Can a PhD student get a mortgage?
by Admin
Posted on 21-11-2022 08:34 AM
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.
We are specialized in giving mortgage advice to phd students and other academic staff attending universities throughout the netherlands. For years now universities refer phd students and other academic staff to our office. The most important reason for this is because the universities and employees have received the added value by benefiting from our knowledge and experience.
Because the average doctoral research takes between 4 to 5 years, any employment contract is usually of a temporary nature. As a result, obtaining a statement of intent for phd students is not standard. There are of course exceptions: you may have already agreed that you will remain affiliated to the university or your employer. Always ask if you are eligible for a statement of intent. If the purchase price is below the nhg limit (€ 325,000), you can use a statement of intent to become eligible for an nhg mortgage. Is the purchase price above the nhg limit? if so, then extra motivation may be required.
Our phd student mortgage specialists are highly experienced professionals who are committed to ensuring you receive the best mortgage to meet your needs. Our advisers utilise their access to the whole of the mortgage market to ensure all applicants receive the best rate possible with latest applicants being offered market leading interest rates alongside a wide range of exclusive deals that aren't available on the highstreet. You will have the expertise and knowledge of our specialists to guide you through your successful remortgage application and to get started today, just complete our 30 second form!.
Joint mortgage applications using a stipend
Typically, lenders will not consider short-term stipend income for mortgage applications because the income is only temporary. “however, long-term stipend income may be considered by lenders to help you qualify for financing,” says rocky foroutan , ceo of lenderhomepage. “for a fannie mae-backed loan, for example, fannie mae requires documentation of income received for the most recent 12 months and proof that will continue for at least three more years for stipend income to count on an application. ”joe pirro , ceo and founder of sovereign lending group, agrees.
Stipend income may help you qualify for a mortgage if it will continue for at least three years.
Mortgage Lenders for Stipend Income
Hi mes i applied for a mortgage successfully along with my partner in 2012 - albeit as a part-time phd student. The difficulty you'll have will be getting around lenders' hesitancy re. Short-term contracts (this is how they'll probably view a funded studentship or other work such as casual teaching assistantships). If you can present income in the form of an ongoing contract you'll be in a much stronger position. We succeeded in the end by going through a broker. They charged a small fee, but were more than worth it. My advice would be to try something similar - they'll be better placed to take stock of your situation and present it to banks.