Hi all,

I recently went through the tortuous experience that is getting a Mortgage with a Studentship and I want to share my experience with all of you.
I know there are other threads but my experience is recent and banking is always changing.

My advice: GO THROUGH A MORTGAGE BROKER!!!

You need someone that can explain Mortgage Underwriters what a PhD is and your career prospects.
We were going directly to the common banks and getting rejected automatically (before applying) when they were finding out my studentship was non taxable.
We tried with HSBC, Natwest, Nationwide, Barclays... We got a clear NO from all of them.

Despite the fact we did not like the idea, we went through a mortgage broker.
The guy manage to get my Studentship accepted by Natwest and Barclays and also Teachers Building Society. Basically most of the banks that had previously rejected us.
The mortgage broker convinced them.

Mortgage brokers know how to talk with banks.

If you had/are going through the same situation, please share it with us.
I was trying so hard to get information before going to the banks and there is so little out there.

Best wishes!

We're having the same problem and our mortgage broker can only find Lloyds and Natwest. Interesting that you got Barclays on board... Can I be nosey and ask your circumstances? I am applying with my husband who works full time permanent.

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If anyone knows more banks/building societies... please post!

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I have no problem at all:

-my partner is employed full time (with a good salary).
-we have 25% of Deposit (we have been saving like crazy, guessing this helped a lot!)
-I was fully employed dor 5 years before getting the PhD position (that convinced Barclays!)

Good luck!!!!!!

Thanks :) I think my lack of full time employment before the PhD was the nail in the coffin for my Barclays attempt ;)

However I hadn't heard of the Teachers Building Society - will ask my broker to give them a ring.

to add: even though we have a mortgaged house already, excellent credit, and £85,000 to put down on a ~£250,000 home (34% deposit consisting of equity plus savings)!

To add to this, I just called Teachers Building Society who were quite rude and rejected me immediately as a) I don't earn over £15k p/a individually (despite the fact that I'd be applying with hubby) b) I don't have a teaching qualification.

Well I lectured for two years at two different institutions including being module leader on two courses... but that doesn't count apparently as I don't have a piece of paper saying I can teach. Sigh...

Try the Co-operative bank.

My partner and I are both PhD students on studentships and, after a lot of persuading, managed to convince them to give us a mortgage. We had to put up a 25% deposit and they wanted proof that we had funding in place for the next 3 years.

I think it's worth persevering with some banks and asking them to speak to the underwriters while you are on the phone.

So glad I have found this post a I am just about to start a full time PhD and have realised that my mortgage deal comes to an end soon. When I applied for the mortgage I had a job. It's reassuring to know that some banks are prepared to take bursaries/studentships as income.

Hi!
Good luck with the re-mortgaging! In my case, I told the bank the PhD was a planed carrer move to get a better job. They asked me the last years pay-slips to know how much I was earning before (just a prove that I was already a professional). Let us know which banks are welcoming your studentship as an income!