Student Loan and Mortgages

meltfacerhul

Basically I have been fortunate enough to be able to afford going through university with the support of my parents. Because of this I have been able to take the maintenance loan each year and saved it in various different investments. I will graduate in June next year with about £25000 debt to my name. However, I will have about £16,000 of this in the bank. My intentions all along were to put this towards a house deposit and mortgage. This is where my query arises. Having spoken to my parents in more depth since the question was possed - Am I am going to be able to get a mortgage with student loan debt to my name? Furthermore, is there anyway for the mortgage company to know the origin of my deposit (and hence see that is was partially from my student loan)?. Any experience in this field, or advise would be muchly appreciated.

choccybuttons

I have 6000 in student loans and they have never counted in my mortgage or any other credit I have taken. Only thing is you need to count your student loan repayments into working out the affordability of a mortgage as 9% of your income over £15,000 will go towards paying your loan.

meltfacerhul

thanks. this was one of the things i had thought

Chris2685

All they take into account is the monthly amount that will be deducted from your wage. Congrats on doing the right thing with your student loan

meltfacerhul

So when taking out a mortgage they wont do intensive investigations into the source of the deposit?

Chris2685

Well I haven't been 100% guranteed on the mortgage, but have got one in principle and my financial advisor doesn't seem to think it will be a problem