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Student mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Fact Checked By:
David Nicholson - Finance Editor

A student’s life is often the most exciting chapter of a person’s life. You have entered a new world of learning and adult life and are now ready to begin your path into a rewarding career, perhaps you are looking to maximise your university experience by getting a mortgage and getting on the property ladder.

Without a steady income stream, you might have questions about which lenders will accept your mortgage request and the requirements. As mortgage brokers, we are here to help and we can answer any questions free of charge.

For example, the most popular questions are how mortgage repayments work, and the monthly mortgage repayments costs. We have a few mortgage providers lending who we can then introduce to you.

Click the link below for mortgage advice and to begin your mortgage as a student journey.

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Can I get a mortgage as a student?

Yes! You can get a mortgage as a student in the UK, and plenty of lenders are willing to assist you.

UK mortgage providers offer mortgages to students aged 18 and older in the UK. There are additional requirements for student mortgages. Lenders may require additional security from your guarantor to ensure you can repay the mortgage over the long term.

UK student mortgages

Students throughout the UK can apply for student mortgages but you will need a guarantor if you don’t have a steady income from work or self-employment.

Student’s mortgages in Scotland

Your first home in Scotland may soon be possible. The high cost of living and property in Scotland can make saving for your deposit difficult.

There are many student mortgage options available in Scotland that will consider your income alongside a guarantor. However, you won’t likely need a guarantee to protect your property for the rest of your life.

If your financial situation changes significantly, you can apply for your guarantor to be released from your mortgage.

Click the link below to speak with our mortgage advice team and be introduced to a mortgage lender.

We are expert mortgage brokers

We have access to over 200 lenders in the UK to get you the best rates

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What are the requirements for a student loan with a guarantor?

Most lenders require the following criteria to ensure that your guarantor meets these requirements:

  • Assist the legal guardian of a deceased or a direct family member.
  • Be a property owner.
  • Permanent residency is possible for those who live in the UK.
  • Most lenders place a maximum age limit on guarantors. Some of these are 75-80 years old.

These requirements are not only for guarantors but also for the minimum deposit equal to 15% of the property’s value. With the assistance of a professional student mortgage broker, however, you can find lenders that offer 90% loan-to-value (LTV) mortgages.

You may qualify for a student mortgage with a 100% LTV ratio. This means you will pay no deposit. Keep in mind that mortgage payments will likely be higher than a mortgage without a deposit.

You are in the right place to discuss the mortgage term with an online mortgage advisor.

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What are the requirements to obtain a student mortgage?

You can increase your chances of getting a student mortgage approval by paying close attention to these factors:

  • Deposit amount – More lenders will approve your mortgage application if your deposit is higher. You may want to save for a bigger deposit.
  • Credit history Before applying, you might want to research improving your credit.

But even a poor credit history or a low down payment can’t stop you from getting a student mortgage. Many specialist mortgage lenders cater to all credit situations. Our mortgage brokers can find you the best mortgage deals.

We can provide mortgage advice for student and guarantor mortgages. Our job aims to have your mortgage approved. We will do all the stressful work for you and save you time and money.

How do I compare UK student mortgage providers?

It’s essential to compare the various options available to you to find the right student mortgage provider—this is where an expert mortgage advisor is vital.

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These are the top-rated student mortgage providers…

  • Halifax
  • All over the country
  • Barclays
  • Virgin Money
  • Leeds Building Society
  • Santander
  • TSB
  • Aldermore

Our mortgage broker can help you find the best student mortgage deal, this is a great way to save money.

We have access to most mortgage providers and will find the one most tailored to you.

Calculator for student mortgages

Students can use online mortgage calculators to find an estimated mortgage rate. An online calculator is a quick way to compare mortgage rates, but it isn’t the most accurate.

It won’t allow you to compare the terms and conditions of your mortgage. These can vary greatly depending on the provider.

The student mortgage calculators only provide a rough estimate, and each mortgage lender uses a different tool. Independent mortgage brokers like ourselves can perform accurate calculations and refer customers to the lender with the most favourable results.

What are the steps to getting a student mortgage?

It is best to compare all the providers willing to accept your mortgage application. This will help you to find the best mortgage deal for you as a student.

People often lose thousands of pounds in savings by not looking across the market to find the best mortgage deal. However, this can be tedious.

There is no quick way to get a great deal on a mortgage; high street lenders don’t have access to all the lenders, unlike mortgage brokers. It’s one of the most critical financial decisions that you’ll make in your lifetime.

Our mortgage brokers will do all the research for you and ensure you have the lowest mortgage repayments available to you.

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What does student debt have to do with mortgages?

You might wonder how student debt can affect your ability to obtain a mortgage. Your student loan can impact your ability to qualify for a mortgage.

Having good financial records and proving that you have the income and guarantors required to make the mortgage repayments is essential.

How to get a mortgage when you have student debt

You will need to assess your financial and credit standing before you can get a mortgage for student debt.

  • Are there other credit card debts you could repay first to improve your credit score?
  • What is the amount of your down payment offer? Are you able to save enough or inherit enough money to deposit 15-20%
  • How strong are your guarantor’s financial positions? Are you able to repay your student loans and pay the mortgage payments? Could guarantor mortgages be an option?

These are all important considerations that lenders will consider when granting student mortgages, regardless of your financial situation.

Are PhD students eligible for a mortgage?

PhD students who are interested in mortgages will generally have the exact requirements and provisions as other students. You must show proof of your ability to pay the monthly repayments and deposit and a guarantor that can provide security for mortgage debt.

Is it possible for PhD students to get a mortgage using a bursary?

Finding a provider who will accept your request if you want to use your PhD stipend to pay for a mortgage may be challenging.

The stipend can only be used for a limited time, and you cannot guarantee your income from work after that.

There may be exceptions if you are also a student teacher or earn other income while you complete your PhD. A bursary may also be available for students with post-PhD work.

A mortgage broker is the best way to get a mortgage for a student in PhD. Click the link below to begin your journey.

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Are mature students eligible for a mortgage?

Yes! You can apply for a mortgage as a mature student. Lenders will evaluate your application on the same criteria as general student mortgages.

It is essential to understand that terms and conditions can vary depending on the mortgage provider. Some may be more accommodating to your particular situation than others.

Even though the more significant high-street lenders may not approve mortgages in some instances, if you or your guarantor apply for a low-income mortgage, other providers may consider it.

A mortgage broker can help you calculate student mortgage affordability and determine which lenders will most likely lend you money. This is the key to a successful mortgage application.

Click the link to begin your journey with a specialist mortgage broker.

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International students can get mortgages in the UK.

International students looking to obtain a mortgage in the UK can be sure that lenders will consider your credit history and financial circumstances, not just the country where you were born.

One of the obstacles to obtaining a mortgage for international students could be the strict requirements regarding student mortgage guarantors. You will need a legal guardian or a family member who is a property owner and has a permanent right to reside in the UK.

International students, can I get a student mortgage?

Even if you don’t have a qualified guarantor, there might be exceptional cases where lenders could offer student loans.

Speak with our mortgage advice bureau for advice on finding student mortgage providers available to international students and foreign citizens.

Talk to an expert today about student mortgages!

As we know, getting on the property ladder isn’t straightforward, but if possible, do it young and save money on rent. You could even think about renting rooms for rental income.

Click on the link for student mortgages today, you have options when looking at mortgages for students, and we can help you decide which option is the best one for you.

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