Which mortgage?

sticher

My eldest son is about to start a temporary job then a funded PhD in Glasgow. He will be receiving circa £13,000 for the next 3.5 years.

Firstly: Will it be possible for him to get a mortgage? (Ha ha)

Secondly: I have no mortgage but would be able to get a small mortgage on my earnings (plus I own my house).

Is me getting a mortgage the only/best way to go?

I thought I found a number on here to ring for advice but I can't find it now.

Thanks in advance for any help.

dimbo61

Just had a quick look on rightmove and they have 282 properties under £60,000 in the city of Glasgow.
Most will be flats some one and a few 2 bed.
I am not from Glasgow and have no idea about good or bad parts!
Please forget Student PODS
If you son can afford a 2 bed he can get a Lodger to help pay the bills.
Can you afford a £60,000 mortgage yourself ?

dimbo61

http://www.rightmove.co.uk/property-for-sale/property-30681147.html?showcase=true&premiumA=true


£51,500 for a 2 bed flat with a second bedroom of 11.41m2
Again no idea of area

dimbo61

http://www.rightmove.co.uk/property-for-sale/property-32597328.html


£60,000 but much better flat with more room and both bedrooms are a good size.
You could even look at making bedroom two an ensuite as well !!




http://www.rightmove.co.uk/property-for-sale/property-33617262.html


Nothing needs doing to this one ?

andyfromotley

Cheap flats in Glasgow?

You may want to check out the life insurance thread when you are done here.

kingstreet

I can think of at least one lender which accepts a PhD a stipend as income for a mortgage.

However, if that's all his income much of it will be taken up with subsistence expenses, leaving little for mortgage affordability.

Assuming no credit commitments etc maximum mortgage over 25 years would be £48,380.