PhD stipend lenders

Help1234

Hello,
I realise this has been asked before but the situation seems to be changing frequently.

I am receiving a PhD stipend (£14,295 per annum tax-free), started October 2016, due to finish March 2020.
My partner is employed on a full-term permanent contract, with a local authority that he has been working for since November 2016. His income is £27,000 per annum.

I am yet to find a lender that will consider my stipend despite going through a recommended broker. I have been told Natwest will reject us at underwriter stage due to me not having a guaranteed job at the end. I have been told Halifax no longer lend to those receiving PhD stipends as of December 2016.

Any advice would be much appreciated. Is it the case all banks/building societies as of now will only lend to us based solely on my partner's income?

Thanks

ACG

I think there may be lenders who will take a view on it.

I remember doing a case a while back where the lender was happy to take the stipend in to account because only about 20% of it was needed to meet affordability - although admitedly that was a 2-3 years ago. But I do think there are some lenders who will do it. Maybe find another broker? No harm getting a second opinion.

Baa289

I am in a very similar situation to yours - PhD student with stipend and partner with a permanent contract. My broker (London and Country) have put in an application to Natwest for us saying that they will consider my stipend. I am waiting to hear back this week!!

Baa289

Got the offer yesterday! Hooray!

JoDavies87

Hello Baa289,

Would you mind me asking which branch of Natwest/manager if you know approved your mortgage? My partner and I are in a very similar position to you (I will have a stipend and he a permanent contract) and our broker has said Natwest would not offer us a mortgage. We're hoping that perhaps if we can go back to them with information of a similar offer made very recently that this may be able to help...

Thank you so much!

Jo

zagubov

Baa289 wrote: »

Got the offer yesterday! Hooray!

Would you mind helping other MSEers by mentioning a provider? It's part of the ethos of this site that we save people reinventing the wheel or making the same mistakes or errors.

The forum's about us all being in it together.:o

Baa289

JoDavies87 wrote: »

Hello Baa289,

Would you mind me asking which branch of Natwest/manager if you know approved your mortgage? My partner and I are in a very similar position to you (I will have a stipend and he a permanent contract) and our broker has said Natwest would not offer us a mortgage. We're hoping that perhaps if we can go back to them with information of a similar offer made very recently that this may be able to help...

Thank you so much!

Jo

Hi,
I used London and Country brokers and submitted the application to Natwest through them. It was very straightforward and they didn't ask any questions about stipend. I just had to show 3 months bank statements showing stipend.

Good luck!

Baa289

zagubov wrote: »

Would you mind helping other MSEers by mentioning a provider? It's part of the ethos of this site that we save people reinventing the wheel or making the same mistakes or errors.

The forum's about us all being in it together.:o

I stated provider in my previous post - it's Natwest

KTD10

Just a follow up to this, my husband and I have just had mortgage agreed in principle with Platform, who I believe are part of the cooperative bank. We are both on stipends but it's worth noting we have a pretty good deposit.

sb00204

Hi, congratulations on your mortgage approval. We have applied to Natwest but been told that they won't consider my income because I cannot provide a letter that states I'll have guaranteed employment at the end of my studies. Can i ask you, did you have a letter stating guaranteed employment post-phd?