Getting a mortgage as a student

TOMBURSTON

Hi,
I am currently a second year student at university. Me and my girlfriend have a decent deposit saved so far and would ideally like to move in to our own place within the next year. Are there any mortgages you are aware of designed for students?

Thanks

Verix

Unless you have some income other than student loan/bursary you are going to really struggle to get a mortgage I'm afraid.

HappyMJ

TOMBURSTON wrote: »

Hi,
I am currently a second year student at university. Me and my girlfriend have a decent deposit saved so far and would ideally like to move in to our own place within the next year. Are there any mortgages you are aware of designed for students?

Thanks

Designed for students....not that I'm aware of. You might be able to negotiate some discounts but they are more for graduates rather than those currently studying.

How much do you and your partner earn from wages/salary?

As you haven't graduated yet I doubt your salary is as high as it could be. Once you graduate and get a good well paid job you will be able to borrow much more than you could now based on your part time wages so for the next few years I'd just rent.

nkkingston

Some mortgage lenders take bursaries into account, but not many (and most not the whole bursary) and you won't get the best rates if that's part of your income. As far as I'm aware none take student loans into account, because you've got to pay them back - you can't use debt to get debt. Work out what your non-student income is* and use that in some affordability calculators to see what you can afford and decide whether you want to buy now, or just keep an eye on the market and buy once you've got higher incomes.

*Mine was £35 a week - I'd have qualified for a whole £8000 mortgage!