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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.Help please! Can I get a mortgage as a student?
Comments
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Never ever rent out a property that has sentimental value :eek:
Memories are in your head. I've owned 8 properties now, some with much sentimental value. I look back fondly, with love even, but didn't need to hang onto them for that. I know we're all different - but please think VERY carefully about renting it out! Big mistake.2023 wins: *must start comping again!*0 -
I spent six years living in hospital accommodation - I would definitely not assume that young Doctors make good tenants, have seen a lot of evidence to the contrary!0
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I don't think that what you're trying to do would be viable without a better income, and if it was then the levels of interest would cripple you.
If your goal is to have a bigger property, then the way to do it might be to sell your current property and buy a bigger property that's worth the same. It may be a house that needs work, or it may be in a slightly cheaper area.
Of course, those things involve making compromises - you may not like those areas as much, or you may not want to do work that needs doing, or you may need to travel further to places of study....
You have to weigh up what the most important factors around home ownership and how that affects your life are at the moment and decide if it's possible to do any of those things, or if actually your home location / it's current decor/repair/etc are preferable despite being slightly smaller.0 -
Once you qualify you will have very little control over where in the UK you work (unless you are keen on the very least popular areas) so the career is not particularly compatible with home ownership until you get to specialty training level.
Also the stress of being a landlord is something you could do without on top of med school study intensity/ newly qualified doctor life.0 -
If you won't sell your flat (sentimental reasons??) it will be years before you can buy a bigger place unless you are on a joint mortgage with your partner after you qualify and are in your first job. Joint ownership can also bring problems and you have an unoccupied flat which you will have to pay Council Tax on plus utilities as renting out is not recommended.
Finally WhiskyJoe sounds a very inappropriate user name for a mature medical student!If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
Once you qualify you will have very little control over where in the UK you work (unless you are keen on the very least popular areas) so the career is not particularly compatible with home ownership until you get to specialty training level.
Also the stress of being a landlord is something you could do without on top of med school study intensity/ newly qualified doctor life.
I don't necessarily agree with this. I owned a flat while a mature medical student. Had lodgers. Lived in it for years afterwards, while working in a v competitive geographical area (London), and always in the specialties of my choice. Maybe I was lucky. Maybe I chose the location really well (a few of my posts were in walking or cycling commuting distance).
Career can be entirely compatible with home ownership, although I agree that some flexibility may be needed. Plus, the OP already owns it!0 -
London I would not say is typical of the rest of the country, I think you probably were quite lucky.
OP is talking about purchasing a second property to the one he/she already owns. Obviously they can't do anything about the location of the first property.0 -
This is bang on- London's a bit of a one-off. The vast majority of the UK consists of cities who don't have multiple medical schools or so many teaching hospitals in the same geographical area.London I would not say is typical of the rest of the country, I think you probably were quite lucky.
OP is talking about purchasing a second property to the one he/she already owns. Obviously they can't do anything about the location of the first property.There is no honour to be had in not knowing a thing that can be known - Danny Baker0 -
You can have a mortgage dependent on your income-being a student is not the point. A joint mortgage will depend on you and your partner's joint income, which you haven't told us. Nor have you told us how much you would need to borrow after the deposit. Without the basic info, no-one can really help you further.
As pointed out above, incurring a CGT liability for sentimental reasons is absurd. If you want to be a professional LL and the figures work, then fine-but don't be an amateur one because you can't bear to sell it!No free lunch, and no free laptop
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You own the property outright, no mortgage keep it like that.
Relationships are very rocky, why jeopardize something that you own outright.
How about turning the living room into a bedroom and rent that out. That way you would have an income and still be mortgage free, which is the best feeling n the world.0
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