Using my PhD income to get a joint mortgage?

little_me_5

oranges7 has pretty much explained exactly how I feel about the PhD funding. I wish the banks agreed!

Just for my own information, why exactly is it that exemption from income tax is seen as a bad thing for a mortgage lender? Just curious!

Thanks for all advice and comments, much appreciated!

becky170

I know quite a few fellow PhD students that have mortgages. One has a mortgage with Northern Rock and another has a mortgage with Abbey (I think they had to get a guarantor mortgage though). I think both of them went to brokers to sort their mortgages out.

A PhD is essentially a job (maybe with more hours though!) so I don't see why people are being negative and saying you shouldn't be getting a mortgage on a PhD stipend. I use my stipend to pay my rent so I don't see what it so different about using it to pay a mortgage, both put a roof over your head. You can't be expected to put your life on hold just because you're doing a PhD. I'm trying to save some of my stipend towards a deposit on my first home (long way to go yet, but I'll get there in the end) but maybe some people will disagree with me saving my stipend

little_me_5

Thanks Becky! I have a friend on the same course as me who also got a mortgage less than a year ago.

I completely agree that not lending money to PhD students effectively forces them to put their lives on hold. I suppose there must be good reasons for not doing it. Maybe with the credit crunch students are seen as higher risk. A couple of the banks have said to me that they won't teke my stipend into account because I "might stop studying". But then my partner could equally quit his job... If you're paying a mortgage though, it wouldn't make sense to do so!

herbiesjp

Setting aside the dispute over what the funds shoukld be used for - there are a few lenders that will look at the whole scenario, and then base a decision on the details of the whole scenario

At the moment, you have not posted any figures/information i.e. purchase price, deposit, any other debts, credit history good, incomes?

So whilst a lender may accept the £12k, you may well fall down in other areas - best bet is to talk to a whole of market adviser

Sherlock79

Wow, I am feeling rather annoyed about this conversation! I am in the same situation. Does anyone know whether you can just call yourself a researcher? - which, by the time you do a Phd, you are.

Minimike2, perhaps you can tell me why I am allowed to use my stipend/living allowance to pay inflated rent to a landlord to pay his/her mortgage, but I am not allowed my own mortgage. I am 31, I have had a 10 year career and I have decided to go into research. As 'Oranges7' explained, there is absolutely no difference between the Phd allowance and a salary. By the time you get to Phd you are no longer being taught, you are researching for the benefit of scientific progress, the economy, the government... whatever your specialism - no different to a regular job.

You clearly just resent students as your comments make no sense at all.

Wutang_2

Sherlock79 wrote: »

Wow, I am feeling rather annoyed about this conversation! I am in the same situation. Does anyone know whether you can just call yourself a researcher? - which, by the time you do a Phd, you are.

Minimike2, perhaps you can tell me why I am allowed to use my stipend/living allowance to pay inflated rent to a landlord to pay his/her mortgage, but I am not allowed my own mortgage. I am 31, I have had a 10 year career and I have decided to go into research. As 'Oranges7' explained, there is absolutely no difference between the Phd allowance and a salary. By the time you get to Phd you are no longer being taught, you are researching for the benefit of scientific progress, the economy, the government... whatever your specialism - no different to a regular job.

You clearly just resent students as your comments make no sense at all.

Sherlock (!!) - that was a thread from 2 years ago

VT82

Wutang wrote: »

Sherlock (!!) - that was a thread from 2 years ago

I read the whole thing from the start not realising that lol.

The fact that someone found this ancient post and got annoyed by it has bizarrely cheered me up :rotfl:

karaP

As a PhD student is does still baffle me that we are called students. I work 50+ hours a week more than most people I know. Anyhoo… I am just about to buy a house and I did not have a problem with any of the banks I approached so things must have changed from 2 years ago. I told the banks I was a postgraduate researcher and received a stipend from my funding body and they were happy. To be honest I don’t know many people who can guarantee their job is secure for the next 4 years like I can. Good luck to all of those fellow PhD students out there!

eschaton

Wutang wrote: »

Sherlock (!!) - that was a thread from 2 years ago

No !!!! Sherlock

hbayram

karaP wrote: »

As a PhD student is does still baffle me that we are called students. I work 50+ hours a week more than most people I know. Anyhoo… I am just about to buy a house and I did not have a problem with any of the banks I approached so things must have changed from 2 years ago. I told the banks I was a postgraduate researcher and received a stipend from my funding body and they were happy. To be honest I don’t know many people who can guarantee their job is secure for the next 4 years like I can. Good luck to all of those fellow PhD students out there!

Hi there,

Im looking for a mortgage and arent getting such a positive response!! the bank I want to go with (barclays) wont give me an agreement in principle and say they cant guarantee giving me a mortgage, only natwest has said that'd be fine, but again not an agreement in principle they were just keen to sign me up without really paying attention to the stipend. who did you get yours from? and did u just sign up for the mortgage without getting an agreement?!