Graduate Mortgage

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Saddled with debt from your student days? Lenders can help

After years of studying, you're probably broke so finding the money for a deposit can be difficult if not impossible. A graduate mortgage solves the problem. Lenders offer mortgages without a minimum deposit and in some cases will lend you more than the value of your property.

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Unless you're very lucky, the chances are that by the time you graduate you don't have a penny to your name. That means even a 5% deposit on a property can be impossible to raise, so a normal mortgage is out of your reach. To resolve the problem a number of lenders now operate graduate mortgage schemes, which are designed to help graduates enter the housing market.

Scottish Widows' graduate mortgage is a good example of what you can expect. The firm will lend you up to 102% of the property value, which means you shouldn't be out of pocket as a result of legal fees and the other costs of buying a property. The firm will also refund the cost of your valuation and give you up to £150 towards your legal fees. Other lenders aren't quite so generous, although most graduate mortgages do offer 100% of the property cost.

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