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Buying a financial product such as a mortgage can be the biggest decision made in our lives. It is for this reason that impartial advice is critical from qualified advisors.
What is a Buy For University Mortgage?
The Buy for University Mortgage allows students to buy a house to live in with the support of family and then rent out rooms to cover the cost of the mortgage. It is designed to allow a student, with the help of parents, step-parents or a grandparent to buy a property of their choosing rather than renting, and they can derive enough income by renting to cover the bulk of the monthly mortgage repayments.
Support for this type of mortgage is needed from a family member(s) in the form of a guarantee to pay any shortfall in the monthly mortgage amount after rental income has been assessed. The guarantor won’t have any legal rights to the property, with the deed being in the name of the person studying.
Why choose a Buy For University Mortgage?
With around 2.6 million students attending University each and every year at 119 Universities in England and Wales, there are opportunities for many to make their time at university not only an opportunity for study but also for property investment.
Instead of paying out to private landlords or expensive university-owned accommodation – around 50% of students are thought to be living in private landlord accommodation – you can avoid a ‘dead money’ situation by getting a mortgage on a property. The standard of rented accommodation for students can be variable and with average rents tending to rise year on year, there are many advantages for students to buying a property through a Buy for Uni Mortgages including:
- Becoming a homeowner at the same time as studying full time
- Avoiding paying high rent for often poor accommodation
- Rent spare rooms in the house to friends or fellow students with the the rental income covering the mortgage payments
- Student could have lower or no costs payable for their own accommodation for the time they are at University
- Potential income while at University with a surplus after the mortgage has been paid
- Avoid stamp duty as treated as 1st time buyer
- Accommodation of your choosing and better living standards during your time at University
- Enable you to choose your own housemates who can rent from you
How can we help?
Going to university can be a daunting time, especially with the question of where you are going to live hanging over you. A Buy For University Mortgage provides an investment opportunity, while at the same time ensuring that you live in a property of your choosing, and get your fellow student to help cover some or all of the costs of the mortgage.
Buy for University products are relatively new, having been offered by a few lenders over the last 5 years, and we can assist you with making your property dreams a reality. We’ll take care of everything and make buying a property to live in while at University as easy as possible. We aim to advise and assist you and make the mortgage process as stress-free as possible.
We have access to Buy for Uni Mortgages available on an interest only or repayment basis for the purchase of property in mainland England and Wales. These will require a 20% deposit or a Collateral charge which is a legal charge against the parent property.
All products have no early repayment charges which is useful for those whose circumstances change and they may want to leave University. If an interest only mortgage – this will convert to capital repayment after completing the course.
Our approach - and how we do it
We love speaking with our clients. Either give us a call or fill in one of our contact forms. Remember, we love a challenge!
One of our Advisors will then find out what you’re looking to do, discuss your options and answer any questions you may have.
Your Advisor will find the best option for you and help arrange things. You then sit back and relax while we do the rest.
Ready to assist you.
Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.
Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.
What are the main conditions of a Buy For University Mortgage?
Buy for Uni Mortgages can be surprisingly straightforward as long as some of the following conditions are met:
- Purchaser must be 18+ year old UK resident students in Higher Education throughout England and Wales
- Student needs a minimum of 12 month remaining on their course at the start of the mortgage
- Property must be within 10 miles of the University attended
- The student must reside in the property
- Property should have no more than 3 bedrooms
- Two rental projections required to confirm expected rental income from each room being rented out
- Property can be purchased one year in advance (University acceptance letters required)
- Maximum age 70 at the of the completion of the mortgage term for the guarantor
- Ex local authority flats, studio flats that don’t have a separate bedroom and bathroom and flats in London won’t be eligible.
How much could you borrow on a Buy For Uni Mortgage?
Lenders may lend you between £90,000 to £400,000 up to 100% of the value of the property. The amount you are able to borrow will be based on several factors including the rental income that will be received from letting rooms in the property.
Where there is insufficient rental income to support the mortgage, the income of the family member(s) supporting you, after the deduction of financial commitments, will be taken into consideration. Acceptable family members include parent(s), step-parent and grand-parent(s).
If the application meets the criteria, a mortgage will be provided on the property to be purchased. On loans greater than 80% of the value of the property, additional security will be needed:
1. Security through savings: allows the family member(s) to use their savings to help the buyer without having to ‘give’ the money to them.
Example: Property valued at £150,000 Buy for Uni mortgage for £150,000 (100%) of property value 20% of property value (£30,000) deposited as security in a Savings account
2. Security through property: the family member agrees to using equity in their own residential property being used as security.
Example: Property valued at £150,000 Buy for Uni mortgage for £150,000 (100%) of property value 20% of property value (£30,000) secured against equity in the family members residential property
3. Or, a combination of options 1 and 2 is available. The minimum amount of each security option is £5,000.
Example: Property valued at £150,000 Buy for Uni mortgage for £150,000 (100%) of property value 20% of property value (£30,000) covered by £15,000 secured against equity in the family members residential property and £15,000 deposited in a Savings account.
What happens when you finish your Uni course?
The Buy for Uni mortgage is designed specifically to enable you as the borrower to take ownership of a property while you are studying. When you complete your course, you have several options.
You may wish to keep the property as your residence, either with or without tenants, or convert the mortgage to a Buy-to-Let. You will need to inform the lender of your intentions so that options can be provided based on your personal circumstances.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
This article is for information only and should not be seen as advice or a recommendation to take action.
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I would highly recommend the mortgage advice service Alice Hale was amazing throughout she is a credit to your organisation and helped us secure our dream home
We had a long journey buying our first home together and recent pandemic events didn’t help matters. Every step of the way, our advisor Steve was supportive, positive and we had every confidence in him. He was able to arrange a good deal for us and we were able to move into our dream house this autumn.
I used George from the finance advice centre to get my mortgage, and he was nothing but amazing! Talked me through every step, always easy to get hold of ! And got me a brilliant product I would highly recommend him, just brilliant 5 stars from me
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From start to finish, Greig and Emily were very helpful with our mortgage application. The advice Greig gave us was very clear and informed. They were always available either by phone or email to answer any questions we had. The whole process was made a lot easier because of the work they did. Would thoroughly recommend
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