Mortgage on bursary income

Randeep_Kaur

Hi all,

I am a 26 year old Trainee Educational Psychologist, about to start my final year of the doctorate training course. I am currently receiving a bursary income (£16,000 per year) and when I qualify, jobs start at £35k+. I have money saved up and I was hoping to invest in a property (buy-to-let possibly) however I have been told that, because I am on a bursary income, I will not be allowed to get a mortgage.

Does anyone have any further information on this, or know of any ways around this?

Thanks in advance!

HappyMJ

Randeep_Kaur wrote: »

Hi all,

I am a 26 year old Trainee Educational Psychologist, about to start my final year of the doctorate training course. I am currently receiving a bursary income (£16,000 per year) and when I qualify, jobs start at £35k+. I have money saved up and I was hoping to invest in a property (buy-to-let possibly) however I have been told that, because I am on a bursary income, I will not be allowed to get a mortgage.

Does anyone have any further information on this, or know of any ways around this?

Thanks in advance!

You can get a mortgage on a BTL property. You don't need any income to get that type of mortgage as the rent will cover the mortgage interest. What you will need is a deposit.

ViolaLass

HappyMJ wrote: »

You can get a mortgage on a BTL property. You don't need any income to get that type of mortgage as the rent will cover the mortgage interest. What you will need is a deposit.

Lenders generally don't like to do BTL if you don't already own a house.

Floxxie

They have also added extra criteria, for example earning £25k p.a....even if you do already own a house.