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In some cases, yes, it is possible to get a mortgage as a student, but it depends heavily on your circumstances.
Full-time undergraduate students are likely to face some of the biggest hurdles, while those who’ve already graduated and are working full-time may find things more achievable, especially if they’re studying part-time alongside their job.
In this article, we’ll look at the different types of student scenarios, from those still at university to those returning further down the line, and explain when a mortgage might be an option, what lenders are looking for, and how to improve your chances if you’re thinking about buying a home while studying.
Can a student actually get a mortgage?
The idea of getting a mortgage while you’re still at university full-time can sound appealing, especially when you’re dealing with expensive rent and unreliable landlords. In reality though, getting approved during this time is very difficult. Most students don’t have the financial stability or income that lenders look for, and without a substantial deposit, the chances are slim.
That said, if you’ve already finished university, have a steady full-time job and are thinking about going back to study part-time – this is where things can start to work in your favour. Mortgage lenders are much more likely to consider your application if you’re in secure employment, even if you’re enrolled in a new course alongside your job. In this case, it’s your income and ability to keep up with repayments that matter most, not your student status.
You’re not seen as a typical student in the eyes of a lender. You’ve got a work history, a regular income, and you’re studying in your own time. These are the kinds of details that make a big difference when assessing risk, and they can put you in a much stronger position to buy a home while continuing your education.
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What about full-time undergraduate students?
If you’re currently in the middle of your undergraduate degree and thinking about buying a home, it’s understandable, especially if you’re fed up with unreliable landlords or high rent. The idea of owning a property while studying full-time is appealing, but the reality is that it’s one of the toughest scenarios to get a mortgage approved.
Most full-time students don’t have the income or credit history that lenders need to see. Without a substantial deposit and some form of reliable income (usually more than just part-time hours) most mortgage applications at this stage won’t progress far.
That said, there are some rare situations where it’s possible. If you have financial support from family, a gifted deposit, and a guarantor willing to back your application, there are a handful of lenders who may consider it. It also helps if you plan to rent out other rooms in the property, as that rental income could contribute towards your affordability.
But it’s important to be realistic. Student mortgages are more of a long-term plan than something to jump into straight away. If you’re early in your university journey, it’s worth focusing on building up your credit score, saving towards a deposit, and getting your finances in good shape.
These steps can put you in a much stronger position when you’re further down the line – either after graduating or once you’re in full-time work.
How to make yourself reliable
If you’re working full-time and thinking about returning to university, your situation is very different from someone studying full-time. Lenders will treat you more like any other applicant in steady employment – which gives you a better shot at getting a mortgage approved.
Mortgage Deposit
One of the main things that helps is having a decent deposit.
Whether it’s built up through savings, a Lifetime ISA or a gifted deposit from family, this reduces how much you need to borrow and makes your application less risky in the eyes of a lender.
Credit History
Having a clean credit history also plays a big part.
Lenders will want to see that you manage your finances well, for example, things like paying bills on time, staying within credit limits and avoiding unnecessary borrowing all help to build trust.
Agreement in Principle
Getting an agreement in principle can also give you a head start.
It shows estate agents that you’ve already spoken to a lender and they’re willing to offer you a mortgage, subject to checks. It’s not a guarantee, but it’s a strong indicator that your application is realistic.
Getting Mortgage Advice
If you’re planning to rent out a room or two in the property, this can sometimes be factored into the affordability side of things, but not all lenders will consider this.
Speaking with mortgage advisors who understand these kinds of cases can make a real difference as they’ll know which lenders are open to less traditional circumstances.
What type of property can I buy with a student mortgage?
If you’re working and planning to study part-time, the type of property you go for will depend more on your income and lifestyle than any student-related rules. You’re not tied to campus accommodation or living within walking distance of a lecture hall, so you’ve got more freedom to choose a home that suits your long-term plans.
Most lenders aren’t offering mortgages specifically designed for students in your situation. Instead, you’ll apply in the same way any employed buyer would, based on what you earn and how much deposit you can put down. That means you’re free to look at a flat, a terraced house, or even something a bit bigger if the affordability works.
You won’t need to rent out spare rooms or meet any university location requirements unless you specifically choose to go down that route. For many people returning to university, it’s less about shared living and more about creating a comfortable home while continuing to work and study around it.
What happens if I can’t afford my payments?
Even with a stable job and a clear plan, life can take unexpected turns. If you’re studying while working full-time, there’s always a chance your hours could be reduced or your course might start to take up more of your time than expected. That’s why lenders want to feel confident that you can keep up with mortgage payments, even if things shift.
Depending on your income and overall situation, some lenders may still ask for a guarantor, which is usually a close family member who agrees to step in if you’re ever unable to make your monthly payments. This isn’t always required, especially if your earnings are strong and your credit history is in good shape, but it’s something to be aware of if you’re at the edge of affordability.
Guarantor Student Mortgages
Guarantors need to meet certain criteria. They usually have to be under a specific age, live in the UK, and own a property themselves. Their involvement doesn’t mean they’ll automatically make payments, but their name acts as a safety net in the background.
For applicants who are buying on their own, have a smaller deposit or are still early in their careers, this setup can make a big difference to how lenders view your case. Even if you’re confident in your income and spending habits, a guarantor could strengthen your application and improve your chances of securing the mortgage you need.
The most important thing is making sure your mortgage fits comfortably within your budget. Lenders will test this before offering anything, but it’s also worth doing your own checks to make sure your repayments won’t stretch you too thin.
Student mortgage FAQs
How much can I borrow for a mortgage as a student?
This depends on your income, deposit size and whether you’re applying with a guarantor.
If you’re in full-time work and studying part-time, you’ll be assessed like any other employed applicant, based on your affordability.
Do lenders factor in my university fees when getting a mortgage?
Not directly, but they’ll look at your outgoings as a whole.
If your course fees or study-related costs reduce what’s left after bills and spending, it can affect how much you’re able to borrow.
Can I get a mortgage as a full-time undergraduate?
It’s not impossible, but very unlikely without a large deposit, a guarantor and a strong plan in place.
Most full-time students don’t have the stable income lenders need to see.
What happens if I reduce my hours when I have a mortgage as a student?
If your income drops and you’re unable to meet your payments, things can get tricky.
That’s why lenders carry out affordability checks in advance, and in some cases, require a guarantor to cover any shortfalls.
Will a part-time job be enough to get a student mortgage?
In most cases, no. A part-time income usually isn’t enough on its own.
Lenders prefer full-time employment or some form of financial backing, such as a guarantor or substantial savings.
Can I use a gifted deposit for a student mortgage?
Yes, many lenders will accept a gifted deposit from a close family member, as long as it’s clearly documented and there’s no expectation of repayment.
Do I need to tell the lender that I’m studying?
Yes, it’s always best to be upfront about your circumstances.
If you’re working full-time and studying part-time, most lenders will focus on your employment, but they still need a clear picture of your situation.
Can I get a mortgage if I’ve just finished university and started working?
Absolutely. If you’re in full-time employment and have a deposit ready, you’ll be assessed like any other first-time buyer.
Your recent student status won’t hold you back as long as your finances are in good shape.
Ready to explore your options?
Whether you’re working full-time and returning to university, or a student looking ahead to future possibilities, there’s more than one way to approach homeownership while studying. Every situation is different, and lenders will look at a range of factors before making a decision.
If you’re considering a mortgage and not sure where to begin, speaking with our mortgage advisors can make a real difference.
We’ve helped people in all kinds of circumstances find the right path forward – and we’re always here to talk things through.
