First time buyers, mortgage advice?

[designforlife]

Gf and I are looking to buy our next home early next year.

We have a decent deposit saved (£30k), and plan on buying a 2 bed flat for around £200k.

We both earn pretty good money, but gf is planning to go back to university in the next couple years and study nursing. paying the mortgage is nothing i can't handle, while she pays the bills and contributes where she can from a salary comprising student loan/parent support/part time work.

I'm hoping that we should get mortgage agreement before she actually applies to uni through UCAS, but if there was some overlap, is her planned return to study likely to affect our mortgage application?

Any other general helpful mortgage advice for newbies?

[Sarnie]

designforlife said:

I'm hoping that we should get mortgage agreement before she actually applies to uni through UCAS, but if there was some overlap, is her planned return to study likely to affect our mortgage application?

Yes, a lender will only lend against earned income........not student loans or parental contribution.

The question will be asked if your sole income and your GF's part time income is sufficient to support the mortgage..........based on their affordability calculations.

Also, all applications these days will ask if you are aware of any circumstances that could impact your income and employment in the future......such as going self-employed, giving up work or going back to University etc.

[designforlife]

I feared as much...i'm hoping that apply with myself as the borrower, and her as a dependant, we should just about be able to borrow enough against my sole salary.

the timing could be better, but that's life eh.

[designforlife]

or we could just lie through our teeth about a change in circumstances...