Student Mortgages

Victoriajayne

I'm a single full time student, and am currently remortgaging my house - I have asked my current lender to switch me from repayment to interest only to reduce my payments for the next 3 years while I'm studying, but they've refused, even though I've been with them for 11 years. I've gone through an independent mortgage broker, who have found me a mortgage through a specialist lender where I can self certify my income (student loan + part time job).
The rate I've got is only 0.15% higher than the rate I'm currently paying. It does help that the mortgage is low loan-to-value, I'm remortgaging at less than 50% of the current valuation. It's worth a visit to an independent mortgage broker to find out whats on offer out there ! :-)

pavlovs_dog

its quite a sad old state of affairs really, when its so hard for graduates and soon to be graduates to get on the ladder.

our deposit fund is getting healthier by the day - a year april we should be able to put down £20k deposit, and still have money to pay fees, buy furniture and have a contingency fund for emergencies.

but our mortgage repayments each month would probably be so high that by the time we've paid everything else there will be no money spare at all. which means that for the time being, we're best off staying out with Ohs folks, living as cheaply as we can and saving as much as we can....so that when we do finally look to buying something when i graduate in 2008 :eek: ) we should be able to put down about a third of the house's value in cash :rolleyes:

although we want our own place, needs must and we're best off staying put. doesnt stop my house-lust though