Can A Student Get A Mortgage?

Whilst most students won’t have buying a property on their radar as they tend to be younger and restricted with their savings and earning potential, this doesn’t mean that a student can’t get a mortgage.

It really depends on many factors. The good news is that there are specialist mortgage advisors, like Agentis, who are more than happy to help students who are serious about buying property achieve their goals.

As with all mortgage applications, you need a pinch of realism.

For starters, you need to be over the age of 18 to secure a student mortgage in the UK.

Lenders always start with your affordability. If you can prove you can afford to pay back monthly instalments comfortably and your credit score is healthy, then there is no real reason why you wouldn’t be able to secure a mortgage loan.

However, without a steady and secure income stream, lenders will expect you to have a guarantor.

Of course, not all students are young. More mature students may have already clocked up many years of working and saving, and you may have some part-time work on the side. You may also have a partner who is on a decent salary with a secure job, which would definitely be considered favourably by lenders.

If you do need a guarantor, though, they will need to match the following criteria:

• Be a property owner.
• Be a direct family member or legal guardian.
• Live in the UK and have a permanent right to residency.
• Some lenders also impose a maximum age limit between 75-80.
• You will likely need a minimum deposit of about 15% of the property value to secure a student mortgage loan.

Can a student get a mortgage – absolutely. There are just a few different requirements to consider, such as needing a suitable guarantor if you don’t have a secure income.

I’m an international student – can I get a student mortgage?

Whilst it is possible to secure a student mortgage as an international student, there may seem obstacles when it comes to securing that all important guarantor. This is because the guarantor needs to have a permanent right to residency in the UK, be a property owner and also be a legal guardian or direct family member.

Want to launch into the exciting prospect of becoming a homeowner as a student? Agentis are an expert mortgage broker located in Peterborough and can help get you. Speak to us today to arrange a free initial consultation. We can perform ‘whole of market’ research on your behalf to ensure you get access to the best deals around.