees them in their proper context.
Q: When should a barrister start speaking to Fitch & Fitch about a mortgage?
David Wise:
Earlier than most people think.
If you have a transaction in mind – buying your first home, trading up, refinancing to release capital, or acquiring a second property near chambers – it is worth having a conversation well before you make an offer.
That allows us to.
- Sense check what is realistically achievable.
- Identify any issues in your paperwork or credit profile.
- Structure the application around the most favourable lender and product set.
For many clients we act more like a long term partner than a one-off broker. We stay close to your practice, review your position at key points and help you make sure that the mortgage strategy supports your wider goals.
If you would like to explore your own position in more detail, the next step is a private conversation rather than a form. For specialist barrister mortgage advice contact us today on 0207 859 4098 or email info@fitchandfitch.co.uk, your partner, every step of the way.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. Mortgage availability, interest rates and lending criteria can change, and any borrowing will depend on your individual circumstances and credit profile at the time of application.