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Lokolo

The debt wouldn't matter but your income may change which would effect affordability in getting a mortgage. (I didn't really understand your bit about upgrading your home to a house??)

smevans

Lokolo wrote: »

The debt wouldn't matter but your income may change which would effect affordability in getting a mortgage. (I didn't really understand your bit about upgrading your home to a house??)

Sorry I should have made it clearer. We live in a flat and want to move in the next year or so.

Lokolo

smevans wrote: »

Sorry I should have made it clearer. We live in a flat and want to move in the next year or so.

Well OK, in that case have you thought about keeping your job and doing university course part time? (you didn't really say whether your university plan was full time or part time)

That way you keep your job, and mortgage affordability, but you also get to do a degree - however it would mean less free time for your son and new (soon-to-be) wife.

smevans

Lokolo wrote: »

Well OK, in that case have you thought about keeping your job and doing university course part time? (you didn't really say whether your university plan was full time or part time)

That way you keep your job, and mortgage affordability, but you also get to do a degree - however it would mean less free time for your son and new (soon-to-be) wife.

Wow I need to brush up on my details level!

Yes I most certainly need to keep my full time job.

Lokolo

smevans wrote: »

Wow I need to brush up on my details level!

Yes I most certainly need to keep my full time job.

The more details the better

Well in that case a part time course would be ideal. It won't matter if its at a brick or OU, but obviously it depends how you can study to which you choose.

Funding for part time courses is also a lot different from full time as well. Unfortunately The OU is blocked for me at work so I can't look at anything like that, however course costs are rising so it maybe better to start something sooner rather than later (assuming you are prepared now!).

smevans

Lokolo wrote: »

The more details the better

Well in that case a part time course would be ideal. It won't matter if its at a brick or OU, but obviously it depends how you can study to which you choose.

Funding for part time courses is also a lot different from full time as well. Unfortunately The OU is blocked for me at work so I can't look at anything like that, however course costs are rising so it maybe better to start something sooner rather than later (assuming you are prepared now!).

I like the look of OU and know from experience the materials are usually high quality.

I just worry with an extra loan against my name it will effect my ability to get a mortgage, and moving is of very high importance!

MrsManda

smevans wrote: »

I like the look of OU and know from experience the materials are usually high quality.

I just worry with an extra loan against my name it will effect my ability to get a mortgage, and moving is of very high importance!

Mortgage companies don't take student loans as debt in that they don't say we cannot lend to that person as they've got £26,000 in student loan debt.
They take the repayment amount into consideration when calculating your affordability just like they take into account things like childcare, insurance etc...
As student loan repayments are quite low they're unlikely to make much difference to getting a mortgage unless you are trying to borrow very close to your affordability margin.

(This is how it was explained to me by my mortgage company)

The OU sounds like the best way for you to study and still be able to keep working and move home. If you fill out the OU finance eligibility calculator you may find you don't have to borrow much as you could get grants.
http://www8.open.ac.uk/study/explained/how-to-apply/financial-support

As lokolo said, the way OU fees plus the way courses are funded is changing so you need to have a look and work out what's best for you.

herrprentler

HELP! scenario, 2 of my kids have started at university this september as first years. One is doing a journalism degree and has received the first instalment of his £3300 annual student loan (he will also get the fees loan).
The second is doing podiatry and so the funding is split between nhs bursaries and student loans. We have just received his notification of award. It says value of award £3220 (and they pay his fees) but parental contribution £5435! therefore award is £0. His student loan is £2324.

Nhs bursary people say they cant split the parental income because kid 1 loan is part not income assessed. Student loans dont seem to be able to help at all. Household income c £70,000

Current situation is;
kid 1 - fees loan 3k + student loan £3,300
kid 2 - fees paid by nhs + student loan £2343

kid 1 outgoings rent £4300 + living costs
kid 2 outgoings rent £4100 + living costs

dilemma - going to cost me a small fortune - is this correct? HELP

smevans

MrsManda wrote: »

Mortgage companies don't take student loans as debt in that they don't say we cannot lend to that person as they've got £26,000 in student loan debt.
They take the repayment amount into consideration when calculating your affordability just like they take into account things like childcare, insurance etc...
As student loan repayments are quite low they're unlikely to make much difference to getting a mortgage unless you are trying to borrow very close to your affordability margin.

(This is how it was explained to me by my mortgage company)

The OU sounds like the best way for you to study and still be able to keep working and move home. If you fill out the OU finance eligibility calculator you may find you don't have to borrow much as you could get grants.
http://www8.open.ac.uk/study/explained/how-to-apply/financial-support

As lokolo said, the way OU fees plus the way courses are funded is changing so you need to have a look and work out what's best for you.

Thanks.

I have just checked out OUSBA and I think this will be the way forward for me. It is not the same as a standard student loan but the repayments will be low as I will only be doing one module at a time and I could probably fudge it so when I apply for a mortgage ill pay the remaining bit of the module off first.

Taiko

herrprentler wrote: »

HELP! scenario, 2 of my kids have started at university this september as first years. One is doing a journalism degree and has received the first instalment of his £3300 annual student loan (he will also get the fees loan).
The second is doing podiatry and so the funding is split between nhs bursaries and student loans. We have just received his notification of award. It says value of award £3220 (and they pay his fees) but parental contribution £5435! therefore award is £0. His student loan is £2324.

Nhs bursary people say they cant split the parental income because kid 1 loan is part not income assessed. Student loans dont seem to be able to help at all. Household income c £70,000

Current situation is;
kid 1 - fees loan 3k + student loan £3,300
kid 2 - fees paid by nhs + student loan £2343

kid 1 outgoings rent £4300 + living costs
kid 2 outgoings rent £4100 + living costs

dilemma - going to cost me a small fortune - is this correct? HELP

Assessment is correct, no grounds to appeal.