Stipend and Bursary Income Mortgages
Our Mortgage Service
If you have income from a stipend or bursary getting a mortgage can be less than straightforward - our service provides:
- Expertise in sourcing mortgages using bursary and stipend income
- Friendly telephone service from our expert mortgage advisers
- Whole of market service - we work with most UK lenders
- Access to leading market mortgage rates
- Access to exclusive mortgage deals not available on the high street
- Quick turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous defaults and missed payments
- Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support.
Call us on 0117 313 7780
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support".
As your mortgage is such an important transaction, good advice is imperative.
Stipend and Bursary Income Mortgages
If you are a PhD student looking for a mortgage, you may 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. While there are not usually mortgages specifically branded as ‘Stipend and Bursary Income Mortgages’ there are some lenders who will take into account these types of income with some of their products.
Finding a mortgage
Individuals who are looking to find a mortgage provider that will accept stipend and bursary income as a form of income during the mortgage application may benefit from using the services of a whole of market mortgage adviser. This is because in addition to being able to offer their clients impartial advice, a whole of market adviser can use their professional knowledge of the mortgage industry to search across a selection of providers to try and find the best deals available to borrowers looking for a particular type of mortgage.
There are also certain mortgages available from specialist providers that can only be applied for via an independent mortgage adviser; which in some cases might present the best choice.
About getting a mortgage
Aside from the fact that they will accept stipend income into the affordability calculation, there is not much difference between these types of mortgages and others. Therefore potential borrowers may want to consider things such as what sort of introductory rate they desire and other factors.
When applying for a mortgage the size of what you may be able to borrow can be dependent on various factors including the credit histories of all of the applicants, total income and the size of the deposit available.
Deposit – Borrowers are normally required to put down a deposit on a mortgage. Mortgages tend be available in different Loan to Value (LTV) bands, the LTV of a mortgage refers to the ratio between the size of the deposit placed and the size of the loan. Generally speaking the size of the loan compared to size of the deposit the better the interest rate a lender will be willing to offer. For example for a property worth £100,000 on a 90% LTV mortgage a borrower would need to be able to put down a deposit of at least £10,000, however if they could put down a larger mortgage and get a lower LTV mortgage they may be able to achieve a better interest rate.
Affordability – Lenders carry out affordability assessments on potential borrowers in order to evaluate if they will be able to afford the monthly repayments of a mortgage, they will also stress test the application to see if they could still afford a mortgage if rates were to rise in the future. To do this they normally base the maximum mortgage size they would be willing to loan a lender on a multiple of all the applicants combined income, they will however also factor in other things such as any regular outgoings, credit commitments and dependants.
Fair Mortgages is a whole-of-market mortgage adviser, to find out if we could help you find a mortgage that will include stipend and bursary income, fill in the online contact form on this page. Alternatively you can call directly on: 0117 313 7780