| Comment | I doubt you will get a mortage as PhD student, however do go and make an appointment with an independent whole-of-market mortgage advisor (we used First Mortgage who were pretty good) who can talk you through your options. Do not speak to an in-house mortgage advisor at a bank or building society, they will be trying to sell you their employer's product and won't look at the whole market.
When looking at house prices, ignore the 'offers over' price- request the Home Report and get the Home Report Value (HRV) from it - this is the maximum you will be able to get a mortgage for.
When bidding, it's a closed bid system. People routinely bid north of 10% over the HRV. This extra 10% is cash on top of the mortage and your cash deposit.
If I was you I wouldn't buy right now as the market is almost certainly going to tank in 6-12 months. |
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