Graduate Mortgages

The Graduate Mortgages are a boon to students who are just out of college and want to buy property. These types of mortgages are comparatively new in the market. Graduate Mortgages has been designed to suit the needs of a graduate who might want to borrow money after completing studies.

If you are a fresh graduate you can opt for a graduate mortgage. These mortgages are characterized by zero initial deposit, less set up charges, and 100% loan to value. Your parent or a legal guardian can be taken in as the guarantor of the loan. The Mortgage is secured against the assets that they own. The guarantor is no longer obliged when the borrower starts earning enough to make repayments on the entire loan.

Graduate mortgages are available to students who have graduated in the past seven years and who have been working for the past one year. Income multiples are fixed at four times the salary of the borrower. Some of the lenders might go beyond this. You must be more than 21 years of age to apply for the mortgage. You must also produce a degree standard certificate from any UK university.

For a Graduate Mortgage it is also mandatory that the borrower must be working on a permanent basis. You must have passed the probation period that had been set by the employer of your organization. Your student debt as well as credit card debt would also be checked to ensure that you can make the repayments. There are many lenders of Graduate Mortgages in the market. It is advisable that you research and shop around to get the best deal.