student mortgage

Legacy_user

Can anyone advise me as to the bank or building society offering the best student mortgage?

Iam a third year student and am thinking it might be a good way of getting on the property ladder.


Any advise would be appreciated

Robert_Sterling_3

Neil has waited a long time for an answer.

grv2004

hi
I work for mtg brokers -
a student can only get a mortgage if your income is sufficent to cover loan - times your income by 3 for an approximate loan amount and u r over 18.

emma_b_4

ive just applied to go do nursing diplmoa at uni fulltime u get bursary but only £500 ish a mth..compared to fulltime wages currently earning im worried!!!!

anyway, been homeower for two years have mortgage for 53k........................is there a mortgage for students????????????????????????????????????

please answer!!!em xxxxx

Robert_Sterling_3

Can this particular person afford to have a mortgage and be a student ???

emma_b_4

what? do you mean can i afford? well no not really but i suppose i would have to cope, like many students out there who have ties. i thougt returning to study and being skint for the short term would balance out in the long term when i can earn good wages and have a successful career.

anyway do you have any advice about the original question...

Robert_Sterling_3

It is difficult to give advice in the absence of a face to face fact find interview.
However when did that ever stop me?
We are agreed that at first sight you can't afford to have a mortgage.
Financial organisations will not be exactly beating a path to your door to get your custom.
On the other hand you may well be right in thinking that "in the long run" you will be able to afford it and the sooner you get on the property ladder the better.  There is a school of thought that says that house prices might now stall or even fall and getting on the ladder later rather than sooner would be better.  So all is not doom and gloom.
There may be a solution to your problem.
Is there someone, grand parent, parent, other relative or a non relative who has sufficient affection for you and confidence in you and the financial ability to assist you.
For example such a person might give you some financial assistance and also use their own property to guarantee the payment of the mortgage until such a time as such a guarantee is no longer needed.
I wish you all you wish yourself in this enterprise.

P.R.

This is not Legal Advice nor is it Financial Advice. It is more like blind man in a dark room searching for a black cat that is not there.

Nurse_Bambi

emma b said:

i thougt returning to study and being skint for the short term would balance out in the long term when i can earn good wages and have a successful career.

you might have a good career but you wont earn good wages being a nurse!

Robert_Sterling_3

I tend to disagree.

emma_b_4

i am already on the property ladder ive had my house for over 2 and a half years..
just wandered whether the rumours were true and you could do something like pay the interest only?

and nurses wages arent that bad compared to some other proffessions and you have more chance to move uo the ladder and with bank shifts paying £20 per hour who would complain!

Enviomon2

I'd have thought the best way around this was to work full time for a year and change your mortgage during this period.

This is just a guess, but if you show that you're in full time employment earning a good wage then I'd have thought you'd stand a good chance of changing the mortgage on your house but don't as me as I don't know a great deal about mortgages.

This period would also be useful to apply for a couple of 0% interest free credit cards but don't as me when is the best time to do any of the above. All I'm trying to point out that you need cicrumstances to borrow money. Create the circumstances to find the best deal then do whatever you want to do. As long as you can keep up the repayments then that's np, and if only have a 53k mortgage there should be some cracking deals out there for you.

However this is what I'd do, although I would have done this half a year ago in your situation. I would have sold the house and put all the money in the bank. Goodness me at your age a house can be more of an investment than a home. Plenty of time to make a home and better to have some money in the bank to put toward the nest egg. If you have a 53k mortgage I'm guessing your house is worth alot more and it's really in your interests to sell it. I mean just imagine the amount of interest you'll get on it during your time at uni. Also selling the house would enable you to go for a degree rather than a diploma, spending more years at university and getting alot more out of your time there

Trust me it's well worth living with students during your student life. It's well worth living in halls, it will benefits you a great deal with all the people you will meet and the experiences you will have. Alternatively you could just buy a house and make your mates pay you a rent which is a good way to make money (even though they'll expect it cheap) but does have a certain degree of uncertainty attached to it.