Thank you for your enquiry for a Graduate Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Graduate Mortgage will reflect your own personal needs.
To enable us to provide you with an initial quote for your Graduate Mortgage please submit your details and we will try to contact you today.
Tons of people spend many years in university only to later find out that paying rent for a home is very expensive. Choosing to own their own homes makes sense and is much more attractive than paying expensive rent for someone else’s property.
Not everyone makes a high salary when first completing university or college though so a graduate mortgage would cater to these individuals. Graduate Mortgages are fairly new, but they’re affordable so have reasonable interest rates and often require no deposits, have low or no fees and have a 100% value which enables them to use a parent or other adult as a guarantor. The mortgage then is co-signed by this person using their property to help supplement the borrower’s earnings. Once they start to make enough money and are able to pay the full mortgage themselves, the guarantor can be removed.
The borrower still needs to have certain stipulations such as being employed for over one year. This helps prove some sort of ability to pay for a mortgage and hold a job, which the lender will want to be sure of with a first time buyer.
Since they are called graduate mortgages, they also must have graduated within the last seven years. This still gives graduates plenty of time to prove themselves in the work world, build up their credit, and still be eligible for a mortgage. Fees are often included in the loan with Graduate Mortgages although some should be avoided such as indemnity fees. Income multiples usually come with the mortgage as well with three or four times the graduate’s salary allowed.
You have to be over 21 to obtain a graduate mortgage and/or have a degree or certificate from a UK university. Graduate mortgages are the most ideal mortgages for graduates who know their salaries will increase but need a little help to get started.
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