19year old inheritance

Westie983

Student loans don't counts as income for mortgage applications so on a part time wage may find she would struggle to raise a mortgage.

I'm also sure the cash would affect her student loan entitlement, so this is worth checking, I know I had to submit my income documents when I applied and this included declaring my savings total.

I would go with littlegreenfrogs' suggestion, if she qualifies with the capital amount, as she may find she wont have to pay it back straight away if she is earning under the threshold, and you get nine months after graduation before you start paying it anyway, so that time would be beneficial to be in a savings account or a pension.

littlegreenfrog_2

I agree that she might struggle to get a mortgage on a property in her university town. Also, most students live in halls of residence in their first year. They don't have to, but it is a valuable part of the university experience and she might find she misses out on a lot of the social side of things if she is in a small house or flat in her first year. And then afterwards, she'll be there for what, two years? Three years max? Factor in the costs of buying and selling a place and it might not be worth it over two years. And that's even if she can get a mortgage. If she's going to university in a cheap part of the country and could use her £90k inheritance to buy a place outright then it might not be such a bad idea as there would be no SDLT to pay, she wouldn't have any monthly housing costs except utility bills and she could let out a second bedroom to another student for some extra income.