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    • bzd
    • By bzd 11th Jan 18, 3:05 PM
    • 113Posts
    • 79Thanks
    Advice for student/parents buying house (in Scotland)
    • #1
    • 11th Jan 18, 3:05 PM
    Advice for student/parents buying house (in Scotland) 11th Jan 18 at 3:05 PM
    Hi everyone,

    Our eldest child is now at university (with three years to go after this one). He's at a Scottish university, close-ish to our home but too far to travel daily.

    Accommodation costs are fairly exorbitant (it's a letters' market), the going rate of around 500-600 pcm per student.

    It would make much more financial sense if he/we bought a house that he could live in and rent a spare room(s) out to a friend(s) but there's the obvious hurdle of finding someone who would give him/us a mortgage.

    We are currently at about 50% equity with our house -- still paying around 800 pcm on that for the foreseeable future (more when interest rates go up again) with Nationwide, and generous relatives have offered to provide a 10% deposit. Between him, us and the extra rental income the monthly repayments can easily be met (practically met by the extra rental alone, but we could cover more than half of it from disposable income).

    Obviously we could approach a bank/BS about us getting a buy-to-let mortgage, but given he will be a student/first-time-buyer living in the property, are there different products we should be looking at? Bearing in mind this is in Scotland.

    Thanks for any advice!

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    • KTD10
    • By KTD10 11th Jan 18, 3:41 PM
    • 29 Posts
    • 8 Thanks
    • #2
    • 11th Jan 18, 3:41 PM
    • #2
    • 11th Jan 18, 3:41 PM
    Might be worth speaking to the Scottish Building Society. I managed to secure a mortgage with them in my name when I was a student, with my dad as a guarantor (bought in the West End of Glasgow 6 years ago for context). I was recommended them as they seem to be quite flexible. Can also recommend First Mortgage who are brokers with branches throughout Scotland who might be able to give you a few options. They don't charge a fee either. Hope that is of some help.
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