Features of student mortgages include:
- Requiring your parents to act as guarantors
- A 100% mortgage for the entire value of the property can be offered, subject to parental agreement and status
- Allows students to invest in a property instead of wasting money on rent
Buying a house provides the possibility of having a significant asset to off-set other debts. It is worth considering if the course is in medicine or law, where you can spend 6 or 7 years in your university town. It is important to compare mortgages from a number of providers, both on the high street and online, in order to find the best deal, and be aware of a possible drop in house prices which might incur a loss in property value.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.