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Can I get a mortgage as a student?

Student mortgage advice in Sheffield

University is a place to enjoy some of the greatest things that come with adult life; for example, freedom and independence Although, University costs a lot of money, and sometimes it can be hard to see exactly what you’re putting your money into, especially when it comes to accommodation fees.

Student accommodation can be a hit or miss situation. You may get an amazing landlord in Sheffield that takes care of you and your housemates, regularly checking in and taking care of property repairs and damages. On the other hand, you could get a landlord who does the opposite and leaves you with something like a broken washing machine for 4 weeks!

When you’re raking out money for rent month on month and getting the minimal back, it can be hard to ignore the fact that you should be getting treat better. Why don’t you look at becoming your own landlord? This way, you will be in charge of things and manage your property your way.

This can be made possible through a student mortgage. Taking out a mortgage as a student may not only save you money in the short term, but also in the long run.

Why should I get a student mortgage?

Getting a student mortgage will allow you to save costs on your accommodation and will also give you an early opportunity to get yourself onto the property ladder. They are more popular amongst higher education students who plan to continue their education through to their masters/PhD.

If you’re not planning to live in the property in the future, you can always sell up when you’re ready to move on. You could even keep it as a buy to let in Sheffield to rent out to other students!

By the time that it comes to the end of your course, you should have built up a bit of equity within your home. You can withdraw this equity if you would like. Equity can be turned into cash, and you can spend it however you want, it’s your money after all. It could be anyway from a wedding to a new car. The more equity in your home, the more money you can withdraw.

There are lots of things you could do with your property in the future!

How can I get a student mortgage?

Student mortgages can sometimes be hard to obtain. The reason behind this is that you need to have funds in place to afford one, and as a student, that can be difficult.

As a mortgage broker in Sheffield, when we come across a student mortgage application, we have to ask the applicant a set of questions so that we can find out whether they qualify for one or not. Firstly, we will need to know if you have a deposit for the property. This can be something like a gifted deposit, a Lifetime ISA or even as simple as funds from a savings account.

Secondly, we need to know that you can actually afford a mortgage. Your mortgage advisor in Sheffield will measure your affordability right off the bat. You will need some sort of income to take out a student mortgage. Some lenders will accept a part-time job, whereas others will only accept a full-time job.

Showing reliability

Your lender needs to know that you’re a reliable applicant. You can show this in multiple different ways. Here are a few examples:

Increased deposit amount – Putting down a higher deposit would mean that the total amount that you borrow would decrease, hence also decreasing your mortgage payments.

Using government schemes – Using government-led schemes under the “Own Your Home” program, you may be able to access a larger deposit for your student mortgage. A few of the schemes included are the Help to Buy Equity Loan, Lifetime ISA and the Shared Ownership scheme; there are many more if you visit https://www.ownyourhome.gov.uk/all-schemes/.

Have an AIP ready – An agreement in principle can benefit your student mortgage application. It proves that a lender has already agreed to lend to you providing that you can supply documents to evidence your income, affordability, etc.

This is just naming a few. For further ways to appear more reliable during your student mortgage application, get in touch with our mortgage advisors in Sheffield today.

What type of property can I buy with a student mortgage?

Like most mortgage options, you have to meet certain requirements before getting the green light:

  • The property that you’re taking the mortgage out on has to be within a 10-mile radius of your University.
  • The property has to be 3-4 bedroom house.


With this in mind, you’ll also have to think about what you’re going to do with those spare rooms. To help you manage your money, the best idea could be to look into renting them out.

What happens if I can’t afford my payments?

Lenders will be aware of all of the risks that come with lending to a student. This is why they always take precautions.

When signing the papers for your student mortgage, you’ll have to declare a guarantor. This is someone who will cover your payments if you fail to pay them at any time. There are some limitations to who your guarantor can be:

  • They cannot be over 65 at the point of your application.
  • The guarantor must own a property in the UK.
  • They must live inside this property in the UK.


Lenders have to have a backup just in case anything happens. This situation is in the worst possible scenario of course.

For help achieving your student mortgage dreams and first time buyer mortgage advice in Sheffield, get in touch today. We can help you see whether you match the criteria for a student mortgage or not.

First time buyer mortgage advice in Sheffield

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