Mortgage With PHD Stipend
It can be hard to find a mortgage lender who accepts your PhD bursary or stipend income if you are studying for a PhD - not all lenders will consider your PhD stipend income when determining your affordability, making it difficult for you to obtain home financing.
Some lenders will consider bursaries and stipends as income sources.
What Documentation do you need to Apply for a Stipend Mortgage?
Not all mortgage lenders will consider stipend income and those that do will want you to provide the correct paperwork including:
- University Letter - Confirmation from the university or college confirming enrolment on your PhD programme confirming the income that will be paid to you.
- Bank Statements - Typically a lender will require your last 3 months bank statements evidencing your financial behaviour and stipend income payments
- Bank deposit - Evidence of the deposit you will be putting down on the property
How much can you Borrow with a Stipend Mortgage?
It will depend on the lender but typically 4.5x your annual stipend.
Additional income e.g. from a part time job could be included to help bump up your borrowing power.
Special features of what we offer include:
- Access to leading market mortgage rates
- Access to High street & specialist lenders who will consider stipend income
- Fast turnaround - speak to us today
In a transaction as important as a mortgage, you need to seek good advice.
Independent Advice
If you are not sure what your PHD stipend mortgage options are then speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464