Student Mortgage / Decent Deposit

yomanda_2

Hi All,

I am currently in my final year of Uni and currently have no student loan nor debts - plus due to being very luck have £40k stashed away.

The idea of these savings are for a deposit on a house.

Now, post Uni I will be getting an income of ~£15-18k pa initally.

My questions are; does such a large deposit help out on mortgages? If so is it a higher value avalaible or does it make monthly payments smaller?

With such a probable income what would seem to be a 'reasonable' value of property being purchased?

Apologies for these no doubt basic questions,

Thanks,
Yo.

herbiesjp

Has the work placement and income already been agreed or is this a rough "guesstimate"?

Also are you in the position where you could look to a member of family that could act as a guarantor on your mortgage?

yomanda_2

Has the work placement and income already been agreed or is this a rough "guesstimate"?

More a guesstimate.... 50% of the work will be guarenteed income and 50% is more freelance / self employeed stuff.

Also are you in the position where you could look to a member of family that could act as a guarantor on your mortgage?

Yes, home owner no mortgage / debts etc and good credit rating etc.

Cheers,
Yo.