Student Mortgages

Seamooie

Anyone know of any 100% mortgages that are appropriate/available for students. Or any mortgages at all that students could apply for/be eligible for.

Thanks

SH

RichyRich

According to something I read on Ciao (http://www.ciao.com) awhile ago Halifax do these, but you need a guarantoor.

ben_edwards2612

Try HSBC, they were very helpful. I am a postgraduate student so have a reasonable income but it is tax free :j This was a big no no for all other lenders we tried. I think the rates are 5.5% so not the cheapest but there are no early repayment charges etc so we will change to a discounted mortgage as soon as we have taxable income and overall it's still better than renting!

jennifernil

my daughter is a student and has a mortgage from the halifax, but her dad is the guarantor so it is done on his income minus our mortgage. don't know if they would do 100% though.

louloubelle79

Hiya i think Scottish widows do 100% mortgage, im a student and this is what i have recently found out...

li21rv

Hiya!
I have a 100% graduate mortgage from HSBC and agree they are helpful...and so do Natwest I think (for first time buyers). Think HSBC have got a fixed rate at 5.19% so not brilliant...but at least it's a step on the property ladder!
Good luck..
Rhi xx

Alechjo

Hello All,

Are you all British/EU students? Do you know if overseas students can have mortgages? Maybe with a guarantor?

jennifernil

No reason why not, but the guarantor may have to be a UK resident so it is easy for them to chase someone for the money if you default. Do you have an obliging relative here?
Several years back we stayed next door to a building society manager and he arranged a mortgage for our Norwegian nephew. I think his dad in Norway may have guaranteed it, but they did say he would not have got it if we had not been best buddies with the manager!
It's certainly worth asking anyway. They just might agree!!
I saw on another thread that you are only here for another 2 years, the cost of buying a property could make it uneconomic for such a short time.

col_b

ben_edwards2612 wrote:

Try HSBC, they were very helpful. I am a postgraduate student so have a reasonable income but it is tax free :j This was a big no no for all other lenders we tried. I think the rates are 5.5% so not the cheapest but there are no early repayment charges etc so we will change to a discounted mortgage as soon as we have taxable income and overall it's still better than renting!

my wife and I are both phd students, with a tax free income. we want to buy rather than pay rent for the next 3 or 4 years, but can't find any lenders who will lend to us. we checked out HSBC (as above), but they said no.

does anyone know of a mortgage available to postgrads without a guarantor?

cheers!

Jarlawuk

col_b wrote:

my wife and I are both phd students, with a tax free income. we want to buy rather than pay rent for the next 3 or 4 years, but can't find any lenders who will lend to us. we checked out HSBC (as above), but they said no.

does anyone know of a mortgage available to postgrads without a guarantor?

cheers!

You could try buy to let mortgages (basically you are going to rent some o the rooms out as to guarantee a way to pay back the mortgage) they charge you higher rate of interest but also have a much lower requirement compared to standard mortgages.

zar

col_b wrote:

my wife and I are both phd students, with a tax free income. we want to buy rather than pay rent for the next 3 or 4 years, but can't find any lenders who will lend to us. we checked out HSBC (as above), but they said no.

does anyone know of a mortgage available to postgrads without a guarantor?

cheers!

I've no practical experienced in this area, but quite surprised that HSBC said no as they've said to me in the past that they give mortgages to phd students in our situation. Did you ask at a branch that was used to dealing with students?

I must admit the complications of getting a mortgage as a funded phd was one of the things that put me off trying. I had thought of trying to get a self-certification mortgage, although I don't think the rates you get are as low as normal mortgages.

Bear in mind that if you buy now and house prices did crash, you could both get to the end of your phds and be trapped by negative equity especially when you take into account buying and selling costs. If you are planning to/don't mind staying in the area you are now that's not a problem, but if you are expecting to move to another part of the country or even abroad then just be aware of the risks. Personally I'm quite risk-averse and we definitely don't wish to stay in this county long-term, so even though we'd love to own our house we've decided to keep renting for now.