student with regular income...help???

edited 30 November -1 at 1:00AM in Mortgages & Endowments
4 replies 1.3K views
heat_3heat_3 Forumite
39 Posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
hi everyone,
hi,

im a full-time student but with a permanent part-time job.

im intending to move from my parent but more willing to buy a flat rather than paying a rent.

So i just wondering if anyone can advise or help in finding a small mortage (around £50000) ?

thanks,
heat

p.s good wage and can afford to pay the mortage

Replies

  • Starters. Good thing to get on the property ladder, good luck.

    Now, we are all so nice out here and we really won’t rip you off! Ok, so I will not pun, but it is probably the first advice you need.

    You say you’re on a good wage, which is par of the course for getting a place. But, living at home is not the same as living in your own pad.

    To start with, you have to find one. Preferably within your budget.

    Then you move in.

    Then there are bills that have to be paid. I will list them for you, in order that you do not forget. You can of course forget to pay number 1 and 2, but you are too sensible to do that. If you do forget 1 and 2, you see, they’ll send the boys round to get their money back.

    1 The Mortgage Payment
    2 The Council Tax
    3 Utilities (Gas and Electric)
    4Luxuries (Telephone and TV)


    Now, for finding mortgages, do not take the first answer you are given. Shop around and use at least three providers, bank, building society, and X.

    There are two main types of mortgage available, repayment, and endowment. A repayment mortgage means exactly that, you will be repaying this as long as you have the mortgage and if you keep to the schedule, at the end of the term, the place is yours, lock stock, and barrel.

    Other mortgages such as endowment give you a PROJECTION using rules in use today, to PROJECT that at the end of term, you COULD have enough money to pay back what you borrowed.

    Oh, and life cover as well.

    Not put you off yet, but you could find a two-bed place and rent a room out.

    Good luck, I hope you are successful in your course and house buying

    ;D ;D ;D ;D ;D
  • thanks for your advise freddie.

    i have planned and taken note of all the expenses, which will automatically arise whether i rent or take a mortage.

    from a long-term perspective, i do thinK that it is more beneficial to pay a mortage rather than renting.


    what i want to know is whether it is possible for someone with a full-time education to have a mortage??

    or is it available only to full-time worker?

    if there is any estate agent or mortage consultant out there....HELP ???
  • what i want to know is whether it is possible for someone with a full-time education to have a mortage??

    Yes! Yes!. Sorry, forgot to say I was in FT Education between 1996 and 1999, still had a mortgage! (not enough! money to pay it though!!!!). There are some lenders who will be willing to lend and some can do individual cases. As long as you are seen as a good risk!, someone will always offer you a deal.

    On the other hand, I am pleased you are already looking into your budget. Keep your eyes on this site as people are always willing to help.

    Freddie :)
  • thx again freddie.

    what are requirements for someone to have a small mortage?

    any good reference?
    heat
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