Posted on: 16th Jan, 2009 04:23 am
Hey,
my fiance and I would greatly love to get a mortgage especially as the rent we are currently paying is adequate enough to pay a mortgage but we are not sure if our circumstances would allow us to get one.
My partner is working parttime and I am a PhD student in receipt of a Scholarship for the next three years. I read somewhere that 33% of your wage should be enough to make the mortgage repayments and after combining our wages it turns out that 33% is exactly the right amount.
However, would the fact that I am still a student and only guarnteed income for the next three years diminish our chances of getting a mortgage.
Thanks for your help.
my fiance and I would greatly love to get a mortgage especially as the rent we are currently paying is adequate enough to pay a mortgage but we are not sure if our circumstances would allow us to get one.
My partner is working parttime and I am a PhD student in receipt of a Scholarship for the next three years. I read somewhere that 33% of your wage should be enough to make the mortgage repayments and after combining our wages it turns out that 33% is exactly the right amount.
However, would the fact that I am still a student and only guarnteed income for the next three years diminish our chances of getting a mortgage.
Thanks for your help.
There are a lot of factors. You should contact a mortgage broker and ask for a free rate quote. You would need to provided minimal information and they can give you a good idea as to what you are looking at.
Student loans are not income they are loans.
And a part time job is ok so long as its been 2+ years in same profession and steady income.
You could get your parents to cosign for you if they are willing.
And a part time job is ok so long as its been 2+ years in same profession and steady income.
You could get your parents to cosign for you if they are willing.
