Chances of getting a mortgage as a PhD student?

climb_time

Just a question...

I have a 12k deposit, and I'm looking at buying a £76k flat (so it's not a huge amount to borrow). I get a tax-free scholarship of £14k per year, the only thing is that this is fixed-term until October 2017. I think this will limit me, even though there must be so many other people out there on fixed-term or 0 hours contracts? Anyway...

According to mortgage calculators, the monthly repayments would (ironically) be almost half of what I pay in the private rented sector! I've been renting more or less continuously for 8 years, and I'm just so sick of knowing how much I could save by owning a flat.

Do I have any chance of getting a mortgage? I have a parent who would happily act as guarantor, but I don't know if guarantor mortgages are a whole other ballpark, with higher interest rates?

always_sunny

76-12=64. 64/14=4.5 times. Even on a paid salary that might a stretch on affordability!

climb_time

Yep, doesn't make private renting any cheaper though, and I've managed to pay that for years. The thing is that a mortgage would actually be an awful lot cheaper, although I guess they won't take that into account?

Lemonsqueezer78

climb_time wrote: »

..... although I guess they won't take that into account?

that's pretty much correct, yes.

belbo_bagins

It used to be possible to get a mortgage with a stipend, but those days have sadly gone as far as I'm aware. Also think you would struggle to get one on a temp academic/research contract.

This is from my own experience anyway...as an early academic you have very little chance of getting a mortgage sadly...