first time buyer mortgage with student bursary

studenthol

Hi, myself and my boyfriend are looking to buy our first house, it is a new build. We have 15% deposit saved and therefore need a mortgage for 127,500 my boyfriends income is 24000 basic then overtime and I am a nursing student therefore have a student bursary of 6,500 a year and also have a part time job earing 3,000 a year.

Does anyone know which mortgage companies would take my student bursary into account for our income as I know some banks do not.

beecher

I don't know the answer to your question but many lenders will require at least a 20% deposit for a new build. Maybe best to go to see an adviser?

studenthol

Hi ok thanks, do you know which companies allow you to have a guarantor on ur mortgage?

beecher

Again, no idea but the problem of your deposit remains I'm afraid.

Mrs_Bumble

I can't think of any lender that would be happy with the bursary? How many years left on your training? Is it a diploma or degree course?

kelmaz03

Hi there studenthol,

I am in a very similar position to yourself and was actually trying to find out myself who will accept our student nurse bursary as income.

My partner also earns £24000 plus overtime, I get the bursary of £6500, but have recently been made redundant, therefore I am only working NHSP at the minute. We have a deposit of 20%. I qualify in January, therefore my last bursary payment in November, so I expect that this goes against me, however we have saved enough to cover the paymnets for these month and by january I will be earning a full time staff nurse wage but they (the lenders) probably won't trust this.

If you do find out any lenders who will accept the bursary would you please forward them on this forum and I will do the same.
I'm going to ring round lenders tomorrow.

Kind Regards

Kelly

nervousftb_3

i am in a slightly different situation to you as i am a phd student, but i do receive a bursary. my partner and i (he has a 'normal' job and wage!) did manage to get our mortgage a few months ago, but it was a real struggle. (we also bought a new build, and as mentioned above most places require at least a 20% deposit these days).

we got turned down (due to my bursary) by britannia, barclays, a&l, and halifax (they do consider bursaries, but are so strict at the moment they may as well not do), and eventually we were accepted by c&g. however, they only count 75% of your bursary, and mine lasts for another 3 years which helped, as they won't count a bursary that runs out in the next year. this was about 4 months ago, and criteria may well have changed, but c&g at least understand what a bursary is, unlike some other banks who didn't have a clue!

your best bet is to use a broker, explain in detail what a bursary is (make sure he/she knows it's tax free, how long it lasts etc) and go from there.

kelmaz03

We got our mortagage sorted :-)

Natwest happily took my bursary in to account. Hopefully we'l be moving in, in few weeks

All the best with house hunting and your training

Kelly