Could I mortgage a house while studying?

Yes, it's do-able. There's an article from the Telegraph I believe, where someone mortgaged a house and rented the rooms out in student-style accomodation. The rent from each bedroom was more than the houses mortgage so as well as paying off his mortgage he was making a few hundred £ surplus a month. It's only possible in cities eg Leeds, Sheffield, Nottingham. You definitely could not do it in London.

The issue is the deposit, not everyone has the necessary £20K+ available. Then there is the question of your suitability as a borrower - unless you have a big percentage of the asking price, the mortgage lender is going to want evidence of your ability to pay long term, which usually means a good regular salary.

Bath Building Society actually lend 100% of the cost up to £300,000 - so the deposit barrier is broken down.

Not if they dont believe the person offers a secure risk. A student just out of college is going to have to be earning a lot form a pt job to secure a £300k mortgage.

It's not for a student just out of college - its for one currently studying. Have a look at the article from the Guardian

Are you sure you are intelligent enough; work full time while studying?
Yes, I suppose so if you work a night shift.

In short - no.

Students are not offered mortgages by high street lenders. You'd need to go to a speciality lender - but these places are for people with rich daddies.

Your ability to pay a mortgage is measured by a few things including your ability to hold down a full time job, your wage, your deposit, your previous experience of making monthly repayments, your ability to pass the stress test (they test your stats should the interest rate go up to about 11% or something). Your likelihood of gaining a wage increase, your realistic monthly outgoings. Etc etc *A young student of normal means would not be able to pass this. I got my first mortgage at 23.

I thought the OP was still at school?

In short - no.

Students are not offered mortgages by high street lenders. You'd need to go to a speciality lender - but these places are for people with rich daddies.

Your ability to pay a mortgage is measured by a few things including your ability to hold down a full time job, your wage, your deposit, your previous experience of making monthly repayments, your ability to pass the stress test (they test your stats should the interest rate go up to about 11% or something). Your likelihood of gaining a wage increase, your realistic monthly outgoings. Etc etc *A young student of normal means would not be able to pass this. I got my first mortgage at 23.

So you got a bachelor's degree then got a full-time job? you didn't star for a master's?

I plan on getting a bachelor's, then working a job as well as studying for a master's degree

so I'm still in school but I was wondering would I be able to mortgage out a house ~500k $(Canadian) while studying? If I worked part time? Lets say I wanna get a house by 24… is it possible to mortgage a house while I'm doing my majors? Would i work full time or part time?
thanks

I just got a mortgage and I'm 21 and that's for a £650,000 penthouse which is easy when I make what I do
but that is impossible for you to do on a degree for a fact no bank would touch you not since '08 unless you have like 60% up front

Yes, it's do-able. There's an article from the Telegraph I believe, where someone mortgaged a house and rented the rooms out in student-style accomodation. The rent from each bedroom was more than the houses mortgage so as well as paying off his mortgage he was making a few hundred £ surplus a month. It's only possible in cities eg Leeds, Sheffield, Nottingham. You definitely could not do it in London.

This is rubbish. Buy to let mortgages have all but disappeared now

A mobile and impoverished community of prospective tenants such as students would set alarm bells ringing even further at the bank.

Yes, it's do-able. There's an article from the Telegraph I believe, where someone mortgaged a house and rented the rooms out in student-style accomodation. The rent from each bedroom was more than the houses mortgage so as well as paying off his mortgage he was making a few hundred £ surplus a month. It's only possible in cities eg Leeds, Sheffield, Nottingham. You definitely could not do it in London.

Not as rubbish as this.


I can assure you that this is not the reason the bank would decline the application.


1. Residential Mortgages are based entirely off your own personal income. Generally lodger income does not count as your income and in this case, it would be prospective income at best. Lodgers do not sign Assured Shorthold Tenancy contracts, where the minimum term is 6 months and guarantees income. Seeing as you cannot guarantee Lodger income, nor are you obliged to rent to Lodgers, it cannot count as an income source when getting a mortgage.

2. BTL mortgages are different. In that you can borrow an amount based on the rental value. However, there are some general rules.
1. You, the owner, cannot live in a BTL property
2. You cannot be a first-time buyer
3. You must have at least a 25% deposit.
4. The rental income is stress tested against a minimum of 5.5% interest rate.

This is not going to happen for a student. It's nonsense. Plus you're about 2 years out of date in your 'information' about buy to let mortgages.