A different take on the student mortgage!

When I went to uni, I had to rent for the 5 years that I was there. The smart money bought and in the late 1980's there was a killing to be made in Aberdeen. Why shell out money to a non existent landlord for what then were akin to slum conditions when I could buy and get my pals to pay the mortgage. Pity my folks didn't have two farthings to rub together otherwise I would have started on the property ladder much sooner than I did. Back in the day it was a doddle to secure a guarantor mortgage. These days there are only a few still in the market but it is still possible to secure your first property when you are at uni.

The general conditions that have to be met are as follows:-

• The applicant(s) and guarantor(s) will be required to meet the lender's documentation and underwriting requirements in respect of the guarantee.

• The lender is prepared to consider up to a maximum of 90% loan to value.

• The title to the property must be in the name of the borrower(s)

• In addition to the guarantee the lender will obtain Mortgage Indemnity Guarantee Insurance for any borrowing in excess of 80% loan to value.

• Affordability calculated on the parents' income.

• The applicant must be purchasing the property for their own main residence (re-mortgages are not available) and may be:

1. Working child (current earnings expected to rise over time and will meet affordability requirements in the future)

2. Non-working child (includes those in full time education)

3. Residing spouse whereby setting up the mortgage on a guarantor basis is a means of protecting the marital home against 'unlimited liability' for self- employed applicants.

So if you want to explore the possibilities of getting your son or daughter on the property ladder when they are at uni then get in touch.