Jonathan answers a question from a university student, is it possible to get a mortgage while you’re studying? Find out in the video below.
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Can I get a mortgage if I’m a student?
Can You Get A Mortgage If You’re A Student?
Video Transcription
We very often get asked is it’s possible to obtain a mortgage if you’re a student, the answer is I’m afraid yes and no.
To buy a property in the United Kingdom, firstly you need to be over 18. So, if you fit that criteria you’re in for a chance.
The problem is a mortgage company are going to want to know that you can afford the repayments of the mortgage itself, and of course the capital as well.
So, you’re going to have to show a very good source of income, which is unfortunately something most students don’t have.
If you have got a good source of income, it could be from other property let elsewhere, shares or capital in the bank or something like that.
Then by all means see an independent financial advisor, tell him your whole circumstances and he should be able to place a mortgage for you.
As a rule as thumb, it is going to be very difficult to obtain a mortgage being student.
