Mortgage as mature PGCE student?

Eurominx

Hello, I need some advice.
Can anyone recommend a way of borrowing £60,000 from a more 'progressive' lender that doesn't just look at a monthly salary?
Despite having savings, monthly maintenance payments from soon to be ex-husband and a government bursary promised to me whilst I spend a year studying a PGCE, banks seem unwilling to lend to me. :eek:Yet my regular 'non salaried' monthly income is far greater than the average person's household income.

I am currently separated, will be a mature student and the matrimonial house is being sold.
We have a large capital in the matrimonial house and after splitting the proceedings, in order to buy the house I have seen for my kids and I, will only require a £60,000 mortgage. This would be approx. 15% mortgage to 85% capital loan..so very small.

From Sept 2014 I will be salaried again in any case, but I don't want to spend the next 13 months renting (not good for my kids to be unsettled either) and miss out on this particular house I have seen.

Any help would be very much appreciated

BristolBob

The PGCE course is short. How do you know that you will get a job in September 2014? The job market in education is not exactly great.

Eurominx

Thanks BristolBob.
I am teaching a shortage subject and am on the School Direct scheme whereby the trainee teacher is recruited for the reason that the school has a shortage and requirement for that particular subject teacher. I have also already been offered 2 teaching jobs as an unqualified teacher, but I wish to have the PGCE qualification before doing this as it is recognised internationally.
BTW, the education sector is crying out for secondary school teachers. I don't know any unemployed teachers either ;-)

kingstreet

A broker, or Teachers Building Society?

BristolBob

Eurominx wrote: »

Thanks BristolBob.
I am teaching a shortage subject and am on the School Direct scheme whereby the trainee teacher is recruited for the reason that the school has a shortage and requirement for that particular subject teacher.
BTW, the education sector is crying out for secondary school teachers. I don't know any unemployed teachers either ;-)

Best of luck Eurominx. Being in a shortage subject does help.

If you believe that the education is "crying out for secondary school teachers" then I suggest you go to the TES forums and take a look around. Lots of older teachers, in particular, out of work.

Eurominx

kingstreet wrote: »

A broker, or Teachers Building Society?

Thanks Kingstreet...

I tried Teachers BS but they only help once a teacher has passed their training stage
Will look for a broker.
Thanks again.

CluelessFTB_2

A friend of mine managed to get a mortgage with Halifax last year and hadn't yet had her first months pay slip as a teacher.

kingstreet

CluelessFTB wrote: »

A friend of mine managed to get a mortgage with Halifax last year and hadn't yet had her first months pay slip as a teacher.

Halifax will lend where the applicant has a contract offer where they have not yet started. They have to have the offer first though.

Yorkie1

Eurominx wrote: »

in order to buy the house I have seen for my kids and I, will only require a £60,000 mortgage. This would be approx. 15% mortgage to 85% capital loan..so very small.

Just checking your terminology - you mention a capital loan. I don't think you mean that you'll be getting a separate loan from elsewhere for 85% of the purchase price; do you actually mean that you will have that 85% in cash?

nimbo

Eurominx wrote: »

BTW, the education sector is crying out for secondary school teachers. I don't know any unemployed teachers either ;-)

it has taken my sister 5 years to get a full time teaching job - she's had loads of term and year long contracts... you're not looking in the right places....

she strangely knows loads of unemployed teachers....

would it be possible to ask your ex for the extra 15% with reduced monthly payments?

or get a cheaper house????

Rebecca01

nimbo wrote: »

it has taken my sister 5 years to get a full time teaching job - she's had loads of term and year long contracts... you're not looking in the right places....

she strangely knows loads of unemployed teachers....

would it be possible to ask your ex for the extra 15% with reduced monthly payments?

or get a cheaper house????

Yes I do to. I also know a fair few.

Good Luck OP. I hope you can sort something out.