Student Mortgage??

twinklyspecialkag

Hello Everyone,
Im getting very confused and need a little bit of advice:-) Heres the situation....

My partner and i both currently live with our parents but want to buy a place of our own. Im a student Social Worker, i recieve £800 a month from Student loan, grant and GSCC Bursary. In the next week i will start a new job that will pay between £200-£400 a month. Its relief family support work but theres alot of work available so it is likely to be as many hours as I am able to work, hence the guide value above. My OH has just started as an apprentice Carpenter. He recieves £800 per month, possibly more. Our credit rating is ok.

Would we be able to get a mortgage with the majority of my income not technically being 'earnings'?

Any ideas would be gratefully recieved...We really dont want to rent somewhere...wasted money and all that:-)

Thanks in advance,

K

hierrodaknuckles

Hi Twinkly,

congrats that u've decided to take the plunge hey

i'm a student too but my situation is a little different as I took out my mortgage when i had a full time job before i came to uni. But now my partner and I are currently selling and buying so we have had to port our mortgage and they would not consider my earnings for the porting/remortgage assesment. However, although i am employed on contract with a company, I think this is because i work part-time and seasonal, so whereas i may not work during term time, i may do some hours over christmas and during the summer hols. They weren't really prepared to take this into consideration as i guess it was too erratic. However, thankfully as we were not asking for more money, just to port it, they gave the ok, i suppose cos they could see we have had no probs payin our mortgage even with my financial situation.

It seems like your situation should not be the same, as long as you are both able to provide payslips. I guess they may want you to have been working for 3 months so you can provide a few payslips to them? Also, they may ask if your work is temp or perm and may contact your work place too - my mortgage company wrote to my boss to confirm stuff. It may be wise to see a mortgage advisor about this really - i'm sure someone on here will chip up with all the right answers :rotfl:

good luck tho, i'm sure it'll be fine

bargainbarmy

twinklyspecialkag wrote: »

Hello Everyone,
Im getting very confused and need a little bit of advice:-) Heres the situation....

My partner and i both currently live with our parents but want to buy a place of our own. Im a student Social Worker, i recieve £800 a month from Student loan, grant and GSCC Bursary. In the next week i will start a new job that will pay between £200-£400 a month. Its relief family support work but theres alot of work available so it is likely to be as many hours as I am able to work, hence the guide value above. My OH has just started as an apprentice Carpenter. He recieves £800 per month, possibly more. Our credit rating is ok.

Would we be able to get a mortgage with the majority of my income not technically being 'earnings'?

Any ideas would be gratefully recieved...We really dont want to rent somewhere...wasted money and all that:-)

Thanks in advance,

K

Based on the joint income figures I'd be very surprised if you could get much more than a £40,000 mortgage which will not buy you anything at all probably. You would probably be better continuing to live with your parenst to save up a decent deposit. House prices are not going to go up much for a while, possibly even drop slightly so whatever you save will help you get a better start.

hierrodaknuckles

bargainbarmy wrote: »

Based on the joint income figures I'd be very surprised if you could get much more than a £40,000 mortgage which will not buy you anything at all probably. You would probably be better continuing to live with your parenst to save up a decent deposit. House prices are not going to go up much for a while, possibly even drop slightly so whatever you save will help you get a better start.

but what if they take the grant and bursary into consideration, which is non-repayable? will they do that as it is a form of income? the social worker course normally leads to near guaranteed employment from experience of friends doing same thing, hence why they are heavily subsidised by the gov. will this not work in the favour of twinkly in this instance?

twinklyspecialkag

Thanks for the replies. I know it would make more sense to wait and move out after we've finished our courses...but two years seems a very long way away. Were just trying to find an alternative to renting. It seems such a waste not putting the money to good use!!

K

poppy10_2

twinklyspecialkag wrote: »

Were just trying to find an alternative to renting. It seems such a waste not putting the money to good use!!

K

You are putting the money to good use by tucking it away safely in a savings account - then you'll have a sizeable deposit in 2 years time, and will be in a much better situation - you'll be earning a proper salary, adn house prices will have started dropping.

twinklyspecialkag

Oh I know..We've been together for 8 years now and want to live together:-) time to move on & out, if you know what I mean. Just want to find the most practical, if at all possible way of achieving the best outcome for everyone (our poor parents included!!)

Thanks for taking the time to reply!