Mortgage for research student pls?

Hillbilly1

Hi everyone,

I need a mortgage for around 25-30% of the property value, I have several sources of income but the main two are a research stipend and an income protection policy.

so the narrative from the banks seems to be ‘you won’t get that funding for the life of the mortgage so we won’t lend to you’...

I’m  contacting brokers but wondered if anyone had any experience of getting a mortgage as a mature research student who has a large deposit but no one eligible to be guarantor 

thanks!

Thrugelmir

Equity is usefull. Affordability is the key criteria. Income will be critical in the current climate. 

Hillbilly1

Hi

It’s def affordable and I have the figures to prove it. It’s just so many banks refuse on the basis that ‘you won’t be a student for the life of the mortgage’ which is surely a good thing?

csgohan4

Hillbilly1 said:

Hi

It’s def affordable and I have the figures to prove it. It’s just so many banks refuse on the basis that ‘you won’t be a student for the life of the mortgage’ which is surely a good thing?

Affordability is the key now and banks can only go on now, not the future, so future potential income is not counted. What if you wanted to quit that profession entirely or fail and complete the degree?

What is concrete now is what your earning. Not what ifs.

Its like me saying I am a footballer earning 2k a month and I will be earning 1 million a year sometime in the future, so you can give me a mortgage for that amount now. The regulatory body will be all over them if that happened. 

Irenedm_2

Hi, fellow postdoc researcher here. The truth is... they really don't care. I was concerned about it as well as I had less than a year left in my contract when I applied for my mortgage but they didn't even check, just asked for my last pay-cheques and that was it. I put a 15% deposit and I am in a 35-year mortgage but that was because I am a single person with a not super-high salary, not because of the nature of my job. Happy to answer any questions