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Joint Mortgage as a PHD researcher
ncj15
Posts: 3 Newbie
Hi all,
My partner and I are beginning saving for a joint mortgage.
My partner is on 26k pa. in a full time role and I am doing a PHD on 14k pa tax-free. By the time we come to look for a mortgage we will have a 25k deposit looking for around 95k to borrow over 25 years.
I have approached a leading mortgage advisor ( L&C, who partner with Money Saving Expert) and they have said their leading lenders would not consider my income at all and as such a joint mortgage would only give us 20K maximum borrowing. My partner on his own 50k. Neither enough for a mortgage!
We both have excellent credit scores, and have just one car payment as a monthly outgoing and no dependents.
Does anyone have any more information as to why a PHD income isn't considered, since I have this as a guaranteed income for 3 years and the qualification means I'm likely to earn a well-paid salary (though, I know, this is not guaranteed).
I'd also really appreciate if anyone has any experience of this or any advice for what is best to do when in this situation!
My partner and I are beginning saving for a joint mortgage.
My partner is on 26k pa. in a full time role and I am doing a PHD on 14k pa tax-free. By the time we come to look for a mortgage we will have a 25k deposit looking for around 95k to borrow over 25 years.
I have approached a leading mortgage advisor ( L&C, who partner with Money Saving Expert) and they have said their leading lenders would not consider my income at all and as such a joint mortgage would only give us 20K maximum borrowing. My partner on his own 50k. Neither enough for a mortgage!
We both have excellent credit scores, and have just one car payment as a monthly outgoing and no dependents.
Does anyone have any more information as to why a PHD income isn't considered, since I have this as a guaranteed income for 3 years and the qualification means I'm likely to earn a well-paid salary (though, I know, this is not guaranteed).
I'd also really appreciate if anyone has any experience of this or any advice for what is best to do when in this situation!
0
Comments
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There are lenders who may consider it.
Even if not, I am surprised they are saying £20k maximum loan.
Maybe try to find a new broker. L&C are a fee free call centre. I think they are more geared towards the average run of the mill case.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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