Student Mortgages and working in a cocktail bar

Back in the day and I am talking about back in the midsts of time when I was at uni it was the norm to have a part time job. During by stint in Aberdeen I delivered pizzas, worked at the Levis Store and sold wine at Oddbins. One Christmas I ended up have two jobs delivering the post in the morning then putting in a shift as poor cocktail barman. More Bryan Brown than your Tom Cruise! Money was coming in left right and centre but it never crossed my mind that I could get a mortgage to buy a place. Nowadays there are ways and means for students to get their foot on the property ladder - why shell out on rent when you can buy a two bed flat and rent out the room to help with the overheads?

There are lenders out there that will agree to lend if you pass muster on their criteria and generally you will need the following:-

1. At least a 10% deposit. Unless you have been squirreling away your pocket money since the age of 7 then it is likely that you will have to go cap in hand to the Bank of Mum and Dad.

2. Most lenders will insist that you own the property so you had better run that by your folks too!

3. You need to be in full time education - an incentive then to make sure you keep going to those 9am lectures so you don't get kicked out.

4. The lender will look for a guarantor. On the basis that your parents are going to guarantee the loan, you had better tell them to put on hold their retirement for a little longer. The lender will want them to demonstrate a sustainable income to meet the overheads. The guarantee will be removed once you decide to get a proper job when you realise that spinning bottles for a living is maybe not what your parents had in mind for you when you started your degree.

5. The guarantors need to be UK resident with their own property. Both parents are likely to have to be guarantors.

So there you have it. A student mortgage is possible but there are some hoops to get through. If are looking for a helping hand to get your foot on that size 14 foot of your big muckle son on the property ladder then please do not hesitate to get in touch. In the meantime here is some 1980's nostalgia.