PhD - Can I get a mortgage??

simone1304

Hello,

I am considering doing a PhD and wish to begin one within the next 18 months. However one thing which shall be a deciding factor is my ability to obtain a mortgage whilst doing my PhD. Does anybody know if there are any lenders who are prepared to lend to PhD students?

My partner is working and earning an ok wage but will not be able to afford a house on his wages alone and we really dont want to rent for much longer we want our own nest!!

Any help is much appreciated.

Simone1304.

homer_j_3

what income will you be getting through your PHD studies? What sort of deposit do you have?

leftieM

I know of people who bought houses while doing PhDs. I don't know their personal circumstances but I assume they had mortgages. The stipends are very generous now. I got 5k a year when I did mine!

simone1304

homer_j wrote: »

what income will you be getting through your PHD studies? What sort of deposit do you have?

The income should be between 13K & 16K a year, deposit of 12k poss a little more.

simone1304

Thanks Leftie! Its good to know maybe it is possible. Now I need to find a decent FA!

pboae

We had a mortgage, but we had to have a guarantor. That was with the Halifax, and we could've got better deals with other lenders, but most wouldn't lend to us. That was in 1997.

cupofassam

I got a mortgage when I was doing a PhD, with my parents acting as guarantors. I had a scholarship so was able to demonstrate I could pay the mortgage, and then took in a lodger to help pay bills, which meant that both him and me were paying actually a lot less than if we'd gone into private student accommodation. The house later sold in negative equity, but that was just my bad luck (and I still was quids in compared with if I'd been paying rent).