Declaring student loan for mortgage

speed1972

Not sure how the question was asked. But I think it was outgoings and commitments.

The student loan is NOT currently an outgoing and I'm not committed to pay it back.

So just really after clarification.

Twiglet12

lulu_92 wrote: »

I hadn't even thought of this and I'm applying for my first mortgage this year.

Would it be that much of an issue? It comes out of your gross pay so it's not like it's another bill to pay. I've been paying it since April last year and it's always been between £79-£100.

It comes off your net pay - not gross (i.e. No tax relief on it).

This was a real hassle for me. I only had around 4 payments left but it was considered as an ongoing outgoing because the outstanding debt isn't what is considered. There was no point me just paying it off to secure the mortgage because the Student Loans Company wouldn't be able to send me a statement showing it as cleared until the end of the financial year.

It may not show on your credit file but if it shows up on any of the documents that evidence your earnings it will be considered.