Can I apply for a mortgage my PhD?
Most PhD candidates believe that it is virtually impossible to apply for a mortgage during their doctoral research. After all, temporary employment contracts are not popular among mortgage lenders. Nevertheless, there are opportunities for purchasing a home during this period. Because of the (often) good future prospects, lenders have a special policy for PhD students. Depending on your situation, there are often more possibilities than there may seem to be in advance.
Whether you are able to acquire a mortgage completely depends on your personal situation. There are three different situations:
1. You’ve been working on your PhD for more than three years
Have you been working on your PhD for (more than) three years and do you annual statements prove this? If yes, it is possible to apply for a mortgage based on a flexible income. If the purchase price is below the Nationale Hypotheek Garantie (National Mortgage Guarantee), you may also be able to apply for a NHG mortgage.
2. You’ve been working on your PhD for less than 3 years and are able to acquire a statement of intent (intentieverklaring)
Because the average promotion takes four to five years, your employment contract will more than likely be of a temporary nature. Because of this, obtaining a statement of intent is unusual for PhD students. Of course, there are exceptions, perhaps you’ve already agreed to stay connected to the university or your employer. We recommend you to always ask whether you are eligible for a statement of intent.
If the purchase price is below the NHG limit, you can apply for a mortgage with a statement of intent. Is the purchase price above the NHG limit? Then additional motivation may be required. Please discuss this in detail with your advisor.
Want to know more about your possibilities?
Thanks to our extensive experience with PhD students we are able to make a good estimate of your possibilities. Feel free to contact us!