In Principle Mortgage Agreement & Student Loans

useyourillusion2

Hi

I'm currently in the process of working through Tesco's online application for a mortgage as I need an agreement in principle to place offer apparently?!

I've hit a snag though.

It asks about loans and whilst I have no bank loans I do have my student loan and am unsure whether I should include it.

The fields it offers do not really cater for it because it asks for last payment date which is unknown.

Have any other money savers had this confusion? What do you think I should do, leave the loan off or guestimate the amount I owe and leave the end date empty?

All advice is welcome.

Thanks

ACG

Are the payments coming out of your salary at the minute?

useyourillusion2

Thanks for replying.

I'm paying around £50 a month.

My wife is currently paying zero per month after going back to work part time, following maternity leave.

We both have loans taken out when tuition fees were £1500 per year.

My balance is around £8k and my wife's £13k.

ACG

You could just put £50 a month down with say 5 years remaining - that will atleast ensure affordability is passed ok. You can then call them up and tell them the correct information between DIP and Application?

Bit of a difficult one as Tesco do not deal with brokers so we do not know their systems.

kitty_kins

I pay £64 a month which is automatically deducted from my wages. I was told by FA that it doesn't count as I never actually see the money.

To err on the side of caution, I would declare it and put last payment date as your last wages received date.

kingstreet

kitty_kins wrote: »

I pay £64 a month which is automatically deducted from my wages. I was told by FA that it doesn't count as I never actually see the money

That's pre-MMR.

Now, you would enter the monthly cost as an outgoing.

amnblog

What FA? The Tesco Bank one?