student mortgage?

Question

At the moment i am reanting with my partner in UK, Plymouth but am researching mortgages; our current combined income is about £18000.
Someone at uni told me i could get a large100% mortgage, from natwest as long as i rent it out for 3years. BUT i cant find this anywhere on the natwest site.
Do you know if it exists or if there are any other good 100% mortgages deals available?

Answer 1

A site I like with a lot of info is at http://www.refinance-and-loans.com/ . Don't know if they cover the UK, but you might start out there and see if there are any brokers listed for the UK who you might talk to.

Answer 2

Go and see an independent mortgage adviser - but I don't see how you could get a mortgage based on your income from student loans as you are just borrowing from one place to pay off the other and would still have the student loans outstanding to pay off. There are loads of 100% mortgages out there, but they are usually at a higher rate. Also I'm not sure what a combined income of £18k would get you in Plymouth - probably not very much.

Answer 3

They do exist, but not everyone is eligible for this type of mortgage. If you and your partner are married, then you can use your combined income to support your mortgage application. If your not married, then the 100% mortgage application will be rejected unless only one of you applies. The reason for this is because a boyfriend girlfriend relationship can easily breakup. As far as banks are concerned, when a couple are married, this proves committment to each other and hence financial security to the mortgage lender. Banks will also look at your financial record and you HAVE to be on the PAYE, in other words you cannot be self employed.

Answer 4

for the reason that qualifying for a private loan relies upon having sufficient earnings to make the money I doubt which you will get a private loan with out any earnings. you're able to get a no-record or "liars mortgage" however the interest fee is going to be a killer.