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Student Loan & Mortgage Amount
rakingpapers
Posts: 12 Forumite
Hi,
Im after a bit of advice here. A little about my situation:
I have £5k student loan to pay off and pay about £225 a month towards it. I have about £32000 for a house deposit and have been offered a decision in principal of £174000 which means I would be able to afford a house costing £206000.
I recently put an offer on a house for £205000 but it was rejected.
I was wondering if it would be worth me paying my student loan off with my deposit in the hopes that I would be offered a bigger mortgage amount. So i would have £5k less deposit but hopefully be offered more than £5k on the mortgage as i would have an extra £225pm take home pay. I wouldn't mind paying more as this house is exactly what I am after and suits me well.
What would you advise? Or should I just offer the £206k and walk away if i gets rejected as paying my student loan early off would not help me in this situation.
Thanks
Im after a bit of advice here. A little about my situation:
I have £5k student loan to pay off and pay about £225 a month towards it. I have about £32000 for a house deposit and have been offered a decision in principal of £174000 which means I would be able to afford a house costing £206000.
I recently put an offer on a house for £205000 but it was rejected.
I was wondering if it would be worth me paying my student loan off with my deposit in the hopes that I would be offered a bigger mortgage amount. So i would have £5k less deposit but hopefully be offered more than £5k on the mortgage as i would have an extra £225pm take home pay. I wouldn't mind paying more as this house is exactly what I am after and suits me well.
What would you advise? Or should I just offer the £206k and walk away if i gets rejected as paying my student loan early off would not help me in this situation.
Thanks
0
Comments
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Use your chosen lender's affordability calculator, with and without the student loan payments and see the difference.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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