Student Mortgage

JakeWazza

gazfocus wrote: »

There's a difference between a student loan (which is what the OP said he was getting) and a maintenance grant. The student loan is repayable through PAYE when the OP gets a job.

A maintenance grant probably doesn't apply here as the OP's parents likely earn more than the maximum income allowable for the OP to get it.

Actually I do get the grant I just lumped it all together, it's £2800 loan £3400 grant. Although my dad earns more than the threshold since my parents split I still qualify due to my Mum being on a much lower income.

Also forgot to mention I do have a mystery shopping "Job" which I can earn anywhere from £50-£200 in a week. However this is only available until I turn 20 in July. Also it isn't guaranteed I get that.

EDIT: So from what I gather, the only way to do it is to get my Dad on the Mortgage. Would this affect him in any way if I was the one to stump up the deposit and make all the payments?

longtermplanner

Is this house the place where you intend to live for many years? ie are you sure you will be able to get a job in the same town? Because if it isn't, you shouldn't be thinking of buying a house for just a couple of years.

If your dad has split up with your mum and has himself got a large mortgage, he may not be in a position to act as guarantor.

JakeWazza

longtermplanner wrote: »

Is this house the place where you intend to live for many years? ie are you sure you will be able to get a job in the same town? Because if it isn't, you shouldn't be thinking of buying a house for just a couple of years.

If your dad has split up with your mum and has himself got a large mortgage, he may not be in a position to act as guarantor.

Yeah it's my hometown which is only a short trip to uni, and where I plan on building my life.

As for my dad it's not a HUGE mortgage, less than 2x salary I think, but it seems like a lot to me! Ha.

ACG

If your dad is already on a Mortgage, then it could impact upon what he can borrow for your property. It doesnt sound like it will based on his current mortgage bing 2x income but i think you need to sit down with your dad and a broker and get everything down on paper.

Let a broker do the leg work as this could either be relatively straight forward or a tough ask depending on the finer details.