Student mortgage advice....? help

daleuk_3

Hi

I am currently out on placement. Both me and my girlfriend are currently working. We can save a deposit of around £8000.

We will then be moving home where I shall be in my final year, working part time (1/2 evenings a week). She should have a job paying around £14k.

The property we would be looking at would be around £60k.

Will the banks lend us this money? esp since my girlfriend would have only had the job 1/2 months?


Many thanks for your advice!

Dale.

ceegee

Well, you're only working on a placement at the moment, aren't you? I wouldn't have thought the banks would be too keen, what with you being a student and, next year, only working 1 or 2 evenings per week. What did your gf do before she started this job 1/2 months ago? I can't see how you are going to make repayments. Don't forget things like council tax, water rates, gas, electricity, food (to name just a few bills...honest). How will you be able to afford it? Also, do you have any other debts such as student loans, credit card, store cards etc?

Others will be better able to advise you than I am, but those are my initial thoughts.

HGLTsuperstar

Is your £8000 deposit separate from the legal fees involved, cost of living etc? In which case if you really can get a 60K property, then a 52K mortgage is 86%LTV so it may be possible but you may have to consider getting a parent to act as guarantor. But if they only assessed it on your gf's income, as you're still a student, at 14K pa then a 52K mortgage would be strectching it I think. Ring around and see what you're offered. Else you may have to wait until you're both working, by which time your deposit will also be bigger probably