The Loughborough Building Society has launched a new mortgage aimed at students which would see them graduate with a degree and a firm foot on the property ladder.
According to recent reports, UK students leave university burdened with an average of £40,000 of debt. A debt which two-thirds of UK students will never be able to pay off. As a result, for many graduates, the dream of becoming a homeowner will seem like an unattainable luxury that’s far beyond their reach. The Loughborough Building Society’s new Buy for Uni mortgage lets students have the security of their own home to live in for the duration of university while renting out any extra rooms to their friends and earn money along the way.
The East Midlands based building society will lend up to 100% of the value of the property up to a maximum of £300,000 with each application assessed on a case by case basis. With the help of a guarantor parent, step-parent or grandparent, students will be able to buy a house of their choice and any rental income from renting to their friends will be used to cover the mortgage payments. The total amount available to be borrowed will be dependent on the income that will be received from letting the extra rooms in the property.
The Buy for Uni mortgage is available to 18+ year old UK resident students in Higher Education in England and Wales and
purchased within a 10 mile radius of the University attended. Find out more at www.theloughborough.co.uk/mortgages
