Renting as a student...

gemmacantan1

Good Morning,

We currently own a 75% share in a property worth about £140k. We have about £15k equity and we have access up to £10k for an extra deposit.

I'm currently a full time student with two children and a husband who works full time and earns about £23k a year. I earn about £5k a year with my part time job.

I've already been told that as a student its unlikely we will be able to get a mortgage for a new house but we can remortgage our current home which I don't want to do as we are on a great variable rate!

Unfortunately we need to move due to work commitments and we're wondering that if we sold up and rented whether an agent would take my student loans, grants and earnings into account for renting a property? With mortgages they don't but obviously students rent houses whilst studying so thought it might be worth the question. Obviously we are able to put down 6 months rent in advance if required.

We've already contact the agent about being able to rent our current property out for two years but they declined the application as we we aren't leaving the country and so it needs to be sold so the money can be given back to other first time buyers.

We are currently stuck in a bit of a hole at the moment so any advice would be greatly received.

Thanks Gemma

anselld

Students normally avoid the income problem by having a guarantor, but you should have no problem renting based on your husband's and you part time incomes.

gemmacantan1

anselld wrote: »

Students normally avoid the income problem by having a guarantor, but you should have no problem renting based on your husband's and you part time incomes.

Thank you for your reply. My father in law said he would guarantor for us but he's retired and has income from his pension but this wasn't a suitable option in the end.

So at least they will consider us based on our incomes.

ViolaLass

gemmacantan1 wrote: »

Thank you for your reply. My father in law said he would guarantor for us but he's retired and has income from his pension but this wasn't a suitable option in the end.

Were you told it wasn't suitable? My MIL was my guarantor at one point and she's a pensioner.

dimbo61

You are not the normal student !
Ie 18/19/20 young, free and single!
What you are is a family with 2 kids and a husband in full time work.
Now unless you are moving to London or some other very expensive part of the country I see no problem with you finding a house/flat to suit your needs for the next 2/3 years while you finish your studies.
Longer term rental and good income !!
Are you moving due to your husbands work or your university?
His employer may assist in housing if they want him to move area!
Selling up and moving into rented costs money and then you are off the property ladder for 2/3 years BUT if it leads to a well paid career for you and a better job for the OH well go for it.

gemmacantan1

dimbo61 wrote: »

You are not the normal student !
Ie 18/19/20 young, free and single!
What you are is a family with 2 kids and a husband in full time work.
Now unless you are moving to London or some other very expensive part of the country I see no problem with you finding a house/flat to suit your needs for the next 2/3 years while you finish your studies.
Longer term rental and good income !!
Are you moving due to your husbands work or your university?
His employer may assist in housing if they want him to move area!
Selling up and moving into rented costs money and then you are off the property ladder for 2/3 years BUT if it leads to a well paid career for you and a better job for the OH well go for it.

Sorry for late reply. I don't live in an expensive area like London (thankfully). We are moving due to my son's school and living closer to university and my husband will eventually secure a new job.

orange-sox

Hello!

You really shouldn't have a problem renting, I'm a mature student studying for a nursing degree, my OH works full time and we had absolutely no issues with getting a rental agreement. My bursary/loan income and part time income isn't even taken into consideration - OHs income was deemed to be more than enough, so my situation wasn't even discussed.

One income families aren't exactly unknown, and you're not even that... As far as your agency/landlord need to know your husband works full time and you work part time. The fact that you study as well is aside from the point.

Hope this helps x

gemmacantan1

Thanks for the advice. I was told to be as honest as possible with an agent just in case it flags up on the search as its harder if we'd kept it secret. I have nothing to hide.

gemmacantan1

Okay, I have estate agents coming to few our house in the next few weeks to possibly put it on the market.

I've been looking at houses to rent in the area near where we want to live but our income can only meet the agents multiple if they include my student grant etc.

Our monthly range is £900 to £1200 a month (max) but the only properties that are decent enough are closer to £1200. Would they consider my student finance or would it be guantor?

amiehall

gemmacantan1 wrote: »

Thanks for the advice. I was told to be as honest as possible with an agent just in case it flags up on the search as its harder if we'd kept it secret. I have nothing to hide.

They can't find out that you're a student from any kind of "search". Just report your part time earnings and the full time earnings of your husband.