Remortgage Stress Due to Being NHS Student

[CountryWoman1]

Hi

The time has come for us to remortgage. Our current mortgage company is no more, they merged with another one. We have been with them for 15 years.

I have just finished my first year at university studying a healthcare NHS related degree. I get a student loan and my £5000 NHS bursary. In total, I get about £12,500 year plus what I earn on a casual zero hours contract. I use this to pay my loan and credit card.

My husband earns a decent amount and has held down a full-time professional job for 8 years.

We have never missed a mortgage payment and we have good credit scores.

However, the mortgage adviser we spoke to today says nobody is willing to lend to us because of me being a student, in terms of lenders my husband has to take on all my debt and it now looks like he pays out too much every month on this. What I bring in can't be used, not even my NHS grant.

I am starting to feel very panicky and upset. I wish I had stayed in work and not gone to university. I dread to think of being left on an interest-only mortgage with the rates going up and the cost of living.

As I am starting to worry, I thought I would put out a forum post to see if there is any advice that can be given?

Do a product transfer with your existing lender. They don't need to check income then. You may not get the best rate on the market, but you will be able to get a new fixed rate and not pay their standard variable.

I second this- one of my good friends was a full mature student and her mortgage fixed rate was about to run out

Same story- no mortgage provider would touch her as she was a full time student, so financially persona non grata

She was freaking out as she was sole mortgage holder (bought while earning well prior to going back to studying) & worries she'd be unable to re mortgage

So she just transferred products with her mortgage provider

Didn't need to prove income as she was an existing customer etc

Have you been on an interest only mortgage for 15 years then?

What sort of product are you on now and what’s the implication if you don’t remortgage yet? Is it a fixed term ending or something else? I’d consider doing nothing until you are qualified and just transfer on to the standard variable rate for now. Or a product transfer if that’s better (it isn’t always). What is your adviser suggesting?

Have you been on I/O for 15 years?!
Surely you just continue on your exsting lender’s SVR, and just overpay? You then create your own repayment mortgage.
Changing product same lender is probably an option as per PPs, but the worst case is SVR and overpay.

Sounds like it’s only for 2 years.

I've always remortgaged with my current lender (after checking rates elsewhere).
Never had to go through any checks.
Can't you do that with your current provider?

Hi

Thanks for the replies. We had problems as our existing lender is no more due to being taken over by another company, and that company wanted us to remortgage from scratch.

Anyway, since then, we have spoken to the company that have taken over and they are willing to give us a new deal having explained the circumstances. We will still need to process it as an entirely new remortgage but they have given us a like for like rate and have considered what I bring in (even though they said that they normally wouldn't).

So, I'm now sorted - phew! :)