Getting a mortgage with a PhD?

sponge88

My boyfriend and I would like to get a joint mortgage.
We have a good deposit but he only earns about £16000 before tax, and I'm on a PhD stipend of £13000 a year tax free.

The problem is, only his wage will count, greatly reducing the properties we could buy since the highest amount we could borrow would be around £60000. Also, if the mortgage is only based on his wage, would it still be a joint mortgage..since I'm putting down most of the deposit?

I realise there must be ways round this, like a self cert, or guarantor mortgage, but I don't really know what the best option is?
Can anyone give me any advice?

We definately would rather not rent, because its just money down the drain, but we can't live with his parents for another 4 years either!

Meeper

You can have a joint mortgage without your income being taken into account. If the mortgage is only in his name, you cannot have any ownership of the property, so you will effectively be giving away the deposit money.

Self-cert does not exist any more, and even if it did, what good would it do in your case? You have defined incomes. The only way self-cert would help you it if you committed mortgage fraud and lied abotu your income levels.

Guarantor mortgage is an option. Depends on the quality of the guarantor.

somethingcorporate

If you use the search function this has been discussed a number of times before.

I am pretty sure the conclusion is some lenders will take your stipend into account as income. Your best bet is to find yourself a good whole of market mortgage advisor and discuss with them. Save you the legwork and making application with companies that would not consider you.

caitybabes

Has anyone recently (in last six months) had any success with getting a mortgage when one person is doing a PhD whilst other is in full time work?

I'm a teacher but my husband has just started a PhD. We've got a good deposit and our combined income is plenty to be eligible for a mortgage but his is a stipend rather than salary.

If you know of any lenders who recognise stipend as income, it would be great to hear of them.

Thank you in advance,

Cait

jane2002

Hi,

I am also a PhD student receiving a stipend and just applied for a mortgage with Natwest today. They didn't stress any problems with this as an income but I have not yet been accepted so will see how it goes in the next couple of days! After searching around (seeing numerous mortgage advisors) it seems that Natwest are the only lender who will even consider a PhD stipend..so fingers crossed!

I think you will get a lot more choice applying for a mortgage whilst in your current job but at least there are options out there for students!

Punksparkle

Just saying hello as another PhD student. I've had a mortgage for ages and work full time too. Good luck with your mortgage application

DVardysShadow

jane2002 wrote: »

Hi,

I am also a PhD student receiving a stipend and just applied for a mortgage with Natwest today. They didn't stress any problems with this as an income but I have not yet been accepted so will see how it goes in the next couple of days! After searching around (seeing numerous mortgage advisors) it seems that Natwest are the only lender who will even consider a PhD stipend..so fingers crossed!

I think you will get a lot more choice applying for a mortgage whilst in your current job but at least there are options out there for students!

Punksparkle wrote: »

Just saying hello as another PhD student. I've had a mortgage for ages and work full time too. Good luck with your mortgage application

2 newbies both joining on 06-06-2012 and posting on this topic today within 4 minutes of each other.

And all my numbers came up on the lottery tonight.

kidmugsy

"because its just money down the drain": they don't encourage critical thinking on your PhD then?

USM

I don't see what the size of your penis has to do with a mortgage :rotfl: