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  • FIRST POST
    • Help1234
    • By Help1234 16th May 17, 1:53 PM
    • 22Posts
    • 4Thanks
    Help1234
    PhD stipend lenders
    • #1
    • 16th May 17, 1:53 PM
    PhD stipend lenders 16th May 17 at 1:53 PM
    Hello,
    I realise this has been asked before but the situation seems to be changing frequently.

    I am receiving a PhD stipend (14,295 per annum tax-free), started October 2016, due to finish March 2020.
    My partner is employed on a full-term permanent contract, with a local authority that he has been working for since November 2016. His income is 27,000 per annum.

    I am yet to find a lender that will consider my stipend despite going through a recommended broker. I have been told Natwest will reject us at underwriter stage due to me not having a guaranteed job at the end. I have been told Halifax no longer lend to those receiving PhD stipends as of December 2016.

    Any advice would be much appreciated. Is it the case all banks/building societies as of now will only lend to us based solely on my partner's income?

    Thanks
Page 1
    • ACG
    • By ACG 16th May 17, 2:03 PM
    • 14,717 Posts
    • 7,366 Thanks
    ACG
    • #2
    • 16th May 17, 2:03 PM
    • #2
    • 16th May 17, 2:03 PM
    I think there may be lenders who will take a view on it.

    I remember doing a case a while back where the lender was happy to take the stipend in to account because only about 20% of it was needed to meet affordability - although admitedly that was a 2-3 years ago. But I do think there are some lenders who will do it. Maybe find another broker? No harm getting a second opinion.
    I am a Mortgage Adviser
    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.
    • Baa289
    • By Baa289 16th May 17, 5:40 PM
    • 13 Posts
    • 1 Thanks
    Baa289
    • #3
    • 16th May 17, 5:40 PM
    • #3
    • 16th May 17, 5:40 PM
    I am in a very similar situation to yours - PhD student with stipend and partner with a permanent contract. My broker (London and Country) have put in an application to Natwest for us saying that they will consider my stipend. I am waiting to hear back this week!!
    • Baa289
    • By Baa289 19th May 17, 12:20 PM
    • 13 Posts
    • 1 Thanks
    Baa289
    • #4
    • 19th May 17, 12:20 PM
    • #4
    • 19th May 17, 12:20 PM
    Got the offer yesterday! Hooray!
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