Using student loan as deposit for house?

_Andy_

Oldernotwiser wrote: »

How would they know?

it would need to be declared on the mortgage application

bodmil

As above, a student loan is yours to do what you want with. No one berates other students for putting theirs in a high interest account. If you can't pay afford to pay it off then you won't have to as it's salary linked. Wish I hadn't voluntarily paid mine off early and had more in my deposit pot!
Also, just cos you've got it saved, doesn't mean you need to spend it all on a deposit and leave yourself with nothing or stop saving to add to it either.

bodmil

_Andy_ wrote: »

it would need to be declared on the mortgage application

In this case surely it's savings?

CLAPTON

_Andy_ wrote: »

it would need to be declared on the mortgage application

sorry this is nonsense

a person goes to uni and incurs student loans; they then work and save a bit

when they apply for a mortgage they declare their savings and they declare their stundet loans
the mortgage company may or may not take into consideration the student loans and if they do they do it differently

whether they have spent their student loans or saved them is absolutely irrelevant to the mortgage equation.

fallen_angel09

Rob I see your point - but critisising a thread that didnt ask for your opinion on that is not going to help, I cam on here for advice and support not for someone to pass judgment.

I think I am going to find the best possible savings account and see where I stand in 2 or 3 years with it, I am tryint to save my wages too,

What are these NS&I accounts you talk of?

robpw2

bodmil wrote: »

As above, a student loan is yours to do what you want with. No one berates other students for putting theirs in a high interest account. If you can't pay afford to pay it off then you won't have to as it's salary linked. Wish I hadn't voluntarily paid mine off early and had more in my deposit pot!
Also, just cos you've got it saved, doesn't mean you need to spend it all on a deposit and leave yourself with nothing or stop saving to add to it either.

i would berate a student who took a loan to put in a high intrest savings account .. its meant to support you as a student not for you to get an low intrest loan so that you could make money off it

CLAPTON

robpw2 wrote: »

so what about those who claim benefits just because they can - i guess you would find that wrong but under your reasoning they are doing nothing wrong !!

tell me honestly

do you use your ISA allowance just because you can
you do use the health service just because you can
do your use free schooling for your children just because you can
did you accept child allowance just because you can
do use your cgt allowance just because you can

and so on and on

do I agree with all these things?
then no I don't but it's not unreasonable to live within the law as there are other things I think people should be able to claim but that aren't allowed and one accepts that.

one of the benefits and drawbacks of a democracy

robpw2

fallen_angel09 wrote: »

Rob I see your point - but critisising a thread that didnt ask for your opinion on that is not going to help, I cam on here for advice and support not for someone to pass judgment.

I think I am going to find the best possible savings account and see where I stand in 2 or 3 years with it, I am tryint to save my wages too,

What are these NS&I accounts you talk of?

well firstly you did ask for peoples opinions , just because it wasnt what you wanted to here doesn't mean i should have posted,

i cannot stop you from doing whatever you want with your Student loan money but i have expressed my opinions on it should be there to help as a student and shouldnt be used as free money to a savings account , i honestly think that a penny saved ( from working hard) is much more rewarding then a a pound given freely

fallen_angel09

robpw2 wrote: »

well firstly you did ask for peoples opinions , just because it wasnt what you wanted to here doesn't mean i should have posted,

i cannot stop you from doing whatever you want with your Student loan money but i have expressed my opinions on it should be there to help as a student and shouldnt be used as free money to a savings account , i honestly think that a penny saved ( from working hard) is much more rewarding then a a pound given freely

I asked whether it was a good to use it as deposit, as in would it put myself in a worse position because I would still have to pay the loan back even when I had a house, I did not ask whether it was morally right to do this, there is a big difference.

Fang_3

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 ,

6k at least? What planet do you live on?