Homepage Study Abroad Forums Study Abroad Forum Buying or renting a room abroad Reply To: Buying or renting a room abroad

  • Jerry

    16 July 2022 at 6:27 pm

    It depends on various circumstances, e.g., the length of your course, your immigration status and history, and your finances.

    If you plan to do just a one-year course, renting a room may be advisable. However, if you are going to do a PhD or an undergraduate degree for four years, buying an apartment/flat could be an option.

    If you are planning to study in London, purchasing a flat will be more expensive. But buying a flat could be the best option if you study in cheaper cities outside of London, e.g., Preston, Newcastle, Hull, and Lancaster. It might cost at least £50,000 to buy a one-bedroom flat.

    The advantage of buying a flat is that you can sell it after completing your course for the same money you purchased it, or it could be sold for a profit in most cases.

    If you cannot immediately afford to pay a lump sum for a flat, a mortgage might be an option, but the bank interest rate could be very high, possibly up to 6.5%, and most UK lenders/banks won’t likely give you a mortgage loan since you are on a student visa with no full-time job income.

    As you can see, it depends on various circumstances, but if you intend to buy a flat, a mortgage will be difficult to get unless you are paying for the flat in one sum.