Graduate Mortgages

Because the majority of university students now graduate with substantial debts, it can take them a long time to save up for a deposit.

Many mortgage lenders appreciate this, and will offer special graduate mortgage deals to first-time buyer university graduates. Some will offer graduate mortgages of up to 100% of the property's value, and some will lend slightly more than 100%.

Some lenders are prepared to be this generous because graduates are generally expected to advance up the salary scale more quickly than their non-graduate counterparts however there can be occasions where certain stipulations can be attached to graduate mortgages. These include:

  • Some lenders will only offer them to graduates of particular universities
  • Some are only available to graduates in particular subjects
  • Some lenders only offer these mortgages if you have graduated within the last five years, while others will offer them for longer

Professional Mortgages

Similar to graduate mortgages, some mortgage lenders will lend more to first-time buyers in particular professions, in the form of professional mortgages.

Lawyers, doctors, vets and accountants, for example, are likely to see their earnings increase relatively rapidly in the early years of their careers, so some lenders will lend larger amounts of money than they would otherwise, based on projected earnings.

Pros and Cons

  • Get you on the mortgage ladder earlier
  • Allow you to buy better property
  • Not always the most competitive interest rates
  • Risk of over-stretching if career does not map out as planned
 

Which one is for me??

Because Money and Mortgages has access to the whole of the market, they may be times when different types of mortgages may be suitable for your circumstances. Sometimes a graduate may be able to find a better deal with a normal mortgage just because of the competition in the market at the time. We search the whole of the market and can provide written recommendations within 24 hours. This means you can check that you have the best possible options before making your decision.

Expert Advice...

Money and Mortgages have experianced and dedicated advisers who can take you through the whole process. Be it on-line or in person you can get in touch with us the best way that suits you and with weekend opening hours, at a time to suit you. Contact us now on 0845 094 9260 or apply for a quote now here.

We can consider mortgages for all circumstances. A fee of £250 or up to 0.5% of the loan amount, if greater, is payable on completion. Typically this will be £250.

Your home may be repossessed if you do not keep up repayments on your mortgage.