Mortgage as a student

[WashingFairy885]

I am 35yo & just about to finish final year of degree. Not currently working, but have a partner that does (fairly average wage). Recently inherited an amount that could potentially be used as a house deposit. Has anyone applied for a mortgage in this position, or would I just be better to do so in 6 months once I have qualified and got some income history behind me?

You can apply for a joint mortgage based on your partner’s income and using your savings as the deposit; it would be wise to make sure that each of your positions are protected by buying as tenants in common and ensuring the percentages you each own reflect that you would be contributing the deposit but he would be paying the mortgage.

If you’re anticipating having an income within the year then waiting would be a more sensible option as the lending amount would be based on a larger household income allowing you to borrow more and / or access better rates.

If your inheritance plus 3 times your partners income is enough to buy then why wouldn't you?

I got a mortgage while teacher training back in 2018. My partner had an average salary and I got a bursary. This was with natwest

Yes, we had already talked about doing that 👌

@Amijustagrump

I got a mortgage while teacher training back in 2018. My partner had an average salary and I got a bursary. This was with natwest

Ahhh ok - I bank with them too, so maybe that will help

You might find they are not so generous now. I would get a job lined up and then buy. It’s just safer than one income. Rates depend on loan:value ratio so consider this too.

@PresentingPercy

You might find they are not so generous now. I would get a job lined up and then buy. It’s just safer than one income. Rates depend on loan:value ratio so consider this too.

Hmmm yeah, that was my biggest query to be honest! I'm just desperate to buy after 4 years of renting.. I suppose 6 more months wont hurt!

Moving is expensive. Once you have an income you can borrow more and maybe buy a home you might live in for 10 years not 5. Not trying to get you to take biggest mortgage possible but also are you in careers with regular salary increases early on? If so stretching yourself early might make sense. We maxed out on our home 2-3 years later it was comfortable. 7 on it’s proved a (relative) bargain we couldn’t afford now.

Yep I got a mortgage as a student

How did you get a mortgage as a student?

@wellyjellymelly

How did you get a mortgage as a student?

Because I was working, running my own business in addition to doing a full time degree.

@CandyLeBonBon very different to the OPs situation then

Not really. I was also in the final year of my degree and although I purchased on my own, I was still able to do so as a student.

Not sure why you're being sneery with me. I was simply pointing out that's it's more than possible so if she wants to go for it there's no need to wait necessarily. Wasn't aware I had to pass an entrance exam in order to comment.

Sneery?! By asking you a question and then pointing out the obvious when you replied?! The obvious being... you had a job and your own business which resulted in you getting a mortgage, the OP is working, fundamental difference.

See a mortgage broker, who can advise you on how much you could expect to borrow etc. I know that mortgage lenders have tightened their criteria at the moment, obviously because of potential pandemic related job losses so depends what your partners job is and if he has been furloughed or anything. Good luck!

*isn't working

I was also a single parent so also only one wage coming in. So not as dissimilar as you seem to think.

OP doesn't have a wage... her partner does. You omitted the fact you had a job and your own business in your "yep, I got a mortgage as a student post" which is why I asked.

Apologies for asking further question to obtain the relevant information. Next time, I'll leave your misleading replies be.

Fgs @wellyjellymelly who pissed on your chips? Op asked if it was possible to get a mortgage as a student. She has a partner with an average wage with whom (I assume) she'll be buying a house with, so although her circumstances aren't exactly the same as mine, I do know that it's possible to get a mortgage as a student, with one wage.

I'm not sure why you've decide that my comment needed such interrogation but maybe chill out a bit. I made my comment to offer something helpful to the op. Not to be jumped on by the thread police.

I think, to be fair, renting for 4 years isn’t that long by today’s standards. My DH rented for 4 years before we managed to buy in the late 1970s. Many of our friends rented for longer back then. Many will be renting for far longer now. So I do think getting a job and then applying for a joint mortgage is better.

The lenders now want 3 years of income if self employed. As you would be the second income and presumably on paye, you would be in a decent position. Anyone who is a student and self employed without 3 years books would never get a mortgage now. So the student above must have had a certified income which was sufficient for the mortgage. Not the situation most students are in. Unless they are a part time student and working in an employed role with day release. This is a totally different situation and indeed one I was in light years ago!