christian39
New member
I am about to be 19 years old and entering my second year at uni doing a Master's in Psychology (4 years total). I've had this idea to save my maintenance loan and use it as a down-payment on a small home and need someone to tell me if I'm missing something lol. I'm also very good at budgeting if that's relevant.
So,
I recieve the full maintenance loan of £9,900 per year, plus a £1,200 bursary from the university. (Possibly getting an additional £1,200 bursary from my county too)
So by my mediocre maths it work out to: £5,500 in my savings currently plus each year:
-£9,900 from the maintenance loan
-£1,200 bursary
Which comes to £38,800 after the three years are up.
(I will be starting a job this September on campus where I will earn £10 p/h for >15hrs weekly. Over the 8-9 months I'll be at university in a year this should come up to £5k~ so just enough to pay for my accommodation. Therefore the only expenses I need to worry about are food and fun)
After a year for mandatory work experience I'd hopefully start my PhD, with the average salary being £35,000 as a trainee clinical psychologist, so I'd have a steady income.
Being realistic, would I be accepted for a mortgage when I start my PhD? I'd be 22 and I know student loans don't affect credit scores so is it possible? I don't really know much about mortgages beside how long they take to pay off.
Also this would be a large amount of money after a while so would it be a good idea to start looking at low risk investing?
I'd honestly appreciate any advice
Edit to clarify: I'm not planning to apply for a mortgage right now, I meant a little while after I started my PhD, of which I would get a £35k salary at the same time
So,
I recieve the full maintenance loan of £9,900 per year, plus a £1,200 bursary from the university. (Possibly getting an additional £1,200 bursary from my county too)
So by my mediocre maths it work out to: £5,500 in my savings currently plus each year:
-£9,900 from the maintenance loan
-£1,200 bursary
Which comes to £38,800 after the three years are up.
(I will be starting a job this September on campus where I will earn £10 p/h for >15hrs weekly. Over the 8-9 months I'll be at university in a year this should come up to £5k~ so just enough to pay for my accommodation. Therefore the only expenses I need to worry about are food and fun)
After a year for mandatory work experience I'd hopefully start my PhD, with the average salary being £35,000 as a trainee clinical psychologist, so I'd have a steady income.
Being realistic, would I be accepted for a mortgage when I start my PhD? I'd be 22 and I know student loans don't affect credit scores so is it possible? I don't really know much about mortgages beside how long they take to pay off.
Also this would be a large amount of money after a while so would it be a good idea to start looking at low risk investing?
I'd honestly appreciate any advice
Edit to clarify: I'm not planning to apply for a mortgage right now, I meant a little while after I started my PhD, of which I would get a £35k salary at the same time