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  • FIRST POST
    • luvlyloz
    • By luvlyloz 17th Jul 17, 11:43 AM
    • 1Posts
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    luvlyloz
    Mortgages for students on stipends
    • #1
    • 17th Jul 17, 11:43 AM
    Mortgages for students on stipends 17th Jul 17 at 11:43 AM
    I'm a mature postgraduate student on a studentship and receiving a monthly stipend to support myself whilst studying. I currently rent a property but have enough money in savings to cover a 10-12% deposit if I were to consider buying the property, or one similar. As I'm single, I would be the sole person applying for a mortgage which makes things tricky as many banks and building societies did not consider the monthly stipend (which is guaranteed for a specific period of time, like a fixed-term work contract) as an income/earnings. When I was living with a partner and looking into mortgages, they categorised my stipend as extra or additional income. I'm interested if anyone in a similar position receiving a study stipend has managed to find a bank or building society willing to provide a mortgage. Can anyone recommend any which may be more lenient in terms which how they view the stipend (hopefully as income/earnings rather than additional income)? Thanks.
Page 1
    • Lilla D
    • By Lilla D 17th Jul 17, 1:52 PM
    • 316 Posts
    • 161 Thanks
    Lilla D
    • #2
    • 17th Jul 17, 1:52 PM
    • #2
    • 17th Jul 17, 1:52 PM
    Be careful with people throwing lender names into the hat here, because criteria is a moving target and whether you'll be accepted or not depends on other details of your situation as well.
    Just speak to a broker, who will go through the details with you and find the best lender solution. There are lenders out there accepting stipend as an income, but it's all subject to T&Cs.
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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