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Student remortgaging options
AverageStudent
Posts: 1 Newbie
Hi all,
I've been reading the MSE emails for some time now and thought I'd have a go at asking the internet financial gurus for advice.
As you can gather from the title (and my username) I'm a full time student. I bought my flat 4 years ago while I was working full time and now nearing the end of my 2nd year fixed rate mortgage with Halifax. Based off of my first remortgage 2 years ago as well as my preliminary research, I've found out that banks/mortgage providers want to stay well clear of me due to the lack of fixed income. I have a well paid casual (i.e. 0 hours) job with my local authority that gives me plenty of work (plus the flexibility with my studies) as well as that I am renting out a room (with contract) which pays for the majority of the current mortgage. I have found that banks don't consider the rental income when considering a mortgage and that my savings and job income are not seen as substantial enough.
My credit rating is very good, I have no outstanding debts and enough money to pay the mortgage and any other outgoings however I am stuck with Halifax and whatever rates they choose.
I want to be able to look for a better mortgage deal but no one will consider my situation. Does anyone have any advise on my predicament?
Many thanks :T
I've been reading the MSE emails for some time now and thought I'd have a go at asking the internet financial gurus for advice.
As you can gather from the title (and my username) I'm a full time student. I bought my flat 4 years ago while I was working full time and now nearing the end of my 2nd year fixed rate mortgage with Halifax. Based off of my first remortgage 2 years ago as well as my preliminary research, I've found out that banks/mortgage providers want to stay well clear of me due to the lack of fixed income. I have a well paid casual (i.e. 0 hours) job with my local authority that gives me plenty of work (plus the flexibility with my studies) as well as that I am renting out a room (with contract) which pays for the majority of the current mortgage. I have found that banks don't consider the rental income when considering a mortgage and that my savings and job income are not seen as substantial enough.
My credit rating is very good, I have no outstanding debts and enough money to pay the mortgage and any other outgoings however I am stuck with Halifax and whatever rates they choose.
I want to be able to look for a better mortgage deal but no one will consider my situation. Does anyone have any advise on my predicament?
Many thanks :T
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