mortgage with student bursary?

LindseyM

Hi,

My partner is a student nurse so gets a bursary and also does agency work for extra dosh; does anyone know will mortgage companies take these in to account when assessing us, with my wages that is?

TIA

Linds

mr_mortgage

Agency work will not really be taken into account, as it's not regular income. I would be highly doubtful a bursary would either.

LindseyM

ok thanks mr_mortgage - thats actually gutted me as we've seen an absolute bargain house that we've fell in love with and the only way we could afford it is with the combined income.

i know people are saying dont buy, renting is better etc etc, but this house is in the exact area we want to live and they just don't come up for sale

thanks again for your reply though

dmg24

My teaching bursary is taken into account by A+L.

Dan_Collins_2

Some lenders will. Also the bank or agensy work will if it has been for a few years. A good deposit is a must!

LindseyM

Ok, so the house is on the market for 119,950 - we reckon we could get it for around 115000 and I have a deposit of around 20K - which is about 83% LTV i think - you think we should be ok with that?

thanks! smiling again now

inca_2

There are definitely lenders who will take a student bursary into account, the agency stuff will depend though on how long/regular etc

beingjdc

Average purchase to asking right now is 93%, so your offer of 115k sounds on the generous side, depending how realistically priced it is to start with, of course.

scotsmum_2

beingjdc wrote: »

Average purchase to asking right now is 93%, so your offer of 115k sounds on the generous side, depending how realistically priced it is to start with, of course.

Is there anywhere I can find out the averages for my area? Be interested to know what sort of offer to put in on a poperty Im after.

inca_2

In your situation (and I would get a telling off for this as I work for the dark side in a bank!) I would definitely be speaking to a good broker. They are best placed to find you a deal and are worth their weight in gold when it comes to people with circumstances that are perhaps slightly outside the standard/norm.

beingjdc

scotsmum wrote: »

Is there anywhere I can find out the averages for my area? Be interested to know what sort of offer to put in on a poperty Im after.

I think Hometrack keep that data, but I don't think they give it away at a local level for free - even then I think the smallest breakdown is by region or possibly County, and it can vary quite a bit within them.