Student Mortgages

Are you eligible?

Most students don’t realise that mortgages are available to them while studying at University, potentially saving money compared to paying high rental fees. However the catch is there are strict criteria to be fulfilled. Here at the Independent Mortgage Store we have a team of independent mortgage brokers who are specially trained in this market and have over 20 years’ experience.

So what criteria do you need to fit?

  • Anyone who is over 18 and under 50 may be eligible.
  • You will need to have sufficient income and if not a guarantor will be required.
  • The guarantor must be a direct family member who already owns a house.
  • They must live in the UK and have permanent right to reside here.
  • All lender will take the term to the guarantors 70th birthday. In some circumstances it may be possible to use lenders that elongate this term to age 80.
  • You will be required to place at least a 10% deposit down if you wish a capital repayment mortgage. Interest only options are currently available but only to cover your period during studies and a larger deposit of at least 25% is required.

Let’s Compare Prices

To rent a student studio apartment in Glasgow, the current monthly rent can range from £650 to £845 per month. If you purchase a 2 bedroom flat in the west end for £200,000 and place a 25% deposit down your monthly costs based on an average 2 year fixed rate of 2.35% on interest only basis costs £293.75 per month. Vastly cheaper than renting!! In addition you now have a spare room that you can rent out to a friend. If you rent this spare room to a lodger for £350 per month your mortgage costs are covered while studying at university. * Income from renting out a room to a lodger may qualify for ‘rent a room relief’, if your gross rent a room income does not exceed £7,500 for the tax year 2017/18 before the deduction of any expenses and the source of the income relates only to one residence.

On nearly every occasion we saved our clients’ money by helping them buy their own property compared to renting while a student and have helped hundreds of students and graduates from Glasgow’s universities find their first property.

Doing a PhD and on a stipend…no problem talk to us about your mortgage options

Contact Us

Our Address

93 Byres Rd, Glasgow, G11 5HW

Our Phone Number

0141 337 3393