Student with a Mortgage

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After experience and advice for those who have been a full time student whilst having a mortgage.


I thought I'd get ahead of the game by renting my house, living with parents (£200pm board and lodge) to allow me to save and live better than hand to mouth when I have to give up work to do my PGCE.


The thought of another 2 plus years at my parents is not joyful (am also a single parent with two children).


Had I not been paying a mortgage, just renting out someone elses home I would have been entitled to Housing Benefit, but know this won't apply to me.


What did others do in this sort of situation, is there additional help out there for a student with a mortgage, with no income?

Voyager2002

I have been in a comparable situation (student with a mortgage)...

Firstly, explore what your income would be as a single-parent student, and do not forget that you might be eligible for assistance from your university's hardship fund. You might find, once you do your sums, that it would be possible to remain in your home. Of course you could ask your mortgage lender about the possibility of a 'payment holiday'.

If you move back to live with your parents then you will either have to sell your home, or become a landlord. The latter involves obtaining 'consent to let' from your lender and then either finding an unusually good agent or ensuring that you learn what the law says about your duties and responsibilities: everything from properly protecting tenant deposits to obtaining the correct gas safety certificates.

clairec79

I paid the mortgage with the tax credits, student bursary/loan and part time job

The only help was reduction in council tax