FTB Mortgage with Stipend

chrisybrie

Hi all,
I applied for a mortgage with Natwest. I am second year PhD student (24yrs). I just thought to share my experience with other students that might be thinking of applying. I am not going to lie, it is quite challenging and my application has taken quite a long time as well. Dear partner is employed full time. Natwest considered 100% of my stipend as income. We are also used help to buy. Applied through Broker.

DIP received: 16/08/2019
New home reserved: 24/08/2019
Help to buy application:05/09/2019
Help to buy approved:11/09/2019
Full mortgage application sent: 23/09/2019
Extra documents requested: 24/09/2019 Payslips, University letter, Stipend confirmation
Further documents requested: 30/09/2019 Lender requested letter to confirm how much I will earn post PhD
Letter from University sent: 05/10/2019
Missed expected exchange date :11/10/2019 builders were okay as long as things were moving
Valuation instructed : 15/10/2019
All documents accepted: 21/10/2019 Offer subject to valuation
Valuation done:21/10/2019
Extra information requested from builders: 23/10/2019 Builders sort of took their time
Valuer went back to finalise valuation: 11/11/2019
Valuation came back as expected: 14/11/2019
In queue for mortgage offer: 15/11/2019
Mortgage offer received: 20/11/2019

So it took about 8 weeks. The forum was so reassuring and really helped through the process. So thank you everyone:beer:

dimbo61

Well done so far.
Using a broker
Partner working full time
Help to Buy
So new build as well.
Do you have a deposit ? 5/10% ?
There are some great deals available at the moment and rates are very low.
Hopefully you will find a good job with your PhD at the end of your course.
You are also using MSE so have your head well screwed on so to speak.
Have a look on the mortgage free board once your in the property and enjoy the MSE way of life.
It's not so much how much you earn more how you spend that income !

csgohan4

Indeed, Good Brokers are worth every bit and good ones explain the difference between a good rate and a fast underwriting process and you can make an informed choice