Can I use my student loans to buy a house

My boyfriend and I are tired of paying ridiculous amounts to rent sub par houses and want to buy a house instead. He's in full time work, I'm in part time and am also a student. Both our parents have saved money over the years for us to be able to use as a deposit for a house but both our incomes are fairly low (his is £21,500 and mine is around £10,000). I'm getting a maintenance loan of £3,900 this September and was wondering if I could use this as "extra income" when applying for a mortgage, as technically this is a guaranteed income to me and I use it for rent anyway so why couldn't I use it to pay off a mortgage?

Comments

  • silvercar
    silvercar Posts: 46,736
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    Depends on the lender. Different lenders have different criteria.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • sheramber
    sheramber Posts: 18,617
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    But it is only guaranteed as long as you are a student.

  • popadom
    popadom Posts: 822
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    Lenders can be very strict. I can't use maintenance money (although it will be around until my child is 18) as extra income. I doubt you would be able to use the loan. You could save it to form a deposit once you are working though. 
  • jon81uk
    jon81uk Posts: 3,749
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    I don't know all the details, but my parents acted as guarantors on a house for my brother as it was cheaper to buy for university than it was to rent for him.
  • macman
    macman Posts: 52,955
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    It's not income, it's a loan. And it's only available while you remain a student.
    No free lunch, and no free laptop ;)
  • MalMonroe
    MalMonroe Posts: 5,783
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    I've been in a similar situation when I was a student and desperate to get out of rented properties but as macman says, this money is a loan and will only last for the duration of your course. And then you have to pay it back once you are earning above a certain amount.

    Frustrating though it is, it probably is wisest to wait until you've finished studying and can get a full time job so that your higher combined incomes will be considered when you finally apply for a mortgage. 
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