Student Mortgages – Student Mortgages are mortgages that are taken out in the name of a student in full time higher or further education, either part-time or full time, at a college or university. Student mortgages are regular mortgages, in most cases residential, which – unless the student is deemed to be appropriate to take full financial responsibility for a mortgage by a lender – use a guarantor. In most cases the guarantor for a student mortgage is a parent, but does not have to be.
An advantage of student mortgages is that a capital investment is made in a property while a student is living away from home, where the majority of individuals rent. As renting can be an expensive solution, and provides no capital growth, student mortgages can be both cost-effective and remove the hassle of renting, leaving the student to focus on their studies. Often students live in high concentrations in certain parts of towns and cities, especially while at university, so the time and effort expended in finding a rental property at the right price where demand is high can result in extra stress.
On the other hand, however, student mortgages can become complicated where fellow students live together, especially in cases of joint mortgages where financial responsibility is shared between two students. The right advice on student mortgages is then of high importance before applying.
At Capital Fortune, our specialist team have the expertise to advise you as to whether a student mortgage is the right option for your individual needs. We carry out a detailed fact find for our clients to help ascertain this information and decide whether a student mortgage solution would be right for you. If so, we can help you secure some of the lowest rates on the market through our whole-of-market approach, and make the application as easy as possible for you.
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