Mortgage as a student

jibbyboo

Quick background: I am a homeowner (have been for 7 years, am in my 30s) and am returning to university in a different city so relocating. I changed career to (full-time) NHS at the beginning of the year so am earning considerably less than I was in 2019 (approx 16.5k now plus enhancements), but got a good rate with my mortgage when I was earning a fair whack more so have been able to make my repayments quite easily - it's certainly a lot less than I'd be paying in rent.

Now: I'm looking to port my mortgage from one home to another when I relocate, in theory the value should be the same, or certainly close to the same. Having spoken to my mortgage provider, they mentioned I'm going to need to go through an affordability check. My income will drop to about £11k (inc student loans, uni bursaries etc), so should be able to pay my bills still, and may take the occasional bank shift for the NHS if I have the time to boost my income, but likely to have very little time to spare. My concern is that the affordability check will find me unsuitable, and could affect my chances of loan/ my current mortgage etc. 

Does anyone have any experience in this area or has been/ knows someone who has been through a similar situation? Any advice?

Thanks for your help 🙏

Brock_and_Roll

Good news and bad news..... As a student with the "income" levels stated I would say that there is very little chance of passing affordability test for porting or indeed switching to a new provider.
The good news is that as long as you carry on paying your existing mortgage on time, it will run as normal.
To me it looks like the only options are to sell & rent (easy) or rent it out (difficult)

amnblog

Student Loans are not 'income' and the Lender will not consider them as such, they are debts.
You could let your current home and rent whilst studying.