Mortgage on a PhD stipend income

ltugwell

Hi,
I'm looking to buy my first house with my partner, except I am currently studying for my PhD and so am on a stipend for the 4 years, not a salary, which most lenders will not accept. My partner is on a salary (£35,000) but getting a mortgage on his income alone doesn't really get us what we want in the area we are looking. We have an approx. 10-15% deposit.
My stipend is £14,000 plus a £2,200 top-up bursary so although its not much it would really help us get a much better deal on a mortgage. We went to a broker and he said only Halifax will accept a stipend, but surely there are more - has anyone else come across or used any other lender that accepts a PhD stipend?
Any info would be VERY VERY helpful, as I hate wasting my time booking appointments with lenders to just get turned down

betmunch

I can think of one lender outside of Halifax's group that will accept this. There may be more I don't know of, I've never had to fully investigate this scenario


I suggest you find another broker, preferably one that has experience in this kind of mortgage placement

maria000_2

Have you tried speak to London and Country mortgage advisors? I'm using them now and they seem to be really helpful.

ltugwell

Thanks for the replies
Betmunch - can you tell me the name of the other provider you think will lend based on PhD stipends?

Thanks I have looked into London & Country and will be giving them a call this evening!

betmunch

ltugwell wrote: »

Thanks for the replies
Betmunch - can you tell me the name of the other provider you think will lend based on PhD stipends?

I cant/wont (depending on your point of view) name lenders without doing a full fact find with a client.


Once you have done a full fact find with a competent broker they will be able to give you your options, its quite likely they will come back with the same lender that's already been suggested once they know your full situation.


I'd also check the reviews on L&C before investing much time with them if I was you

Contemptuous

The broker you spoke to is incorrect; you definitely have more options than just Halifax. Just be aware that the full amount of the stipend may not be taken into consideration.

csgohan4

maria000 wrote: »

Have you tried speak to London and Country mortgage advisors? I'm using them now and they seem to be really helpful.

You seem to be promoting L+C quite a lot from your posting history and yet you don't know what your mortgage process is like, especially timeframe wise.


Perhaps your L+C are not as informative and good as you think they are.


You get what you pay for.

maria000_2

Actually they have informed but I would like to know what others have experienced. They've always called and emailed me to keep me update.
As a FTB I'm just a little nervous....
Y are you not a fan of L&C Mortgages? Or are you just a broker who doesn't like anyone else getting a good review