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With a stipend income, you might find it difficult to find a bank or lender who will accept you for a mortgage. But we can help you to find a stipend mortgage at Harmony Financial Services.
We are specialists in finding stipend mortgages for people on a stipend income in the UK. We have access to specialist lenders who will offer competitive mortgage deals and rates, so we can help to find you the best mortgage for you.
How To Get A Mortgage With A Stipend Income?
Can you get a mortgage with a stipend income? Yes, you can. You just need to access a specialist lender or mortgage provider rather than a high street bank.
Most high street banks require full time salaries in order to lend for a mortgage. So people with stipend incomes will likely have a challenge on their hands when it comes to finding a lender who will accept them for a mortgage.
There are lenders who will take stipend income into consideration when it comes to applying for a mortgage. But you might need to use a mortgage broker to get access to these lenders as many of them will not deal with customers directly.
Steps To Getting A Stipend Mortgage
To get a stipend mortgage, you will need to:
- Find a mortgage advisor.
- Provide your details and your situation
- Your mortgage broker will search & negotiate on your behalf.
- View the options provided by your broker
- Choose the best deal for you.
- Obtaining a ‘Decision In Principle
- Your details will go through underwriting.
- The property will be valued.
- Your mortgage offer will be made.
What Is A Stipend Income?
A stipend income is a type of payment, usually a remuneration for living costs, time, or other expenses associated with work or study. It differs from a salary, which is a yearly wage from an employer.
A stipend is often given to the clergy, PhD students, or charity workers and may not be as regular as a salary. This can make it difficult as your income on a mortgage application.
Getting Your Stipend Mortgage with Harmony FS
Often, the specialist lenders who will offer stipend mortgages won’t communicate directly with clients. So, you might find that you need to hire a mortgage broker, like Harmony Financial Services. Mortgage brokers like us have access to a wide range of lenders from all over the UK, including those that will consider stipend incomes for your mortgage.
We will do the hard work for you, contacting different specialist lenders to find the right mortgage deal for you. We will then be with you every step of the way until completion, to make sure your stipend mortgage goes through without a hitch.
Harmony Financial Services support you with:
- Jargon-free advice
- Flexible approach to communication
- Access to specialist lenders
- Support through the whole process
Contact us to get advice about your stipend income mortgage.