Student Mortgages

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.
• In 2023 interest only mortgage options are no longer available on the market in Scotland. This means that all guarantor mortgages MUST be on capital repayment. On this basis the maximum term of the mortgage will be on the oldest guarantors next birthday to a maximum age of 70. i.e. if the guarantor was your father who is 54 then the maximum mortgage term would be 15 years.