Want to apply for a mortgage and study full time... is it possible?

[Doglover1974]

Hi all,

My husband and I are currently saving for a mortgage deposit. We both work full time he earns around £40000 per year and I earn £21000 per year. I am currently studying an access course online and then I want to go to university full time for 3 years at some stage.

Once we have a mortgage he can cover the bills and mortgage etc while I study for 3 years and also I would get some kind of maintenance loan to help me out with spending/travel money.

My question is... in order to get the maximum money lent to us from the bank I would assume we would both need to be in full time work, if we lose out on my £21000 the bank won’t lend us as much would they?

So by the look of things it would be better for me to carry on working until we have a proper deposit and have secured a house, then I can take a 3 year break to study, then we plan on having children etc after the study is over as we will be in our 30’s then.

Does this sound like the best option? Im 28 years old now.

Thank you x

[Doglover1974]

I wanted to start my university course soon but it looks like that’s not an option as I need to work full time to secure a decent mortgage amount.

[Redwinemaestro]

Consider studying part-time or distance learning. Tuition fees are much lower.

[startalovetrain]

I'm in a similar boat but changing provider and decided to get the mortgage - I have enough savings to cover my half of the mortgage before starting uni, meaning I have to delay until next September.

Some courses can't be done by distance learning like nursing or medicine etc

I would make sure you have enough savings to last, and if this means deferring for a year that would be wise. If your husband lost his job you'd be in a real pickle, so have some back up money just in case.

[startalovetrain]

Sorry, I mean enough savings for 2 years of mortgage payments. I'm planning on getting a part time job as well as maintenance grants. It can be done! :)