Mortgage getting confusing and confusing

Nomee

Hi,

I am a Full time PhD student and been doing a part-time job of teaching assistant.
My monthly income is as under:
1. Get Scholorship for living from a Foreign Body: £700
2. Salary from Teaching Assistant Job : £250
3. Salary from another part-time job as vending machine technician: £50

My Job is not a contract but my Scholarship is a contract which will end in October 2009. I have already done my MPhill last year and it is not difficult for me to go for a full-time job but I opted for full-time study as I got scholarship.

My wife is doing a full-time contract based job which pays her £750 a month.

Someone told me that Full Time students can never have mortgage. I must tell that I am not British national which might have helped in morgage as told by many mortgage companies.

Now Question is I want to buy a home because I am not saving anything by paying 500 rent per month for a home which I could have owned If I was given a mortgage.

Looking at all of above (ask me if you need more info) what do you suggest me to do in order to get a mortgage to buy home.

Many Thanks

Debs12

I tried when I was a PHD student recieving over £1000 a month tax free from the ESRC. For some reason they were not intrested in scholarship or grant being income so the only income you have is teaching and part time job!!!

Madness this is?

Do you have someone who could go gurantor?

Or why not see it as wasting £500 a month why not see like what you are doing with your time investing in your future!!! Wont be long a you will be earning more like I am and you will get a mortgage and a great place to stay..

Good luck in your PHD and what ever you decide to do house wise.

Nomee

Whats the Guarantor all about...
Anyways I am thinking that if my wife can get a mortgage which I hope she will be able to then I will be putting my money in it and let her do the billings and stuff.
Thanks Debs12...you really made me smile.

Nomee

Went to a mortgage advisor today and he offered me something like
Deposit : £7000
Mortgage Value: £78000
Monthly Payments: £700+

Another advisor from another company offered
£100,000 mortgage for both of us
£351 per month monthly payments
100% mortgage + fee as well

My Question is
Is this king of difference realistic, if it is why it is so and how can i take a mortgage that is less in monthly payments and 100% or 125%.

Dont have enough money to spend at the moment.

Many Thanks

kunekune

Rent might seem high but it is almost certainly more than any mortgage you can get. As an academic and therefore as someone with (a) a little knowledge of the kind of work environment you are in and (b) an interest in making sure you phinish, I would not advise you to get a full time job in order to buy a flat in a falling market! Your marketability depends completely on having your PhD, and depending on what subject, you may not even be able to go onto the market without it. If you are wanting teaching work, eventually, have you looked at what the academic job market is like???? Look at jobs.ac.uk, because in most subject areas you need to be prepared to go anywhere, not just in the UK but in the world to get the first job. If you're science, you may have to do a poorly paid post-doc first. My take on what you say is that there is no guarantee that any of your income will continue - even your scholarship would be in doubt if you took on another job and your advisers said you weren't progressing. Please wait; it isn't much fun, but it is much much safer.

dunstonh

Another advisor from another company offered
£100,000 mortgage for both of us
£351 per month monthly payments
100% mortgage + fee as well

That is too low. It would suggest a short term discounted mortgage. The £700 figure is closer to the mark. How would you pay the mortgage when the discount runs out?