Mortgages for PhD Students

kezo

My partner and I are looking to get on the property ladder. He's employed and I am a PhD Student on a small bursary for the next three years. We're looking to get a joint mortgage so we can afford something a little bigger. Sadly, we can't find a lender who would be prepared to consider my bursary as income. Has anyone encountered this before and could you offer any advice please

herbiesjp

Lenders would look at most forms of income as long as it is all verifiable.

The bursary will probably have to be run past the lenders as they will have to decide this on your case as a whole.

I've had a couple of similar cases where they have not included the bursary, but the details were totally different.

Also had cases agreed with the bursary, so as yu can see it is judged on a case by case basis.

Voyager2002

Yes, my friend had some trouble getting her bursary considered as income. The point is that a bursary is tax-free, so she wanted the lender to gross it up, ie to consider it as the salary that would give an after-tax income equal to the amount of the bursary.