Find out what student mortgages are available and what you need to qualify for one.
Firstly, are you currently a student in the UK?
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Here we look at how to get a mortgage if you’re a student, what different options are available, what interest rates to expect and why using the services of an experienced mortgage broker can improve your chances of getting the mortgage you need.
Can you get a mortgage as a student?
Yes, it is possible and there are a number of avenues you could go down to get one.
It will likely be more difficult than if you were in full-time employment. There are scenarios to help you such as assistance from a family member in the form of either financial support or acting as a guarantor which will most certainly help your chances of getting the mortgage you need.
Mortgage lenders will need to be satisfied that you are an attractive borrower and can comfortably afford the monthly repayments. The good news is, rather than just dismissing this type of application, they will judge each one on its own merit and circumstances.
Working with a mortgage broker with experience in this area from the start is highly advisable. They will already know which lenders are currently open to taking on applicants from full-time education, and can provide the right guidance through the application process. .
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What type of student can get a mortgage?
The subject you are studying at college or university is irrelevant to a mortgage application unless your chosen course affects your income or prospects in any way. For example, student nurses might find they have a number of options because they tend to work alongside their studies and so have a revenue stream. They may qualify for specialist key worker mortgages, and they have strong prospects of employment once their course has finished, so lenders may view them more favourably.
Mortgage lenders might receive your application differently if you’re a first-year student, if you’re a mature student or if you’re studying for a Ph.D. and in receipt of stipend income, but really it will come down to affordability, stability and the strength of your guarantor, rather than what kind of student you are.
Can you buy a house as an international student in the UK?
In theory, yes you can. Where you are born does not matter. However, you might face challenges when it comes to where your parents live because guarantors must own property in the UK, so if they still live overseas they might not qualify.
Do joint mortgages exist for students?
Yes, applying for a standard joint mortgage is open to you, as there are no rules against a non-earner being a student. (You wouldn’t be penalised if you were a partner who stayed at home to run the household, for example).
In this situation, the main earner’s income will be taken into consideration when looking at whether affordability is viable, so be aware that one wage will have to cover everything, and that generally you’ll be looking at a loan of 4x or 4.5 income multiples for a mortgage, so the sums must add up in relation to the home you want to buy.
What student mortgages are available?
All but one mortgage option for students are actually nonexclusive loans, meaning they are universally open to everyone in certain circumstances, and may just happen to suit students.
Here are some specific mortgages available for students:
- Buy for university scheme: Heavily supported by family members, usually parents, but with the students’ name on the deeds, this mortgage allows you to get on the property ladder early with a 100% loan-to-value (LTV) while renting out rooms to cover the repayments. This is a good option for those without a deposit but strong security from prudent benefactors. It does, however, come with a long list of stipulations about the property’s location, number of rooms, and how far you might be from graduating. Interest rates are relatively high and you can’t get a fixed rate with this.
- Guarantor mortgage: This is a loan that you take out with the financial backing of a close family member. Essentially, you still own the property and pay the mortgage, but a guarantor is there as security in case you can’t. They will go through thorough checks and must own a UK property.
- Family springboard mortgage: Again, this involves assistance from financially stable relatives, who are willing to put 10% of the property’s worth into a savings account with the lender as collateral, while the buyer puts in 5%.
- Joint borrower, sole proprietor mortgage: Aimed at first-time buyers, this product allows a number of people to make payments on the mortgage, while just one person owns the property on their own. An ideal way for wealthy family members to help cover the costs for students as they take a step onto the property ladder.
How to get a mortgage as a student
Your first step should be to speak to a broker who specialises in student mortgages as this will boost your chances of success. Make an enquiry with us and we will match you with the right advisor for free.
Your handpicked mortgage broker will guide you through the following steps to full application:
- Reviewing all of the mortgage options available to you, based on the type of student you are and any family assistance which may be available
- Downloading and optimising your credit reports. This will also be an opportunity to see what your credit history currently looks like so any improvements can be made before you apply.
- Readying all of the paperwork and documentary evidence you will need to support your application
- Finding the right lender and helping you secure the best rate
How to improve your chances
In addition to the steps outlined above, there are more actions you can take to help improve your chances of getting the mortgage you need if you’re a student, which are:
- Having a guarantor available if necessary. Speaking to a family member in advance would be a wise move so they’re on board and ready to assist should this be the best option
- Saving as much as you can for a deposit. Having a larger deposit will mean more mortgage lenders will be willing to consider your application
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Types of student income lenders will accept
Some lenders do accept student income in the form of bursaries and stipends, for example, however, some don’t. This is very much at the discretion of each lender, who will likely look at your circumstances before stipulating what they’ll accept.
For example, how much deposit are you putting down? Do you have a secondary stable income of some kind? How long will the grant last? What are your future job prospects? Do you have existing debt?
Some lenders, such as Furness Building Society, Swansea Building Society and Scottish Building Society refuse to take student loans into consideration when assessing affordability, whereas others, such as TSB, Halifax and Accord Mortgages will include these funds, but it’s unlikely they will be accepted as a sole source of income.
Deposit and debt
This will depend on the lender as to whether they will accept your student loan as a deposit, however, it’s certainly a possibility. Like with affordability, some lenders will view your loan repayments in your viability too, as this is a debt to take into consideration, and some might not.
Use our mortgage calculator
Get an idea of what your maximum borrowing threshold might be with our calculator. This can’t replace in-person advice from an expert, but it might help you to get started:
Mortgage Affordability Calculator
Our affordability calculator can tell you how much you can potentially borrow from a mortgage lender. Simply enter your total household income below and our calculator will do the rest.
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Which lenders offer these mortgages?
Vernon Building Society, Bath Building Society and Loughborough Building Society are open to buy-for-university mortgages.
There are also a good number of lenders open to guarantor mortgages, despite recent market uncertainty, including Progressive Building Society, Kent Reliance, Chorley Building Society and Generation Home.
Even more are open to joint mortgage and sole proprietor products, including Barclays, Norton Home Loans and Clydesdale Bank. This is where using a broker can be a smart move – they can identify the best lender for your specific needs and circumstances.
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What interest rates to expect
Interest rates for a student mortgage (buy-for-uni) are higher than usual, with most ranging between 2%-3% above the Bank of England base rate. The other regular mortgages are likely to be more in line with standard rates. These will also come with the option of fixed rates, which should bring borrowing down. A broker will understand whether this is possible at the time you are looking.
Get matched with a broker experienced in student mortgages
With an uncertain marketplace without clarity and stability, you might think that finding a mortgage while being a student is unrealistic. However, with the right broker on your side who understands the latest shifts and what lenders’ moves are, you might find there are ways and means for you.
The brokers in our network are experienced, impartial and trustworthy, and work hard for clients in complex circumstances. They will be happy to show you the way in a trusted and understanding manner. Get matched with the right expert today by calling us on 0808 189 2301 for a free initial consultation, or make an online enquiry for details.
Speak to a Student Mortgages expert
Maximise your chance of approval with a dedicated specialist broker
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