FTB: Can't get mortgage because of student loan?

shimano

When I applied for my Santander loan, they asked what my take home pay was after all deductions, which I gave them to the penny. They didn't specifically ask for any student loan, and said all that interested them was the take home amount for affordability.

Arguably they are taking them into account anyway if you supply payslips etc...

Moomin21

I think it is ok as long as it is coming out of your wage...that's what we were told!!

GMS

This has kind of gone off subject. A student loan which is declared and calculated in the affordability calculator is no issue whatsoever, as per any other credit ommitment.

The original issue was the broker suggesting it could be stated as repaid when it was not to be.

milliebear00001

I had no problem with my student loan. Was only asked for my outgoings (a minimal monthly repayment). At no point was I asked to declare the full amount oweing.

CLAPTON

have you looked at the nationwide website and put your figures into their mortgage calculator?
why are you using a broker rather than going to nationwide directly

Oldernotwiser

GMS wrote: »

Copied from Abbey lending policy:

Affordability

Expenditure

Regular expenditure items need to be included to assess affordability. To include:

• Loans and outstanding credit card balances
• Shared ownership rent
• Services charges
• Maintenance
• Student loans and
• cost of investments to be used to repay interest-only loans

Clearly states student loans taken into account.

But, if it's listed under expenditure, surely they're only taking the repayments into account, not the actual debt. I wonder if this is the reason why some people have had it ignored and some have not?

Thrugelmir

Oldernotwiser wrote: »

But, if it's listed under expenditure, surely they're only taking the repayments into account, not the actual debt. I wonder if this is the reason why some people have had it ignored and some have not?

More than likely it will be based on the amount of equity in the property. With say only a 10% deposit there is a potential risk of the lender not receiving full repayment in the event of default.

Mobility151990

do share your brokers name...