Hi,
Just looking for some advise, my husband and I have our eye on a lovely little flat. However have just got off the phone from the bank who say they can't take my income into consideration as it's an 'educational busery' not a salery. Really cross. Is this the same for everyone? I'm really lucky as my parents are also funding me which actually mean my income is more than my partners!
Is there anything we can do?
Kx

I live in the UK by the way..

If you do a search on the forums there's been a couple of discussions on mortgages. I think the general impression is that many people have a similar experience and find it difficult however there is a chance you just have to get lucky with the bank and the person dealing with your application at the bank. I think getting parents to act as guarantors can help from what I remember reading.

Yes, conditions vary from bank to bank and even from person to person. Try other banks if possible.

My husband and I had this same problem - even though my bursary was only 10,000 it was the diff between getting the mortgage we needed or not and we couldnt find a bank that would consider it (we tried a fair few) - their argument was that it was a salary that would end in a year or so rather than its source was educational.
We ended up borrowing the money from father in law, thus putting in a bigger deposit and then paying him back from my salary as if it was a seperate wee mortgage...
Lots of PhD students at my Uni have had this problem as it is a rural one and renting is difficult - most got round it by having the mortgage 'guaranteed' on a parents house - a big ask from the parents though..
Good luck with it

I had my stipend accepted as income without a problem by the Halifax. All they ever asked for was proof of ID! Abbey and HSBC also didn't seem to mind in principle. It does seem to help to have a large deposit and so a lower loan-to-value (LTV) ratio. Essentially, a low LTV means they'll get their money back if they have to reposses and sell quickly, so they don't really care whether you can afford the payments.

If you are still having problems getting a mortgage, then self-certifying is an (expensive) option, and one I would avoid if possible.

Speak to a good IFA who can search the whole market and I'm sure you'll be able to find something

Hi we went through the HSBC they took my bursary as a wage and gave us 100% mortgage. I think it can vary on the branch though so try and go to one thats in a heavy student populated area they tend to understand more.

Halifax were also going to accept mine, so they're worth a shot.

Word of warning though, their customer service is dreadful. By the time they'd got round to dealing with all the paperwork, my stipend had run out and I'd got a new job, so the whole thing was re-assessed. We do have a good fixed rate though.