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Can students buy houses?

lilmissmup
lilmissmup Posts: 6,884 Forumite
in House buying, renting & selling
Can students buy houses?

I am 23 and considering going back into full time education in September so would only be working part time.

My OH works full time so we would have 1 full salary coming in plus my part time salary but i don't want to keep renting for the next 5 years if we can avoid it.

It wouldn't be straight away anyway as would have to save deposit etc but just wondered if anyone has been able to buy a house whilst studying with support?
Now a SAHM trying to earn some spare pennies each month

Comments

  • DrFluffy
    DrFluffy Posts: 2,549 Forumite
    Of course students can buy houses! Many do... My share of our mortgage is considerably less than rentals areound here!
    April Grocery Challenge £81/£120
  • pinkshoes
    pinkshoes Posts: 20,609 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    So long as you can get a suitable mortgage on the one salary, then why not!? (although lenders now only offer around 3x salary, and it's advisable to have at least a 10% deposit too...)

    Do your maths and check you can SENSIBLY afford it.
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • Gem_
    Gem_ Posts: 495 Forumite
    Yes of course, I bought two (not at the same time!) as a student based on the income from my phd grant. In many places the mortgage will still be cheaper than renting - which was certainly why I did it.

    HTH

    G
  • Zammo
    Zammo Posts: 724 Forumite
    DrFluffy wrote: »
    Of course students can buy houses! Many do... My share of our mortgage is considerably less than rentals areound here!

    Who was it who said that there wasn't a sub-prime problem in the UK?

    :rotfl:
  • dmg24
    dmg24 Posts: 33,920 Forumite
    10,000 Posts
    Zammo wrote: »
    Who was it who said that there wasn't a sub-prime problem in the UK?

    :rotfl:

    Some students have income higher than those in employment. I was a student when I took out my first mortgage, and it was not with a sub prime lender.
    Gone ... or have I?
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Gem_ wrote: »
    In many places the mortgage will still be cheaper than renting

    Can you name such a place?
    poppy10
  • minimoocow
    minimoocow Posts: 205 Forumite
    When we bought our first house (2003) I had graduated and OH was still a student. He has always been on the mortgage but they wouldn't take any of his earnings, bursaries or student income into account as they said his earnings were too irregular. (I assume if he'd had a regular part time job instead of ad-hoc hours they might have looked at it)

    We took out a mortgage in joint names based on my income only but at the time it was £100 a month less than the house we were renting so it was a no-brainer really.

    I also had friends who bought houses as students based on rental income of other rooms which could be an option if you are prepared to take in a lodger.

    HTH

    MMC
    :j MFiT Club Member 14 :j
    Mortgage Outstanding 01 April 2007 - £51,051 :eek:
    Mortgage Outstanding 25 February 2009 - £NIL :rotfl:
    Savings 01 April 2009 - £1,522

    Paid off 19 years 8 Months early - Original Mortgage £63,000 October 2003 - 25 year term
  • DrFluffy
    DrFluffy Posts: 2,549 Forumite
    Zammo wrote: »
    Who was it who said that there wasn't a sub-prime problem in the UK?

    :rotfl:

    I'm not with a sub-prime, ta very much!
    April Grocery Challenge £81/£120
  • DrFluffy
    DrFluffy Posts: 2,549 Forumite
    poppy10 wrote: »
    Can you name such a place?

    London, without a doubt. I live in a much better area than most of my course mates and for less money!
    April Grocery Challenge £81/£120
  • Running_Horse
    Running_Horse Posts: 11,809 Forumite
    Part of the Furniture Combo Breaker
    poppy10 wrote: »
    Can you name such a place?
    Stoke or Hull?
    Been away for a while.
This discussion has been closed.
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