Student Mortgages

It’s becoming increasingly popular for students to arrange a mortgage whilst at university, rather than pay high rental fees. However, there are quite strict criteria that require to be fulfilled before you may be eligible for a student mortgage.

  • Does the student have any form of employed or self-employed income?
    • If yes, great – but may still need a guarantor
  • If no – a guarantor will be required.
    • The guarantor must be a direct family member or legal guardian who already owns a house.
    • They must live in the UK and have permanent right to reside.
    • The maximum age of the guarantor at the end of the mortgage term is 75-80 (depending on lender).
    • Most likely you will require a 15% deposit to put down.

If you meet the criteria above, please get in touch and we can look at all of the options available to you. Call us on 0345 603 1525 for a FREE consultation with one of our experienced advisors.

What is a student mortgage?

Available from a handful of lenders across the UK, finding the right student mortgage can be a difficult and confusing process. However, First Mortgage can source the very best deal – free of charge.

With high rental prices and a relatively stable housing market, students and parents alike are starting to see this as a logical way to pay for accommodation and to have property to show for it at the end of the course. It’s possible to find student mortgages up to 85-90% of the value of the property.

Is a student mortgage right for you?

As with all mortgage packages, you need to ensure that you are able to afford the repayments, or you run the risk of having your property repossessed. However, for many students this is a viable option, finding properties where the mortgage repayments would be similar to the monthly rent.

Many students arrange a mortgage in partnership with their parents so that both parties can benefit once the degree course has finished. You may also want to learn more about the various forms of mortgage protection, covering you in case of death, illness, accident or redundancy prevent you from paying the monthly repayments.

Call us on 0345 603 1525 for a FREE consultation with one of our friendly and experienced team. We are happy to discuss your circumstances and help you find the best student mortgage quotes available.