Likelihood of securing mortgage - 50% LTV but a (paid) student

mojo8472

Hey all, was wondering if one of you mortgage-gurus could offer some insight into whether or not I might be able to get a mortgage despite some unusual circumstances!

I'm looking at properties' around the £100,000 mark and my family has (very!) generously offered to gift me £50,000 of inheritance money to act as a deposit on my first place.
-All good so far!-
However, my personal circumstances are that I'm a 22 year old postgraduate student who gets paid around £17,000pa as a bursary (ie. I'm not officially 'employed'). Since I'm in full time education I'm exempt from council tax and any tax on my bursary. This will be my financial situation (plus a £1,000 bursary increase year-on-year) for the next 4 years, after which my future job prospects should be pretty good.
I should be out of my overdraft and CC within 2 months, apart from that I have no other loans or debts (aside from student loans, but they don't have to start being paid for 4 years)

Would the bank be likely to grant me a mortgage given the LTV is high despite my employment status?

Cheers!

iazcac

A 50% LTV is relatively low especially for a FTB. Do you have written confirmation of the bursary for the next four years? Is this guaranteed or is it based on performance / review each year? Am I also right in thinking that bursaries are tax free, so the £17k is you take home pay?

mojo8472

The terms of the bursary are stated in the agreement I signed with the university. The £17k is guaranteed with another £1k or so available through performance.
And yes, I take home the whole £17k