Buyin House. Still a Student 9 June 2004 at 3:20PM in Student Money Saving 3 replies 2.8K views

metro_2

Have been a student for past 2 years and i am sick of throwin money down the drain into rented properties

My girlfriend has just finished uni and has started working makinn about £10,000 year. I will be on my placement year and will be earnin about £12,000 but then i have 2 go back for my final year, so it will be back 2 my student loan. I would like to buy a house in the student area. Parents would be gurantor!

Do u think this is a good idea?
Am i rushin into this 2 quickly?

Note: I would like to do this as if it worked out maybe in the next 3 years i would but another and so on.

loumunch

My boyfriend and I bought a flat last year when I was a first year student at uni.
We managed to get a 100% mortgage for £52,000 from Northern Rock based on my boyfriend's salary of £14,500.
For peace of mind we chose a fixed rate mortgage for the first 3 years, and with the recent interest rate rises we now have a pretty good deal.
Our monthly repayments are less than our rent was, so if you are ready for the commitment, go for it!

System

My girlfriend and me bought a house as students. We used my dad as a guarentaur and they gave us a 60K mortgage. We got a 3 year fixed mortgage with halifax, who were really helpful.

Travelqueen

Try also Bank of Irelands first start....

Good luck!

TQ