Student Mortgages?

pollocmc

Hi,

I've just srarted my first year of a five year degree. I'm staying with my parents for the time being but as I've two kids who I have staying every second weekend and a night a week, it's not ideal. I want to get myself my own place but the thought of renting after owning my own house for so long makes me depressed! I wondered if I could get a Mortgage specifically tailored for students. I know some place will give you the money if your parents act as guarantor but my mum is retired and my dad is 63 so won't be long til he's retired too. Therefore, I don't really want to involve them. I have a reasonable deposit (20K) and from next year will have access to the 4K loan plus 4K bursary. I also have endowments currently worth about 22K with about 12yrs to run. The price of houses I'd be looking at are in the 100-120 mark.

God, just writing it out, it seems impossible. As, I've got kids now and then, I'm going to find it hard to rent another room (3 in total)?

Maybe I could convince my parents to make a contribution.

Btw I am pretty much guaranteed a job when I graduate so that's not a worry, it's just the payments for the next 5 years.

hostie

Someone on the PhD forum wrote that even with both of them in a couple getting a grant of around £11 for 3 years, they had to get parental backing. I have heard of student mortgages before - often you can get up to 100% so in your case you should be fine. I don't know what you are studying but might it be worth getting a permanent part time job for six months? That way the bank could count the salary from that. I have a permanent part time job a deposit and a grant for postgrad study but my bank suggested that it wouldn't be necessary to include the postgrad grant.
Hope this makes sense and it helps. I'd be keen to find out how you get on. If you hear more either here or on the mortgages thread please let me know!
hostie

missk_ensington

I'm a student doing my first degree (Just finished first year) and I got a mortgage for £83,000 but had to get a Self-Certificate. Do you work as well as studying, even only part time?

You can account any tax credits, child benefit etc for you 'accountable income' but I'm assuming your a father rather than mother, so you're on the harder end of the scale because I expect you pay CSA? In which case this will be deducted I think from your income.

I would ask on the Mortgages Board as tha is where the Mortgage Brokers hang out!

other

pollocmc wrote:

Btw I am pretty much guaranteed a job when I graduate so that's not a worry, it's just the payments for the next 5 years.

Mature medicine?
Good luck with the mortage...sorry can't actually help

pollocmc

I said guaranteed job so that rules medicine out these days it seems! Mature dentistry.

edit: That's not meant to sound nasty, just the sad state of affairs these days. (and it might just be hearsay)