Going To Uni With A Mortgage – Possible As A Student? (2024)

For a lot of people, going to university can be a great way to change careers into something they’re more passionate about or even just to help increase their earning potential. However, having a mortgage to pay each month can be quite an obstacle, so is it possible?

Yes, it is possible to go to uni with a mortgage, however, it is essential that you plan ahead to make sure you can afford the mortgage repayments. This includes options such as getting a part-time job, growing your savings and avoiding coming to the end of your fixed-rate mortgage period.

Going to uni with a mortgage can seem impossible to some, which is why in this post I’ll run through some ways that can make it possible, as well as common pitfalls to avoid.

Can You Go To University With A Mortgage?

Yes, you can go to university with a mortgage, although you need to be able to continue to pay your monthly mortgage payments. This can be done in a variety of ways from getting a part-time job, to using your student loans or even renting out your property.

Can You Go To University With A Mortgage?

I’ll run through some ways that can show you how you can continue to pay your mortgage whilst being a student and you may even decide to do multiple options.

  • Save money before you go to uni. Before you make the leap and actually start going to university if you can save up a decent amount of money before you quit your current job this will give you something to fall back on to pay your monthly mortgage payments.
  • Get a part-time job. Depending on the size of your mortgage and other monthly expenses, you may be able to get a part-time job to cover this whilst you’re at university. Depending on the course you’re studying, if you can get a job in a related field this could even have the added benefit of helping your employability once your complete your course.
  • Use your student loan towards your mortgage payments. If you are able to qualify for a student loan, you can use the moment you get through student finance to pay your mortgage payments.
  • Sell your property. This may depend on your personal circumstances and whether you have other commitments, however, if you need to move to another location to go to university, paying rent in the new location and a mortgage can be very difficult.
  • Rent out your property. If you do have to move to another location for university, instead of selling your home, you may choose to rent it out whilst you’re not there which can help you keep the property. I’ve written this post on whether you can rent out a property with a residential mortgage that you may find useful.

Risks of Going To Uni With A Mortgage

The key risk of going to uni with a mortgage is not being able to make your monthly mortgage payments. However, a risk that can catch people by surprise is having to remortgage part way through their university studies if they come to the end of their fixed-rate period, then being moved onto a higher variable rate of interest, increasing their mortgage payments.

In order to remortgage, you need to be able to qualify for a mortgage by having enough income to support the monthly mortgage payments. This can be difficult if you have transitioned to a full-time student and may only work one or two days a week maximum, or not at all.

This can cause people to struggle to qualify for a remortgage and as a result, are trapped on their current mortgage product potentially at a higher interest rate with higher monthly mortgage payments.

This is why it’s essential to plan ahead and why it is key to differentiate:

  • Going to university already having a mortgage
  • Applying for a mortgage or remortgaging as a student

I’ve highlighted a number of ways to help you make your monthly mortgage payments whilst at university above. However, if you need to apply for a mortgage or remortgage as a student that can be very difficult, mainly as you probably only have a limited amount of income.

So what can you do about it? I’ll highlight some options below.

Does Student Finance Count As Income For Mortgage?

No, unfortunately, student finance cannot be used as income for your mortgage, including the maintenance loans that are intended for living costs. This is because they’re class as loans and will need to be repaid at some point.

Some lenders may allow you to use any spare student finance as part of your deposit, however as they’re a loan, some lenders may even be opposed to that.

You will be able to use any income you earn through part-time jobs towards your mortgage, however as that is likely to only be a few days a week maximum that may not be enough to qualify for the amount of money you need for the property. This is where a guarantor can help.

Getting A Student Mortgage With a Guarantor

Students can get a mortgage a lot more easily by using a guarantor. A guarantor is someone that legally has to pay your monthly mortgage payments if you can’t which gives the lending provider assurance that they will be repaid if the guarantor can qualify for the mortgage.

This can allow you to pay your mortgage using student finance which won’t by itself count towards your income, although instead of paying rent to some landlord, you can own your own property.

However, make sure you and the person you’ve chosen as your guarantor know the risks. If you are unable to make the monthly mortgage payments for whatever reason, they will have to pay instead.

If they cannot pay, you are at risk of losing the property, any money you have as equity in the property and significantly impacting both of your credit scores for years making getting finance in the future very difficult.

If you have any questions or concerns, definitely speak to a mortgage advisor that can give you advice specific to your own circumstances.

Getting A Longer Fixed-Rate Period On Mortgage

To help avoid having to remortgage whilst at university you can get a longer fixed-rate mortgage that will continue throughout the time you are a student. This will mean you don’t have to qualify for a mortgage as a student with a lower, or no income and can use the income you had beforehand.

However, this can cause a bit of an issue when qualifying for the mortgage initially as you may have to disclose any known future changes in circumstances to the mortgage lender. If you’ve accepted a place at university and disclose that your income is going to go to zero for three or more years then you may no longer qualify for the mortgage.

Although, if the alternative is having to try and secure a remortgage as a student without a guarantor, then this could be the only option other than selling or renting out the property. Speaking to a mortgage advisor may help you navigate these circumstances.

A mortgage advisor may be able to help offer you other options, such as opting for a professional mortgage. This is where mortgage payments are lower at the start in anticipation that your earning potential will increase over time.

Can You Afford To Go Back To University?

Getting a university education can be the key to progressing further in your career or even switching fields entirely. However, a common reason holding people back is whether they can afford to go back to university.

The best way to determine if you can afford to go back to university is to create a plan and a budget. This will involve factoring in all the monthly expenses that you’ll have whilst at uni and whether you need additional income to cover any gaps.

Make sure you fully understand the reason that you’re wanting to go back to university in the first place. If you have a strong enough reason, such as wanting to switch careers to something you’ve always wanted to do, then it will make sacrificing previous luxuries and cutting back on expenses for a few years easier.

Also, explore whether there are options to help you fund your university studies. Lots of universities offer grants, scholarships and bursaries which can help lower the costs. Depending on your chosen field, some companies may be willing to contribute towards your education and even offer to pay you to work part-time throughout your studies, possibly even with a guaranteed job at the end.

Having a part-time job and a secured job at the end of your studies can also have the added benefit of helping your eligibility in the eyes of a mortgage lender.


Overall, yes you can go to uni with a mortgage, although making sure you plan ahead can make sure that you don’t have any issues. There are a variety of ways that you can pay for your mortgage each month from funding it yourself to even negating it completely by selling your property

If you are worried about not being able to make your monthly mortgage payments or are interested in what happens if you do, I’ve written a post about what happens if you miss your mortgage payments that you may find useful.

I hope this post has been useful and given you something to think about before you make the decision to go to university with a mortgage. Good luck with your studies, I’m sure you’ll do well!