Mortgage when wife is a student nurse

Dragonek80

Hi guys,
I was wondering whether you could help.
Me and my wife currently live in a one bed flat and are thinking of selling it to buy a bigger place.
After clearing existing mortgage we will have ~ £150k towards the deposit for a new place.
My wife is currently studying to become a nurse (she graduates in 2019). She receives a schollar of ~ £400 a month. She also receives child benefit for our 3 year old daughter (we do not have childcare costs as my mum looks after the child).
I was wondering whether you guys know any banks /building societies that will take my wifes scholar as well as child benefit into account when calculating how much they could lend us for a new place? Would you know what is the maximum lenders could give us in our situation? I am currently on £36k. I should also add that I am 36 year old. My wife is 32.
Many thanks for your help

Dragonek80

I should also add that I have above avearage credit score with Equifax and Experian

horseymchorseface

Generally banks lend x4.5 of your income not including debts, they look at your credit history rather than scores


look at the MSE guide for further info


http://www.moneysavingexpert.com/mortgages/?_ga=1.136714928.1874086178.1491408382

TonyN1

I would have to say with income there are lenders with very set policies on what they will and will not take however I would also say it will be in how you are going to prove the income? (through letters or bank statements)

A lot of lenders will take the child benefit in to account and will be happy to take the proof from bank statements, I would agree that a typical indication would be 4.5x your income however with a healthy deposit like 150k you might be able to achieve up to 4.75x or possible 5x however I would doubt that the lenders who can go to 5x would consider the 'scholar' income. All lender will work on an affordability basis and have their own calculations/calculators that are basically set in stone!

So to answer your question of amount of borrowing I would suggest that if you can get a lender to take the scholar income you will be looking at a figure of approx. 198k (subject to affordability check and the underwriting of that lender) do also note that if you have any debts or significant outgoings this can have a drastic effect on the loan.

Dragonek80

Thank you for quick replies guys

You would not specifically know which lenders are most likely to accept 'scholar' as well as child benefit as part of our income?

Cheers

kingstreet

I can think of one lender which still accepts a student nurse bursary as income for a mortgage.

You will need to consult an independent broker as we will not name lenders on here.