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  • FIRST POST
    • Help1234
    • By Help1234 16th May 17, 1:53 PM
    • 47Posts
    • 13Thanks
    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
    • 15,039 Posts
    • 7,601 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
    • 15 Posts
    • 4 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
    • 15 Posts
    • 4 Thanks
    Baa289
    • #4
    • 19th May 17, 12:20 PM
    • #4
    • 19th May 17, 12:20 PM
    Got the offer yesterday! Hooray!
    • JoDavies87
    • By JoDavies87 22nd Jun 17, 12:21 AM
    • 1 Posts
    • 0 Thanks
    JoDavies87
    • #5
    • 22nd Jun 17, 12:21 AM
    Question for Baa289
    • #5
    • 22nd Jun 17, 12:21 AM
    Hello Baa289,

    Would you mind me asking which branch of Natwest/manager if you know approved your mortgage? My partner and I are in a very similar position to you (I will have a stipend and he a permanent contract) and our broker has said Natwest would not offer us a mortgage. We're hoping that perhaps if we can go back to them with information of a similar offer made very recently that this may be able to help...

    Thank you so much!

    Jo
    • zagubov
    • By zagubov 22nd Jun 17, 12:28 AM
    • 14,493 Posts
    • 124,656 Thanks
    zagubov
    • #6
    • 22nd Jun 17, 12:28 AM
    • #6
    • 22nd Jun 17, 12:28 AM
    Got the offer yesterday! Hooray!
    Originally posted by Baa289
    Would you mind helping other MSEers by mentioning a provider? It's part of the ethos of this site that we save people reinventing the wheel or making the same mistakes or errors.

    The forum's about us all being in it together.
    There is no honour to be had in not knowing a thing that can be known - Danny Baker
    • Baa289
    • By Baa289 23rd Jun 17, 11:40 AM
    • 15 Posts
    • 4 Thanks
    Baa289
    • #7
    • 23rd Jun 17, 11:40 AM
    • #7
    • 23rd Jun 17, 11:40 AM
    Hello Baa289,

    Would you mind me asking which branch of Natwest/manager if you know approved your mortgage? My partner and I are in a very similar position to you (I will have a stipend and he a permanent contract) and our broker has said Natwest would not offer us a mortgage. We're hoping that perhaps if we can go back to them with information of a similar offer made very recently that this may be able to help...

    Thank you so much!

    Jo
    Originally posted by JoDavies87
    Hi,
    I used London and Country brokers and submitted the application to Natwest through them. It was very straightforward and they didn't ask any questions about stipend. I just had to show 3 months bank statements showing stipend.

    Good luck!
    • Baa289
    • By Baa289 23rd Jun 17, 11:43 AM
    • 15 Posts
    • 4 Thanks
    Baa289
    • #8
    • 23rd Jun 17, 11:43 AM
    • #8
    • 23rd Jun 17, 11:43 AM
    Would you mind helping other MSEers by mentioning a provider? It's part of the ethos of this site that we save people reinventing the wheel or making the same mistakes or errors.

    The forum's about us all being in it together.
    Originally posted by zagubov
    I stated provider in my previous post - it's Natwest
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