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buy or carry on renting??
Comments
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So you played the system by using a student loan as a deposit on a property.
Only in the UK can taxpayers fund such things. LOL.Everyone is entitled to my opinion!0 -
westlondonbuyer wrote: »You do know, don't you, that the bank takes SLC borrowings into account before offering you a mortgage? It's just like any other loan - the fact that you haven't spent it is immaterial, it's the fact that you have another creditor to satisfy that will make the bank nervous about lending.
No they don't. Ignore this. They can't see that you have a student loan as it does not normally feature in credit checks. Try doing a credit report and it won't show up. The only thing it may factor in is if you do an affordability calculator and you declare it as an outgoing. No dramas.0 -
It will have to be declared at some point - possibly if and when the OP actually gets a job to repay taxpayers who have lent her £20K for free. It's a nice little scam.Everyone is entitled to my opinion!0
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Calm down evoke, it's not a scam. People are allowed to spend their student loan on whatever they like. There are no rules saying that it can only be used to buy pencils. In fact the OP sounds very sensible and is certainly making better uses of the money than I did. Mine all went on Stella and foreign holidays.
Having said that OP, I'd hold off buying for a while until your finances are a bit more secure.0 -
No they don't. Ignore this. They can't see that you have a student loan as it does not normally feature in credit checks. Try doing a credit report and it won't show up. The only thing it may factor in is if you do an affordability calculator and you declare it as an outgoing. No dramas.
Sorry to contradict you, but they do.
SLC repayments are now taken directly out of payslips in most cases.
You have to submit payslips as part of your mortgage application.
OP, can you afford the repayments on the student loan as well as the mortgage repayments?0 -
It will have to be declared at some point - possibly if and when the OP actually gets a job to repay taxpayers who have lent her £20K for free. It's a nice little scam.
Actually, it's not quite "free" - it was index-linked.
Now they're changing the rules and funding process and it's going to be charged at a commercial rate of interest.0 -
You are thinking about buying a house to reduce your outgoings because the mortgage payments are less than the rent you are currently paying
You are hesitant to make this move because the area where the house you would buy is not as nice as the one you are currently living in.
My suggestion is to look for a more affordable rental property in the area where you are thinking about buying. This would allow you to cut down on your outgoings and see what living in the new area was actually like
Of course you might not be able to find such a place, but it seems like an option worth exploring0 -
Only buy a house that suits your requirements for the next 10 years. Buy the size you will want and in a place that is suitable.
Most importantly, only buy a house with someone you really expect to be with for a loooong time.
Selling is more stressful than buying.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
why people are saying I have scamed the tax payer I don't know. I'll be paying my deposit off for the rest of my life0
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bigbigmamamoo wrote: »You are thinking about buying a house to reduce your outgoings because the mortgage payments are less than the rent you are currently paying
You are hesitant to make this move because the area where the house you would buy is not as nice as the one you are currently living in.
My suggestion is to look for a more affordable rental property in the area where you are thinking about buying. This would allow you to cut down on your outgoings and see what living in the new area was actually like
Of course you might not be able to find such a place, but it seems like an option worth exploring
problem is that the price we are paying now for rent is cheap in regards to whats on market now.
I know the area where we would be buying. It not a undesirable area, ex-council, but all bought and done up nicely now. No unsociable behaviour. Just where we are now is generally regarded as a less working class area0
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