Student Mortgages, Is this possible?

silaslang

I live with my partner and daughter in a privately rented accomodation(£100 week rent). My partner is currently doing voluntary work at my daughters school in order to gain a placement on a teaching assistant course in January . I am a full time student at university and have my grants and loans and was told by the local social security that I must also support my partner and g/f using them, however my partner is entitled to Child benefit and Child tax but not income support.

In our current situation is there anyway to get a mortgage, can the grants and loans be considered as income as the local social security office deem them as income and will not help us with housing costs. Sorry to moan and rant but im just annoyed that I came out of work to hopefully make a better life for me and my family and as a student im not entitled to help etc when theres people who make no effort in life and lead better lives on the dole than me.

Leon_W

Sorry, no, you will not get a mortgage.

How can a loan be income ?

Look, I don't wish to be rude (second time I've said that tonight) but in this life nobody owes you a living.

It was your choice to go back to university, nobody elses, and you have to be prepared to make sacrifices in order to better yourself. No pain no gain as they say.

I do wish you luck however as it is admirable what you are doing.

cattie

Why on earth would you want to take on a mortgage when neither of you have a job? You have a reasonable rent & at least with renting if times get hard & income becomes low then you will qualify for help with paying the rent.

There is no such help with mortgage capital repayments, help will only be given with the interest payments after 9 months of unemployment/sickness & there is a limit on what they will pay, so with a family to consider your first priority should be keeping an affordable roof over your heads. Remember there are other associated costs of homeowning, upkeep & maintenance being one of them & believe you me there is always something to fork out for so you need to ensure you have enough money in the bank for emergenices. Also buildings insurance is another requirement

Repossessions are on the up because too many people are wanting to buy a property when they can't really afford it. Interests rates are currently quite low but this isn't going to last & then people will have to find more money to add to their already significant monthly mortgage payment.

House owning isn't a bed of roses I'm afraid & a cheap rent sounds far more attractive to me.

silaslang

Thanks for the input cattie & Leon W. I appreciate the feedback.

UK007BullDog

There are a couple of lenders who will take a grant into account as an income. Absolutely crazy!

However I would suggest you do not do it as it is quite expensive.