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Do student loans affect ability to get a mortgage?
trrk
Posts: 204 Forumite
Will my husband's student loan affect our ability to get a first time mortgage? The student loan in question is a government loan from another country where he went to university and is still being paid off at a rate of £1500 every 6 months.
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Comments
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You should still be able to get a mortgage, but when you apply they look at your outgoings, and obviously the higher your outgoings, the lower the mortgage repayment you can cope with. So it will most likely mean you can borrow less, but not that you can't borrow at all.0
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Yes they will take it into account as an outgoing, I have just discovered this to my detriment - last time I took out a mortgage it was not taken into account but the rules have tightened up. Doesn't mean you can't get a mortgage (saying that, it does for me, but my affordability was really tight in the first place) but it will be calculated as part of the affordability check.0
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