MMR Student Loans

christologymum

Can anyone answer this for me, under MMR do they look at the whole amount you owe, or the monthly amount you pay?

I dont know an exact amount I owe as havent had a statement for a while, but did 4 years at uni and had about 3.5 a year loan so maybe owe 14k, but as I only earn 21k I currently only pay about £13 a month.

My hubby only had about 8k loan but as he earns a lot more he pays about £130 a month, but hes making good progress in clearing it off, so maybe only owes 4k.

During MMR will they deduct the full amount we owe, so take off 18k isnt from what we can borrow, or does it just factor in the monthly payment into affordabilty.

May1987

We are borrowing from Nationwide and they only asked for the monthly repayment figure (application was post MMR).

GolfFoxtrot

We were asked how much we paid monthly and what our total outstanding balance was. This was with skipton and in April this year.

Rmphotography

We went with Halifax and they were just interested in my monthly payments. I've got about £4000 left to pay and I'm paying about £115 a month currently.

Looking at the responses in here it looks like it is a monthly figure they are after so that they can factor it into whether you can afford the monthly mortgage amount after bills and other deductions are taken.

christologymum

Oh thats great thanks very much for the responses, thats what I wanted to hear!

ChaddyBouy

Mine took the monthly payment from payslip, no interest in fully owed amount I don't think.