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Are you a university student or have a child at university looking for an alternative to spending out on high rent for poor accommodation? With student accommodation often in high demand, it can be hard to find a comfortable place to live while you study.

With the relatively stable housing market, ever increasing amounts of students are looking at buying property to live in during their time at university with the support of their parents. If this is something you want to consider there are several different types of mortgage which may be suitable:

Regulated buy to let mortgage

If you are a parent already spending money on your child’s university accommodation - there is the potential that becoming a buy to let landlord could be profitable. However you will need a regulated buy to let mortgage, a product that is required if you intend for a close relative to occupy the property you are purchasing. Only a small amount of mortgage providers will offer this kind of mortgage and the application process can be more complicated than a standard buy to let mortgage.

HMO Mortgages

If you are a parent intending to purchase a larger property and rent it out to several other students in addition to your own son or daughter then it will become an HMO (Houses of Multiple Occupants). In this case, you will need to adhere to mandatory legislation and obtain a Houses in Multiple Occupation licence. Mortgage lenders may have specific products, requirements or restriction for this type of mortgage.

Student Mortgage

If you are a student and want to purchase a property in your name, there are now a number of providers who offer a specialist mortgage for students. These student mortgages could help you with up to 100% of a property's value, however you will still need the backing of a parent, guardian or other suitable person as a guarantor who will have to meet strict financial requirements.

Mortgages for Students from the The Mortgage Hut

The Mortgage Hut can help you find out what mortgage options are available for students and their parents after just a quick chat with one of our friendly mortgage advisors. Give us a call or pop into one of our branches for student mortgage advice.