Stipend Mortgages
Award Winning Mortgage Advisers in Bristol
Experts in finding the best Stipend mortgages.
If you are currently studying a PhD or Masters and receive a Stipend or bursary, then Adam Wells Mortgages will be able to get you a mortgage!
Only a handful of lenders will be able to take this income into consideration, but with years of experience, we have built the relationships to know exactly which lenders this will be.
It won’t matter if you are buying on your own, with a partner who also has a stipend income or if they are in a regular full time job.
Studying for a PhD or Masters usually leads to a professional role with a larger salary than your current stipend income. As such, there are several lenders who can take this into consideration.
We know that you will be working hard trying to pass your exams and writing dissertations, which is why we’re here to help.
Whatever it is you are looking to achieve, we know we will be able to get you a mortgage with a stipend income.
Your home may be repossessed if you do not keep up repayments on your mortgage.
We will find the right mortgage for you!
Contact us now.
Frequently Asked Questions
Below are some of the most frequently asked questions about Stipend mortgages.
Does it matter how long is left on my course?
Typically the lenders will want there to be a year left on your course.
If less than a year, they will want to know what your job will be and if you have this secured.
They will ask for a letter from the University, addressed to you confirming your course, your income and when it is due to end.
Will my mortgage be more expensive due to my stipend?
Although you may not be eligible for the market leading rates, you certainly won’t be paying over the odds for your mortgage.
Typically, the rates are 0.1% or 0.2% higher than you might find with your big high street banks.
Will it take longer to apply for a mortgage due to my stipend or bursary income?
In most scenarios, we don’t see it taking any longer for you to receive a mortgage offer compared to applicants who don’t have a stipend or bursary income.
The most important thing is to prepare your documents and make sure you have a letter from the University addressed to you confirming your course, your income and when it is due to end.
Due to the specialist nature of our situation, we sometimes see them go through quicker as they go to more experienced underwriters.
I’m currently an undergraduate and don’t receive a Stipend or Bursary, but I do receive a student loan. Can I get a mortgage?
The short answer is not on your own.
The longer answer is yes, with some help from someone who has a regular income.
You could look into a Joint Borrower, Sole Proprietor mortgage. Most commonly this would involve adding a parent to your mortgage so you can use their income to help boost the amount you can borrow due to their income.
There are a few lenders that will look at the income you could get from renting spare rooms in the property to other students.
In these cases there does need to be some other income to back up the rent, typically from parents’ income again.
To discuss your stipend mortgage options, contact us today.
Adam Wells Mortgages is a trading name of Adam Wells who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.
A fee of up to £495 per mortgage may be charged depending on individual circumstances.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.