Mortgages for Graduates
Graduates are in a tricky position when looking for a mortgage - and it is always best to consult an independent broker with detailed knowledge of the market, rather than use mortgage calculators.
While you might find lots of banks purporting to offer competitive graduate mortgages, this is often a marketing tactic, and only one or two specialist lenders offer authentic products created especially to support recent graduates.
In some cases, an advertised graduate mortgage is not aimed at university leavers, but at professionals holding a degree within 15 years of qualifying.
Some of the most common issues we heard from graduates looking for a mortgage are:
- Their income is based on an entry-level job.
- They are coping with massive student debt and overdraft lending.
- They do not have a significant deposit available.
- They have been offered a graduate role that doesn't start for several months.
- They have little, or no credit history, or a low credit rating.
The first advice we'd give is not to panic - this isn't a new scenario, and many university graduates can buy their first home. Mortgage advisors works with specialist lenders who support graduates with competitive deals, flexible terms, and support schemes designed to help you get onto the property ladder.
Here we'll run through the essential information about graduate mortgages. For more detailed advice and independent support from an experienced, whole-of-market broker, contact Revolution on 0330 304 3040 or email us at [email protected].
How do Graduate Mortgages Compare to Standard Mortgages?
Our lenders offer a range of benefits to help new graduates - some of these perks include:
- Lower deposit requirements, aimed at those with a small deposit or using family support to buy their first home.
- Larger mortgages, with more flexible criteria based on multiples of your annual income, and considering any guarantor you might have in place.
- Competitive rates and fees to make buying your home more affordable.
