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    • ncj15
    • By ncj15 13th Mar 17, 6:54 PM
    • 3Posts
    • 0Thanks
    Joint Mortgage as a PHD researcher
    • #1
    • 13th Mar 17, 6:54 PM
    Joint Mortgage as a PHD researcher 13th Mar 17 at 6:54 PM
    Hi all,

    My partner and I are beginning saving for a joint mortgage.
    My partner is on 26k pa. in a full time role and I am doing a PHD on 14k pa tax-free. By the time we come to look for a mortgage we will have a 25k deposit looking for around 95k to borrow over 25 years.
    I have approached a leading mortgage advisor ( L&C, who partner with Money Saving Expert) and they have said their leading lenders would not consider my income at all and as such a joint mortgage would only give us 20K maximum borrowing. My partner on his own 50k. Neither enough for a mortgage!
    We both have excellent credit scores, and have just one car payment as a monthly outgoing and no dependents.
    Does anyone have any more information as to why a PHD income isn't considered, since I have this as a guaranteed income for 3 years and the qualification means I'm likely to earn a well-paid salary (though, I know, this is not guaranteed).
    I'd also really appreciate if anyone has any experience of this or any advice for what is best to do when in this situation!
Page 1
    • ACG
    • By ACG 13th Mar 17, 7:01 PM
    • 16,833 Posts
    • 8,784 Thanks
    • #2
    • 13th Mar 17, 7:01 PM
    • #2
    • 13th Mar 17, 7:01 PM
    There are lenders who may consider it.
    Even if not, I am surprised they are saying 20k maximum loan.

    Maybe try to find a new broker. L&C are a fee free call centre. I think they are more geared towards the average run of the mill case.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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