Need some advice...

XEO25

Hey, I'm 22 and a 2nd year student at university.

I went to view a flat to rent for next year with my girlfriend a few days ago and we really like it and want to move in. However, the rent is £750 a month.

We can afford this, but it sickens me to think it's just going down the drain.

We've been thinking and we would like to get a mortgage and buy the flat, its on sale for £140,000.

Can anyone tell me if any lenders would consider a joint mortgage of two students?

We both work part-time and earn about 800 a month between us, plus we get £12,000 a year in student grants/loans.

Any advice would be really appreciated

Thanks

ixwood

You can't afford it would be my initial reaction.

How much savings have you got for a deposit?

ixwood

Can you house share or stay with kind parents for a year and save?

XEO25

Well our plan was to maybe stay on in our current student house for one more year while we save enough for a deposit.

What I really want to know is how they would look at us? Would they even consider us? I know student mortgages are available, but they require a parent/s as a garentor. My dad is on a disability allowence and my mum works part-time as a cleaner.

ixwood

I've no idea, but I don't think it sounds promising TBH.

Student house and save sounds like a good plan. Now really isn't the time to be buying anyway.

The housing market is cyclical and we're only passed the peak recently. looking in a year or 2 time with some saving would put you in a much better position all round.

dwsjarcmcd

Sorry but I can't see a lender agreeing to this. Even if you allowed your whole income of about £20k (which they wouldn't) that would equate to 7 time salary on, I assume a 100% mortgage. Not going to happen, sorry.

David

XEO25

yeh i've just had a look around and tried a few mortgage calculators and it doesn't look promising.

I think I'll have to grin and bare it for a few years while I save a big enough deposit.

Thanks anyway

poppy10_2

Are you in London? If not you shouldn't be paying £750 rent while a student. Live in a grotty student flat like the rest of us did.

beecher

£750 is an awful lot for a flat. Surely you can find cheaper than that? You don't need somewhere fancy while you're a student.

Dan_Collins_2

You will need a deposit before you even think about buying. In the current climate you would have to have a 3rd applicant with a higher income. Or you could do a buy to let with a 15% deposit and rent it out while you study and then move in to it in a year.

IDN101

I'm afraid as students my primary concern would be how to arrive at the other end (of your education) with as little "bad" debt as possibe.

Home ownership is not going to be happening for you at this stage- unless you get a "really" large windfall of cash from some source.


Ian