Trying to get a Mortgage as a student....

Kilty_2

What income would be taken into account when applying for a mortgage as a student ?

I have ~£6000 from a part time job, £2200 bursary from a sponsoring employer, ~£2500 from said employer from summer work and a student loan for living costs of ~£3200.

Would they take all of these sources of income into account leaving me with an "income" of £13900 ?

Looking to take out a mortgage of around £39,000. (~80% LTV)

GMS

Kilty wrote: »

What income would be taken into account when applying for a mortgage as a student ?

I have ~£6000 from a part time job, £2200 bursary from a sponsoring employer, ~£2500 from said employer from summer work and a student loan for living costs of ~£3200.

Would they take all of these sources of income into account leaving me with an "income" of £13900 ?

Looking to take out a mortgage of around £39,000. (~80% LTV)

How can a loan be classed as income. It is borrowing.

You would be able to use income from employment only, not the bursary.

Not enough income for that mortgage unfortunately.

Kilty_2

Pretty much what I thought to be honest - is there any way around this using a parent as a guarantor or something like that?

I have the deposit and can easily afford the monthly repayments (currently pay more renting)

themull1

Does the parent have the salary/funds to be able to take over a mortgage if you cant afford to pay? i think that you will need to wait until you have a job that pays a decent salary, i wouldnt want to put pressure on a parent anyway.!

Kilty_2

themull1 wrote: »

Does the parent have the salary/funds to be able to take over a mortgage if you cant afford to pay? i think that you will need to wait until you have a job that pays a decent salary, i wouldnt want to put pressure on a parent anyway.!

I can afford to pay though - with two secure jobs - and it's not a decision I'm taking lightly

alexlyne

Twice when I was a student (well once was with a student gf after I graduated) I stayed in houses where the parents of one student had bought the house and we paid rent to them. If your parents trust you then perhaps this is a possibility? You'd have to speak to them and a bank to find out how it works unless someone here can tell you.

themull1

What secure jobs? the part time one and the summer one? don't think that would be enough.

Kilty_2

themull1 wrote: »

What secure jobs? the part time one and the summer one? don't think that would be enough.

The "summer job" is a sponsorship package with one of the largest power and gas companies in Europe guaranteed to lead to graduate employment.

shortchanged_2

In the current climate I very much doubt they would give a mortgage to a student (I'm assuming you are classed as a full time student) therefore you are not really in employment.

themull1

Kilty wrote: »

The "summer job" is a sponsorship package with one of the largest power and gas companies in Europe guaranteed to lead to graduate employment.

Not yet though, so at the moment, not enough salary. What if for some reason, you didn't graduate?

VT82

I admire your tenacity so unlike the naysayers, I say go for it! Although you will probably need to go down the parent route.

I dread to think what sort of a hole you are buying for £48,750 though