Representative Example: Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Rate fixed untilfor 26 months after which reverts to HSBC variable rate of 4.04%.
Representative Example:
Mortgage of £100k on property valued at £200k over term of 26 months. Rate fixed for 2 years after which reverts to HSBC variable rate of 4.04%.
See below for a selection of leading mortgages or use our independent mortgage advice service to discuss lenders who will consider income affordability using a PHD stipend.
A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.
The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).
In this example the overall cost for comparison is 3.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
If you are studying for a PhD then getting a mortgage lender who will accept your bursary or stipend income can be a challenge - you will find that not all lenders will take into consideration your PhD stipend income when calculating your affordability; which could make it more challenging for you to secure home finance.
There are a few lenders who will consider bursary and stipend income arrangements.
Special features of what we offer include:
To compare your mortgage options if your income comes from a stipend call our mortgage team or fill in our call back form.
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As your mortgage is such an important transaction, good advice is imperative.
If you’re looking for a mortgage where the income that will be used to support your mortgage comes from a PHD stipend contact us for a no obligation discussion.
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