Mortgage and going back to Uni

Kreacher

Hey,

My partner and I will probably have saved enough for a deposit/ costs by next spring (April/ May) and will apply for the mortgage together using both our salaries.

I have been thinking about going back to uni full time for a year to complete a masters (Sept 2017).

We are planning on renting a room out to cover some of my half of the mortgage and my partner earns enough to support me for the year. I also have the option of getting a part-time job.

Do we have to inform the mortgage company when we apply that I won't be employed/ will it effect our chances of getting a mortgage even though we will be able to afford it? Or can we apply for the mortgage and as long as we continue to make our payments they will not know anyway?

Thanks in advance.

Contemptuous

The lender will ask if you're aware of any material changes to your circumstances in the future. You would be committing mortgage fraud if you didn't disclose your intention to return to uni. They wouldn't be able to take your income into account for affordability so it'll need to be based on your partner's income alone.

Kreacher

Contemptuous wrote: »

The lender will ask if you're aware of any material changes to your circumstances in the future. You would be committing mortgage fraud if you didn't disclose your intention to return to uni. They wouldn't be able to take your income into account for affordability so it'll need to be based on your partner's income alone.

Ok thanks. I guessed that would be the case but I wasn't sure because there's nothing stopping me from getting a mortgage and then being made redundant? If anything this is better because we'll have planned for it.

Thrugelmir

Kreacher wrote: »

Ok thanks. I guessed that would be the case but I wasn't sure because there's nothing stopping me from getting a mortgage and then being made redundant?

Any number of unforeseen events could arise. The declaration on the mortgage form doesn't however require one to possess a crystal gazing ball. Just be factually correct.

Kreacher

Ok. Looks like the masters is a no go then. There's no way we'd get a mortgage in London on one salary.