Loughborough BS launch Buy for Uni mortgage

Loughborough BS launch Buy for Uni mortgage

As a new year of students begin their time at university, The Loughborough Building Society is looking to help them have a firm foot on the property ladder by the time they graduate with their Buy for Uni mortgage.

According to a recent report from the Institute for Fiscal Studies (IFS), UK students leave university burdened with an average of £40,000 of debt, with those from the poorest 40% of families seeing this number rise to £57,000 on average. And two-thirds of them will never be able to pay off the balance.

With many young people already feeling that the dream of becoming a homeowner is a luxury beyond their reach, these debts only make that dream feel even more unattainable to graduates.

The Loughborough Building Society is the first Midlands based lender to offer a Buy for Uni mortgage which lets students have the security of their own home to live in for the duration of university studies and allowing them to rent out the extra rooms to their friends.

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 support of a parent, step-parent or grandparent, students will be able to buy a house of their choice and rental income 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.

Gary Brebner, Chief Executive at the Loughborough Building Society, said; “With another wave of students beginning their university careers this September we want to be able to offer a solution to sky high rents and difficult landlords. It’s our aim to be able to help students take charge of their uni life and focus on their studies.”

Gary added: “Another great aspect of this offering is that unlike conventional mortgages, the supporting family members’ names will not appear on the mortgage.  Instead they act as a guarantor meaning that the student will be the sole owner of the house which could help them in later life when they go on to buy their next property.”

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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