- Busary Income Considered
- From 5% Deposit
- Multiple Income Sources
- No Credit Scoring Application for Some Lenders
- Common Sense Underwriting
- Credit Issues Considered
Mortgage with Bursary Income
RockHopper can look to assist clients in obtaining a mortgage who receive all or part of their income from a Bursary or Stipend, whether buying a property by themselves, with a partner or a friend.
We often find that clients with this form of income are PhD, Trainee Teachers or NHS Students and the typical bursaries and stipends we can assist with are:
- PhD Bursary
- NHS Bursary
- Teacher Training Bursary
- Student Bursary
However, do contact us to see if we can help, if your particular bursary is not listed above.
Most clients receiving this type of income tell us that their existing Bank or Lender will not consider all or part of the income when assessing how much they can borrow for a mortgage or a remortgage.
This often results in frustration, in that mortgages that would normally be deemed affordable are declined on the basis of the Lender refusing to consider the bursary or stipend income. Clients inform us that this may mean they cannot purchase or remortgage their property or have to put in a much larger deposit to secure their home.
Bursary or Stipends are usually paid for between 2 to 5 years and mortgages typically last for much longer than this. Therefore it is important to assess the whole situation and the likely job prospects and income level once the period of study and the bursary has ended to ensure that the mortgage will continue to be affordable.
Clients also tell us that, while their bursary is paid tax free, they feel it is unfair for a lender to deduct tax from their bursary income when assessing how much to lend on a mortgage or remortgage. They often tell us that, as no tax is payable, their income should be assessed at full face value and not at a reduced amount.
At RockHopper we look at all cases individually and assess each mortgage home loan on its own merits.
Do get in touch if you want some assistance in obtaining a mortgage with bursary or stipend income.
We offer a free initial, no obligation, assessment to see if we can help you.