ADVICE PLEASE! - Im 22 single have a mortgage through the government homebuy scheme

Witlim

ADVICE PLEASE! - Im 22 single have a mortgage through the government homebuy scheme. I recently got a 25% mortgage and the rest rent which is 550pm. I have now decided I want to go into fulltime uni in September. Can i get student loans to help cover my mortgage? If i can get 450ish pm that would be good as my current full time job,i can make part time whilst attending uni. Any ideas?

The ideal situation would be that I can live at my new flat whilst working part time in my current job and going to a nearby uni. The one snag i see is the fact it was through the first time buyers scheme and i had to be earning 18000k to qualify (i earn 18200) at the moment so did qualify!

Oldernotwiser

You don't get any extra student funding if you have a mortgage. If you look on www.direct.gov.uk you can find out how much you'll be eligible for in the form of loans and grants, as well as a bursary from the university and, if you've supported yourself for at least 3 years, you won't be assessed on your parents' income.

Student finance should amount to at least the amount that you need and, as a full time student, you won't have to pay any council tax.

Witlim

Thanks for the swift response. If I can get the student loan amount then that would be managable. i just wonder whether my scheme will allow me to do this.

Oldernotwiser

Witlim wrote: »

Thanks for the swift response. If I can get the student loan amount then that would be managable. i just wonder whether my scheme will allow me to do this.

Do you mean your homebuy scheme? Is it for essential workers or something similar? Will you stop doing this sort of work?

Witlim

cheers. its a first time buyer scheme and to be eligiblr you need to earn 18k min. i would go part time but the student loans would cover alot of the rent so would be managable. it says if i want more loans homebuy scheme have to authorise, i just wonder the likiness.

Oldernotwiser

You get Student Loans regardless of your credit status as no credit references are checked (You can even get them if bankrupt!) so I can't see any reason why this would be a problem. You also don't pay anything back until you earn over £15,000 so you should never be in the situation of having to decide between paying back your Student Loan and your mortgage.