Use PGCE bursary for mortgage

TheCompSciGuy

Hello,

I've applied to do a PGCE starting next year in 2014 and have been informed that as I am doing it in the field of Computer Science with a Computer Science degree that I will receive a bursary depending on my degree classification.

I've looked on the .gov website and it says £20,000 for a 2:1 or above and £15,000 for a 2:2 which is likely to be the lowest grade I can receive.

Rather than waste this money I am wondering if its possible that this would be accepted to get a mortgage? My parents have stated that they will pay the deposit for me for my academic achievements but from then on its up to me.

Im thinking of getting a mortgage for a place in the city of where I am studying so that instead of paying a landlord money I am paying off the mortgage to purchase my own place.

I know fully well I'll have to get a job at the end of it to continue payments but just wondered if anyone has had any success getting a mortgage using a bursary?

I also have no issues at all with my credit rating history.

CKhalvashi

There is no guarantee of you getting a job at the end of it, and the banks will be VERY wary of this.

I left teaching after a few years, but for most, it's a lifelong commitment, which means the jobs aren't always readily available.

jacques_chirac

No bank is going to give you a 25 year loan when your income is only guaranteed for one year.

poet123

You need proof of a permanent teaching position before you will be considered for a mortgage.