Student mortgages???

barb1964_2

This is a folorn hope. Does anyone know of a bank/building society who would be prepared to offer poor students a mortgage. I am thinking of selling my house to buy another and will have a shortfall of about £10-£15,000. So it would only be a very small mortgage.

Any ideas? I am unable to have a part time job as my Social Work course is very full time so I dont have any earnings to put down on app forms.

Cheers

dmg24

Do you already have a mortgage? If so, your existing lender may increase your borrowing. Surely you have some sort of income?

zzzLazyDaisy

I know this may sound like a daft question, but how would you make the payments if you have no income?

Have you considered letting a room to a lodger under the rent-a-room scheme? It shouldn't be difficult to find a fellow student who needs a room. That way you could have up to £4250 per annum tax free and perhaps a mortgage broker could get you a small mortgage on that?

Otherwise, do you have family with a house who would be willing to take a mortgage on their home to lend you the money?

Good luck!

Blacksheep1979

hahahahaha - shouldn't this be in the jokes section?

if you've got no income then you have no way of paying rent/mortgage payments do you?

Oldernotwiser

I'm assuming that the OP means "no earnings" when s/he says "no income".

Unfortunately, I don't think that anywhere will lend money on this basis as the income will, by definition, be for a limited amount of time.

[Deleted User]

the abbey has given a friend (and PhD student) a mortgage - they got it at the begining of this year. Having said that though, PhD students, although have "no income" in the sense no taxable earnings, they recieve stipends to live on. As far as I know this place is the only one that considered the application. And I think a guarantor was necessary.
- might be worth investigating though.

barb1964_2

Thanks for the replies to this.

" No income" is because I have an annual Social Work bursary and when I tried a couple of banks they said this didn't count as income. I also have savings to top that up so have enough to make repayments.

I do have a mortgage at the moment but have just split up with partner so am having to sell this house and get another. Will have a reasonable deposit but a shortfall of about £20,000. Don't want to rent and waste my share of the equity!

|Hope this makes sense...

scottishblondie

I got a mortgage from the Halifax when I was in 1st year of uni (2003, so this isn't recent experience), but the only reason I could get it was that my father acted as a guarantor ie if I couldn't make the payments he was responsible. If you have someone who would be in a better position to qualify for a mortgage and is willing a guarantor mortgage is probably your best bet.

FleaFlyFloFlum

I'm the same as scottishblondie, managed to get a mortgage last year whilst a student, however parents acted as guarantor. It took us ages to get one, but I think that was because we applied when the banks were at their lowest. It should hopefully be a little easier now, we found Halifax to be the most understanding, when Lloyds just said no outright. Hope you manage to get something sorted.

barb1964_2

Thanks for the advice, unfortunately my parents both retired a long time ago and are not in a position to cover me for a mortgage.

I did try Abbey, as suggested by someone above, but they also said a bursary doesn't count as earnings.

:rolleyes:

elainem10

I am a phd student and got a mortgage at the beginning of my course from RBS. Although as someone has pointed out I do get a monthly stipend for living expenses which is enough to cover repayments I didn't need a guarantor.