Getting a mortgage as a student

Kyle323

I'm a 21 year old student at Lancaster University and wanting to live off campus next year.

The average rent p/w for a student is £90 in the city. 4 of us for 1 year is £18720.


The theory is that I can live for free whilst my 3 other flat mates will pay for the mortgage and bills with their rent to me.


The cost to buy the 4 bedroomed property next door to the one we visited today only costs £110 000 to buy outright.


I have access to £30 000 savings to put down as a deposit on a mortgage.


As I'm a student, I only receive a £3500 grant per year.
My credit rating is good, I have around £12 000 credit spread out over my credit cards.


My grandma who is 64 is very interested in taking the mortgage in her name or being my guarantor. She is concerned that her age will affect her ability to get one.


Does anyone have any advice on the situation? Do student mortgages exist? Can my grandma be my guarantor?

chanz4

No in short terms

ethank

You grandmother is not going to be able to take out a mortgage unless she can afford to repay it in a shorter time.

Is the 30k yours? or your grandmothers? If it is your grandmothers, she would have to make it a gift to you.

No student mortgages exist

Kyle323

ethank wrote: »

You grandmother is not going to be able to take out a mortgage unless she can afford to repay it in a shorter time.

Is the 30k yours? or your grandmothers? If it is your grandmothers, she would have to make it a gift to you.

No student mortgages exist

£20 000 is my savings and £10 000 is money my dad is willing to invest. My dad has bad credit history and he wouldn't be able to get a mortgage himself.