Graduate Mortgages Guide
If you apply for a graduate mortgage, one which will allow you to borrow more than the standard income multiples dictated by your salary, a guarantor, such as a parent, will be expected to back the extra sum.
Many main lenders offer a graduate mortgage. HSBC currently offer up to 100% of the property value, on loans four times your salary up to £250,000 (subject to status) with reduced payments for the first three years.
Scottish Widows offer 3.5 times basic annual salary for single applicants and 3.5 basic plus the seconds applicants salary provided you have been working for a minimum of 12 months.
Being over 21 years of age, you must be educated to degree standard from a recognised UK University and provide proof by way of a degree certificate.
You must also be employed on a permanent basis having passed any probation period required by your employer.
Banks often take into account other loans and credit card debts when working out how much you can afford to pay.
With some lenders offering mortgages of up to 125% LTV when combined with an unsecured loan it is important to remember that you may be putting yourself in a negative equity position and so may wish to wait until you are able to save for a deposit.
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