Masters degree loan if I have property in my name?

Polak

I was wondering if somebody could help me with this

My current situation is this

I live in a house with my mum and sister. We have a mortgage to pay on it. Back in September we bought a house [we had some inheritance money] and my mum put it in my name. I had a full time job at the time and it was the only way to get a mortgage on it, so she put it in her and my name. The house we currently reside in has also had to go in our joint name as we have changed the mortgage company

so

The house we live in is in both our names

and

The other house is also in both our names, but we rent it out to a company who put people in it.

Both houses have mortgages to pay on them.

I recently lost my job and am looking for another one, but right now I am unemployed. The amount the company pays for renting out the other house covers the cost of both mortgages , and my mum is currently earning just enough money to pay for house expenses [electricity,gas, internet etc.] but it's very tight. I still have a little money [not much] left over from my previous job to help that for now, but it is going to run out soon.

A few months ago I made an application for a masters degree and they have accepted me, but now I want to apply for a loan and don't know if I am likely to get one because of my current situation, having two houses in my joint name. I am currently unemployed and living off the little amount left in the bank from my previous job and what my mum earns. I don't have any other cash and would not be able to pay for the studies out of my own pocket, as I don't have money right now.

The University wants a deposit of £450 soon but I want to make sure there is a chance I'll get a loan first. I don't want to pay the deposit and then find out I can't get one, and for the deposit to fall through.

Could someone let me know what my chances of getting a student loan are with my current situation?

jonesMUFCforever

You are unemployed and if I have read it right you are jointly responsible for 2 mortgages - it does not make you an attractive proposition to a lender - where they have to prove that you can afford the repayments (in case of a future misselling claim).

Polak

What about student finance though? Do you think they would be okay to give a loan in this type of situation?

jonesMUFCforever

Have you had any previous student loans?
I would have thought you would have enquired about the finance prior to applying.

Polak

I did have previous loans. I had a loan to do my undergraduate degree that I am still paying off. Does this effect anything? I know a lot of students to a master right after their undergraduate degree, so I would assume it's okay.

I suppose I should have, but I just thought I might as well apply and then if I get accepted I'll work out if I can get a loan. Unfortunately I didn't think they'd want to have a deposit from me now.

DCFC79

Can you not sell the other house?

Pixie5740

You have the income from the BTL property which should be getting declared to HMRC.

Have you looked at Career Development loans? Those loans defer repayments until the course ends or if you leave the course prematurely.

There's also funding available depending on what subject you're studying and where you're studying or where you're from. I'm currently studying a MSc in Scotland and I'm from Scotland so I can apply to the Carnegie Trust for funding.

Polak

The income from the property in my name is not being paid in to my account, it is being paid in to the account. I have no income right now since losing my job. Yes the properties are in my joint name, but as someone suggested above, unless I can convince the member of my family to sell the property, I don't have anything to pay with. I know they do not want to sell it at this time, so even though my name is also on the properties, I do not get a anything out of them, other than of course being able to live in one of the houses.

Floxxie

It doesn't matter where it is paying into, it is still your income and must be declared to HMRC.

Voyager2002

I suggest that you stop assuming and look into student finance before you put any more time, effort and money into doing a Masters. For a start, student loans are not at present available for post-graduate study:there is a government proposal to introduce such loans, but that is not in force yet.

Most people in your situation have found that commercial loans are the only option. Owning property does not make any difference to getting such loans, but they are at commercial rates of interest and must be repaid as soon as the course finishes: whether or not you have a job.

Pixie5740

Polak wrote: »

The income from the property in my name is not being paid in to my account, it is being paid in to the account. I have no income right now since losing my job.

It doesn't matter what account the money is being paid into, it's still your income. I'd sort out the tax evasion and potential benefit fraud before finding funding for a Masters.