Can I Get A Mortgage If I’m A Student?

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.

If you have any further questions, please use the comments below and we will get back to you.

Can I get a mortgage if I’m 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.

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Comments

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  • peter

    Hi,
    i am have a question. Me and my girlfriend are thinking about buying own home, and the question is: will we be able to buy one house but get two mortgages for it? as we are both students and we know that we will not be able to get a lot.

  • No I don’t think so.

    You cannot get two mortgages as this would exceed the value of the property.

    If you need help I am happy to give you details of a financial advisor who is very good at placing student mortgages but you will need income.

    Hope that helps!

  • Islam

    Hey there I am also a student who is working part time. But I wanted to know if am able to get a Mortgage? If yes then how ?
    Thank you

  • Worth speaking to a lender/Financial Advisor who can look at your income and savings to advise you. Being a student won’t prevent you obtaining a mortgage but the income required may be higher than that usually available with part time work.

    Hope all goes well for you.

    Regards, Jonathan

  • Jones

    Hello I am hoping to do a 2 year masters in social work and my partner is on £18,000per year, we are looking at a house which is £100,000 and we want to save 10% deposit and I will get £10,000 for each year of study from my disability student allowance would we be accepted for a mortgage and we are first time buyers

  • Hi Jones and thanks for getting in touch.

    I’m afraid I can’t give specific mortgage advice, I don’t want to get trouble! – try my friends at Emerald Finance 01903 222940.

    Remember to ask about the Help To Buy Scheme in case this can boost the finances! Best of luck. Jonathan Rolande 🙂

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  • Mayurathan Jeevam

    Hi Jonathan,
    I am a full time student at the moment and also I am earning around £1000.00/month as I am working part time. I am married and my wife is earning 1200.00/month and I am receiving 800.00/month as student maintenance loan and a grant. Currently we rent a flat and paying 900.00/month as a rent. we would like to buy our own property while I am studying. Is it possible? can you give me any advice please…?

  • Hi there, thanks for the comment Mayurathan.

    Personal mortgages depend on so many factors that I can’t give advice I’m afraid, but we did a blog recently that might give you an idea: https://housebuyfast.co.uk/blog/what-is-a-mortgage/

    If that doesn’t help then you can try these guys, who are really helpful; Emerald Finance 01903 222940.

    Good luck and hope it works out for you.