As a university city, Cambridge is home to many students who wish to purchase their own home here.
Stipend income is paid to a person who could be working towards a PhD or completing research for a university.
A common enquiry that we receive is whether it is possible to base a mortgage on stipend earned income.
The answer is yes; current lending criteria is that the applicant who earns a stipend income must be purchasing a property jointly with another applicant who does not a stipend income.
Lenders usually request a Letter of Confirmation from the Payer to show the applicants’ name and the monetary value of the stipend allowance to support a mortgage application.
To discuss your mortgage requirements further with your local Cambridge Mortgage Broker, please feel free to contact us.
NB: All mortgage quotations and approvals are subject to change, credit checks and a property valuation.