PhD Students wanting a morgage

LadyBlade_2

Hello, just wondering if anyone can help me.

Me and my boyfriend are both currently completing our PhD's and are so sick of being treated like children by letting agents, who do not understand we are not 18 year old students, so we want to buy a house.

Our problem is being PhD students we pay no tax or national insurance so have no proof of earnings other than our contracts for our PhD's which state the start and end dates and our salaries.

My mum has offered to be a guarantor on any mortgage but we're struggling to find anyone that accepts a PhD as a job never mind accepts guarantors. We have done on-line calculators and found that the mortgage we want the repayments are actually half of the rent we currently have to pay so we know financially we can afford it and we have a huge family willing to support us. We have no credit cards, debts or monthly outgoings (other than rent) and we have savings for a 15% deposit of the price range we are looking at. I know in my heart we aren't getting out of our depth.

Does anyone know of anyone who recognised that a PhD is a paid job or anyway to get around it so we can get a mortgage. We don't want to let my mum have a buy to let mortgage as she thinks will have to pay tax on the money we give her to pay the rent and that's not fair if she's doing us a favour.

Thanks for your time!

zagubov

Have you read this thread on a similar topic.
Plus, are you sure you want a mortgage in a place where you're working ion a three-year contract? Sounds like a natural renter's scenario.

Leon_W

It's not possible. Lenders will not accept this type of income.

A regulated Buy to Let could prove to be the answer but you'll need a bigger deposit than 15% probably.

Doshwaster

LadyBlade wrote: »

Does anyone know of anyone who recognised that a PhD is a paid job or anyway to get around it so we can get a mortgage. We don't want to let my mum have a buy to let mortgage as she thinks will have to pay tax on the money we give her to pay the rent and that's not fair if she's doing us a favour.

Thanks for your time!

A PhD may be a "paid job" but it is effectively a fixed term contract and you have no way of knowing what your earnings will be, or where you will be working, in a few years time.

Personally, I would stay well clear of a mortgage. Concentrate on the PhD and getting a good job afterwards without the hassle of a mortgage and home ownership.

cgk1

Frankly I think you are crazy to attempt this while both doing PhDs - if you are planning to stay in academia, it is likely than one or both of you are going to have to move around as you chase either fixed term or permanent contracts.