Student mortgages in 2009?

cpc34

Does anyone know if there are any banks that will consider a student stipend as a form of income? I get £16,000 tax free, and I'd like to declare this alongside my girlfriend's income (proper job) to get a mortgage. We have a 30% deposit, so I think we are relatively low-risk.

Any thoughts would be much appreciated.

herbiesjp

What mortgage amount are you looking for? Can your girlfriend get the mortgage agreed on the basis of her sole income (with you still on the application)

The great 30% deposit you have could help a lot

cpc34

Our deposit is £80,000 and we are hoping to get a place for around £250,000, so a £170,000 mortgage. With her salary of £36,000 we can only borrow £126,000 but with my £16,000 income included we could borrow up to £182,000 (using First Direct's estimates). I've a feeling they won't consider my stipend as it is not technically a salary, even though it is as guaranteed as any income.

herbiesjp

Well there may be a couple of lenders, who could look at that for you, based on your partners income alone, but with you on the mortgage as well

The fact that you have the income (although they will not take it into account) should go in your favour.

You would need to look at the figures to make sure it is 100% affordable though.

You would be best placed getting a whole of market adviser involved as this would need them to discuss your case with a lender in its best light in order for them to be happy with the scenario

cpc34

Thanks for the advice

herbiesjp

Before mr Stirling come along - this is not advice

Robert_Sterling_3

herbiesjp wrote: »

Before mr Stirling come along - this is not advice

Nice one herbiesjp.

Mr Stirling probably is more stiring the me.

herbiesjp

I realised, but wasn't going to change it!