student mortgage? Anyone with experience can help me?


T

tramoman

Hello,
I am a 3rd PhD student living in flat in the city centre of Glasgow.
Tired of spending a lot of money for my rent, I though it would be a
good idea to buy a flat in Glasgow.
I have been living here for 3 years now, I am planning to stay other 2
and rent out the property that I am going to buy.

I have been told that this is a good period for buying a property, so I
went to the bank and they convinced me that I could get 56000 in
25years (adding savings).
I am earning 14000p. y. net (I have a nice scholarship :)).

With a fix interest rate I should pay a mortgage of £350p.m.
Does somebody know if:

1) is it sure to get a mortgage even if I am student? (they think that
I could get money in the future.. mah! :)) I am quite scared to pay
£150 for a survey and don't get the mortgage.
2) where s the best place in Glasgow to buy (I suppose that with
£56000 I can get a tiny 1 bedroom or 2 bedrooms flat). Considering
that I can decorate it, living inside a couple of years with my
girlfriend and rent out in the future? (i.e. Dennistoun, close to Univ)
3) will it be a good investment to rent it out (at least to cover the
mortgage?)
4) can you please give me any advice?


I am surfing on the net try to get as many info as possible because it
s a big step in my life!
I will really appreciate an answer from you.
Regards

An old student fancy to take a big decision!
 
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J

Jonathan Bryce

tramoman said:
Hello,
I am a 3rd PhD student living in flat in the city centre of Glasgow.
Tired of spending a lot of money for my rent, I though it would be a
good idea to buy a flat in Glasgow.
I have been living here for 3 years now, I am planning to stay other 2
and rent out the property that I am going to buy.

I have been told that this is a good period for buying a property, so I
went to the bank and they convinced me that I could get 56000 in
25years (adding savings).
I think this is the worst possible time to buy a property.
I am earning 14000p. y. net (I have a nice scholarship :)).

With a fix interest rate I should pay a mortgage of £350p.m.
Does somebody know if:

1) is it sure to get a mortgage even if I am student? (they think that
I could get money in the future.. mah! :)) I am quite scared to pay
£150 for a survey and don't get the mortgage.
Get an agreement in principal from someone.
Most likely you will find someone who will lend you the money, but probably
at a higher than average rate.
 
T

tramoman

Jonathan,
thanks for your answer.
Why do you think this is a bad moment to buy? I have noticed that the
interested rate is getting down, the house market is steady and a lot
of plp is selling.

I am not familiar with this field.. but I will go to ask this
agreement. I think Halifax does it.

Thanks for getting back to me!
M
 
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J

Jonathan Bryce

tramoman said:
Jonathan,
thanks for your answer.
Why do you think this is a bad moment to buy? I have noticed that the
interested rate is getting down, the house market is steady and a lot
of plp is selling.
In the South East, we are just past the top of the market. It is downhill
from now on.

In Scotland, we aren't quite at the top of the market yet, but very close.
Up for bit longer, then downhill.
 

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