Stipend mortgages

Navigating the mortgage market can be complex, especially for individuals with stipend income. At Goldmanread, we specialise in making mortgage applications on behalf of stipendiary earners in Essex to help make their homeownership dreams a reality.

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Mortgage brokers for stipend mortgages

Sacrificing financial gain in pursuit of academic, charitable or professional excellence is admirable. At Goldmanread, we believe that pursuing your vocation should not stand in the way of owning your own home, and we are dedicated to helping clients get a mortgage with stipend earnings.

Securing stipend mortgages can be hard work. Few lenders accept stipend income, and if they do, it usually comes with stringent criteria. That’s why when it comes to securing mortgages with stipend earnings, expertise matters.

Goldmanread is experienced in dealing with stipend mortgages and has helped all sorts of stipend earners, including clergy, charity workers and PhD students, to achieve homeownership.

We are here to provide professional advice on how to get a mortgage with stipend income and can support you every step of the way. We have access to the entire market and will only approach the right lender for your circumstances. Once we have found you a suitable mortgage deal, we will take care of the entire application process so that you can concentrate on your important work.

Contact us today to arrange a call and take one step towards achieving your goal of homeownership.

Can stipend income be used to qualify for mortgages?

The short answer is yes, but it is undoubtedly more challenging. Stipends are different to salaries in that they are not paid in compensation for services but to subsidise the living costs of certain professionals, researchers and students.

The good news is that there are a few lenders that consider stipend applicants, including a few high-street lenders and smaller specialist lenders. Goldmanread has the industry insight to be able to approach the right lenders to increase your chance of approval.

What are stipend mortgages?

There is no such thing as ‘stipend mortgages’ as such. The products available are basically the same, it’s the eligibility criteria that differ. A better term would be ‘stipend income mortgages’.

As a stipend earner, you generally have access to the same deals and rates, provided you meet the lender’s affordability criteria and other terms and conditions. When it comes to lending to stipend applicants, however, there are certainly more stringent requirements and hoops to jump through to achieve a mortgage offer.

For example, some will only lend where a stipend is a source of secondary income, meaning that you may need to apply with a joint borrower who has a more traditional source of income.

Some lenders impose a minimum income of typically £15,000, and others insist on you having received a stipend for a minimum duration.

How do stipend mortgages work?

Let’s take a look at how to qualify for stipend mortgages, what evidence you need to provide, how much you can borrow and how to improve your chances of success.

Affordability assessment

To be approved for stipend mortgages, you need to prove your affordability to make the mortgage repayments, just like any other type of applicant.

The lender will delve into your finances and look at your credit history, so it’s a good idea to take a look at your credit report and have your documentation prepared in advance of the application, including bank statements and proof of the stipend.

How much can I borrow using stipend income?

As for how much you can borrow, providing you meet the lender’s criteria, you should be eligible for their highest income multiples, which can be up to 5%. However, in general, you can expect a maximum 80% loan-to-value amount on most stipend mortgages.

How to improve your chances of getting a stipend mortgage

Joint mortgage

While it’s possible to be approved as a sole applicant based on stipend income, it is difficult. You have a much higher chance of approval with a joint borrower, providing your combined income meets the affordability criteria.

Higher deposit

As for any borrower, having a higher deposit opens up more options. While it’s not impossible to secure stipend mortgages with a 5% deposit, a 10-15%+ deposit will significantly improve your chances.

Earning potential

Potential lenders are more inclined to approve stipend applicants with evidence of long-term income. That is why members of the clergy are sometimes considered more reliable borrowers, as are PhD applicants with a guaranteed job lined up after their studies. Professions like medicine also provide reassurance to lenders of long-term career prospects.

If you don’t, unfortunately, meet the criteria for stipend mortgages, or have the above options available to you, there may be other routes to getting a mortgage. For example, you may wish to consider a guarantor or joint owner sole proprietor mortgage. Or it may simply be a case of having to wait until you can build up a more substantial deposit.

Whatever your circumstances, reach out to Goldmanread for advice. As a specialist broker, we can give you a clear view of your options and provide practical suggestions for improving your borrowing potential.

Our stipend mortgage services

Goldmanread can help you with your stipend mortgage application whether you are a first-time buyer, home mover or seeking a remortgage. We specialise in helping all sorts of stipend professionals, including members of the clergy, PhD students, trainees, interns and charitable workers.

If your stipend period is coming to an end and you are due to commence your career as a doctor or an academic, for example, we can help you secure a competitive deal based on your future earnings.

The first step is to meet and discuss your circumstances and goals. We can then provide advice on any actions you need to take prior to the application, such as checking your credit report.

We will then recommend the best lender(s) to approach. Once we have the green light, we will help you compile all of the correct documentation and make the mortgage application on your behalf.

We will be by your side throughout the entire process to answer your questions and make sure everything goes smoothly.

Why choose Goldmanread as your mortgage broker?

At Goldmanread, stipend mortgages are a speciality. We have a great deal of market knowledge and know which lenders are most likely to approve mortgage applications based on stipend income.

With our help, you can save a lot of time and effort researching the market and improve your chances of receiving a mortgage offer.

Contact us today and arrange a consultation.

Frequently asked questions about stipend mortgages

It's certainly possible to obtain a mortgage using your PhD student stipend, although there are a very limited number of lenders that accept research grants. You can increase your likelihood of success if you have a secondary income source, a high deposit and/or a guaranteed job at the end of your study period.

Yes, lenders will use your outstanding student loan amount in their affordability calculations. You need to declare all outstanding debts; otherwise, your application is considered fraudulent.

Stipend income is paid to professionals carrying out certain roles or research to subsidise their living costs. It is commonly paid on a weekly or monthly basis, but in some cases, it is even quarterly or annually. While lenders certainly prefer monthly income for ease of assessment, it is possible to be approved if you receive stipend income more or less frequently.

It is very difficult to secure borrowing on a buy-to-let property with stipend earnings, but not unheard of. You will almost certainly need to exceed a minimum annual income threshold, have a substantial deposit and be able to prove a high rental return.

A few major lenders accept stipend applicants, including Halifax and Natwest. There are also a number of smaller and specialist lenders that offer stipend mortgages, such as the Teachers Building Society. Providing you meet their criteria for stipend mortgages, you should have access to their best interest rate and terms.

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