Student Nurses.. able to get a mortgage?

livesandletters

Hello all.
I’m currently in the middle of my 2nd year as a student nurse, I also work alongside this as a healthcare assistant on the bank for the local nhs health board. I get a monthly guaranteed payment off NHS Wales for my student bursary (doesn’t have to be paid back) and I work around 100 hours per month, I have a stable wage whereby I know I could afford a mortgage plus bills and still be able to enjoy living every month. However, is it likely I’ll get accepted for a mortgage with my boyfriend as I’m a student nurse?
Our credit scores are both excellent and we have a decent deposit (around 20% of house prices we’ve been looking at) for first time buyers. We feel we’re in the best financial position we could be but it’s the fact my role is a student nurse/bank hca so theoretically not guaranteed hours but practically there’s always work.

Also, I’ve heard a few mortgage companies put the occupation as currently student nurse earning X amount but future prospects as a nurse with a salary of X. Has anybody had this? 

Thank you for your help ☺️

SpreadableToast

Seems like it might be a bit irresponsible to take into account future earnings given that you could drop out at any time.
Can't see why they wouldn't accept current earnings though.

livesandletters

SpreadableToast said:

Seems like it might be a bit irresponsible to take into account future earnings given that you could drop out at any time.
Can't see why they wouldn't accept current earnings though.

Thank you. I was only asking as I’d been told this is what had been done for a woman we know so wanted to see if anybody else had come across this. 

SpreadableToast

livesandletters said:

SpreadableToast said:

Seems like it might be a bit irresponsible to take into account future earnings given that you could drop out at any time.
Can't see why they wouldn't accept current earnings though.

Thank you. I was only asking as I’d been told this is what had been done for a woman we know so wanted to see if anybody else had come across this. 

I don't know any of this as a fact, I'm just thinking about it as a common sense thing.

Put it another way, would an 18-year-old who has just gone to medical school to train as a doctor get as mortgage off the back of their potential future earnings as a doctor?  Seems unlikely to me.  I'd be surprised if any mortgage company would offer mortgages on theoretical earnings, to be honest.  As I said, it seems irresponsible.

csgohan4

Lenders go on the now and not if, you can only borrow generally x4.5 gross of your earning now, not including debts

livesandletters

That’s fine... I get it. Like I said I was just querying!

Can anybody actually answer my main question about being a student nurse using bank hca wages and/or NHS Wales bursary please? 

[Deleted User]

I had a similar type of deal with Scottish Widows but Im talking in the 90’s 
They would lend more to newly qualified solicitors on the basis that our money would increase as we got more experience 

haras_n0sirrah

I have had lenders accepting a bursary before so that is possible but not all lenders do it.
With bank lenders generally treat it as 0 hour so will want a 12 month history.
One for a proper broker (not the l&c factory line)
Either get a recommendation or if you dont have a broker then read the boards here and if you want to contact a broker who posts here then send a pm. We are not allowed to approach forumites but most of us are happy to respond to requests for help.

clairebeth

Our building society didn't accept my student nurse bursary as an income in 2009 (a long time ago now, I know!) So it was just my part time care assistant wages they used.  I suppose from their point of view, the bursary is guaranteed to stop in a year or so, but they have no guarantee that you will get a job as a nurse or work extra hours as a care assistant. (YOU know that you will manage that, but they don't know you. )

gozaimasu

Go to a broker. They're more likely to get you what you need. I was technically on a temporary contract for my first mortgage, but that wasn't a problem when I went through the broker. They didn't even ask if my contract was permanent or temporary. Not a problem for me anyway, my contract continued and I was able to pay the mortage. If I wasn't, I would have sold the house. Not a big deal?

Ace_DK

I think the mortgage you alluded to are called "Young professionals mortgage" where you can get more than the 4x wages (maybe 6x wage but don't quote me) on the basis that your wage will be increasing. However, I think you need to have been fully qualified in the last couple of years, and not currently studying.