Using student loan as deposit for house?

CLAPTON

of course you should use your student loan to save for a deposit or indeed for any other purpose: who knows what the future holds for any of us.
make sure to put it into a good savings a/c to get the best interest rate
build a better life for you and your child

best of luck and hope everything works out just great for you.

fallen_angel09

CLAPTON wrote: »

of course you should use your student loan to save for a deposit or indeed for any other purpose: who knows what the future holds for any of us.
make sure to put it into a good savings a/c to get the best interest rate
build a better life for you and your child

best of luck and hope everything works out just great for you.

:T:T:T Atlast! Thanks alot CLAPTON - are there any boards on here that will help me to decide what bank account best to use?

opinions4u

CLAPTON wrote: »

of course you should use your student loan to save for a deposit or indeed for any other purpose: who knows what the future holds for any of us.
make sure to put it into a good savings a/c to get the best interest rate
build a better life for you and your child

best of luck and hope everything works out just great for you.

I don't usually disagree with you. On this occasion though I'll have to politely agree to differ.

I fully support that last statement though.

fallen_angel09 wrote: »

are there any boards on here that will help me to decide what bank account best to use?

The Savings and Investments forum would be a good starting place.

I'd suggest sites like www.moneyfacts.co.uk/savings would help you identify good rates. If you're looking at being more than 3 years away from buying, National Savings Index Linked Certificates will ensure that your savings keep pace with inflation (and presumably the rate on the student loan).

Baileys_Babe

fallen_angel09 wrote: »

I was planning on using it for a deposit on a house.

If your student loan money is in savings and you lose your job you will still have money to continue with your course and become qualified. If everything goes according to plan you will have a deposit form managing your finances.

You are being a very positive role model for your son demonstating that you need to work towards your goals.

Congratulations on completing your first year at uni and good luck for the future.

fallen_angel09

opinions4u wrote: »

I don't usually disagree with you. On this occasion though I'll have to politely agree to differ.

I fully support that last statement though.

The Savings and Investments forum would be a good starting place.

I'd suggest sites like www.moneyfacts.co.uk/savings would help you identify good rates. If you're looking at being more than 3 years away from buying, National Savings Index Linked Certificates will ensure that your savings keep pace with inflation (and presumably the rate on the student loan).

Lovely, thanks for that information.

Would you not suggest using the student loan as deposit then? If not why not? Just trying to figure out what way to do things...

robpw2

opinions4u wrote: »

Are council tenants not allowed to save?

I may have got the wrong end of the stick here, but I think you're out of order.
.

As a student I know that studnet loan money equates to 6k at least very year and for most of us its very tough
i have nothing against her saving money or trying to provide a better life for her child or what she did before , she came on here asking a question wether or not she should save her student loan money because she could afford to not take it yet at the same time claims she cannot afford rents of £500 well her studnet loan money would pay for a privately rented house quite easily , she obviously now no longer has a need for a council house . Thefore i feel it is relevant her living situation considering she is asking if she should use the money to save for a deposit for a house ,

fallen_angel09

robpw2 wrote: »

As a student I know that studnet loan money equates to 6k at least very year and for most of us its very tough
i have nothing against her saving money or trying to provide a better life for her child or what she did before , she came on here asking a question wether or not she should save her student loan money because she could afford to not take it yet at the same time claims she cannot afford rents of £500 well her studnet loan money would pay for a privately rented house quite easily , she obviously now no longer has a need for a council house . Thefore i feel it is relevant her living situation considering she is asking if she should use the money to save for a deposit for a house ,

So what, people get given council houses and there situation changes, they do not get thrown out, or asked to leave just because they can afford housing elsewhere.

CLAPTON

fallen_angel09 wrote: »

:T:T:T Atlast! Thanks alot CLAPTON - are there any boards on here that will help me to decide what bank account best to use?

It's just my view but I expect inflation to increase over the next few years so I would personal save in a NS&I index linked saving cert...
howevrer, none of us can be certain

dizzyblonde82

opinions4u wrote: »

Are council tenants not allowed to save?

Most council houses are now managed by housing associations and income/savings are not assessed or reviewed. Me and my husband both have good jobs with a good income but why should we spend an extra £200/250 per month to a private landlord, we were allocated our house on a fair basis by going on a waiting list which was prioritised in order of need.

robpw2

fallen_angel09 wrote: »

So what, people get given council houses and there situation changes, they do not get thrown out, or asked to leave just because they can afford housing elsewhere.

im sorry but i think they shoudl be only a temporary measure till you get yourself so you can afford housing elsewhere , this is why waiting lists are so high ,
Im sorry if you think im being cruel but i cannot understand why anyone would want to get themselves into over 27k into debt (loans and tuitoion fee loans without the intrest being added to it ) to save it in the bank