Can I get a mortgage if I am studying ?

Posted on 15 December 2015 by Mariam

I want to buy a flat to rent (buy to let). I am studying and have young children. I have a deposit of £35000. Can I get a mortgage? Obviously the rent will pay it off. Thank you.

Unfortunately based on the limited information that you have provided  you will not be able to purchase a BTL as you do not have any earned income. Usually lenders require you to have an earned minimum income of £25,000 and as you are studying, you may not meet this requirement. Most lenders also prefer you to have owned a residential property and the market for someone who is both a First Time Buyer and First Time Landlords is virtually non existent, so this again will cause issues.

Although Rental income is used to assess affordability for BTL lending, but it’s important that applicants can reasonably afford their personal commitments leaving the rental income available to support the BTL should you experience any rental voids.

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We recommend you seek professional advice with regard to any of these topics where appropriate.

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