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Student Loans, Affordability & A New Mortgage
MissDitton
Posts: 28 Forumite
Hi All,
Since my last post I have been offering some advice to a colleague who is going through the same FTB process as myself.
Her situation is;
She earns 16k
Her Girlfriend earns 18K
They rent for 555 a month and have associated living costs and travel.
£160 on car finance, £14 on a washing machine payment plan and a buy now pay later sofa (on or around £1000) planning to pay back in full.
One of them also has £21,000 on a student loan which is currently not being paid as it is under the payment threshold and she is hoping is will drop off in 19 years as long as she stays below the radar (under 16k)
What are her chances and liklihood of mortgage.
She is looking for around £100k purchase price with 5% deposit.
She has an AIP but full affordability hasnt been assesed - any thoughts are welcome!
Since my last post I have been offering some advice to a colleague who is going through the same FTB process as myself.
Her situation is;
She earns 16k
Her Girlfriend earns 18K
They rent for 555 a month and have associated living costs and travel.
£160 on car finance, £14 on a washing machine payment plan and a buy now pay later sofa (on or around £1000) planning to pay back in full.
One of them also has £21,000 on a student loan which is currently not being paid as it is under the payment threshold and she is hoping is will drop off in 19 years as long as she stays below the radar (under 16k)
What are her chances and liklihood of mortgage.
She is looking for around £100k purchase price with 5% deposit.
She has an AIP but full affordability hasnt been assesed - any thoughts are welcome!
Mortgage Approved 06/06/2014. Paperwork received 09/06/2014. Hope to be moving in August time :T
0
Comments
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If they have not picked up on the student loan, it should pass. If they have it could be tight.I am a Mortgage AdviserYou 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.0
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Hi Thanks,
She didnt disclose the student loan at time of application as she doesnt pay anything towards it per month as she doesnt earn enough to do so.
I think she is wondering will this make a difference?0 -
As she is below the threshold the SL is not currently an expense.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0
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