Student loan and mortgage application help.

Bm1937

Hi
Within the next couple of months my boyfriend and I will be applying for a mortgage with help to buy. We will be using 10%(£19100) of our own money and 20% (38000) from the government to purchase our £191000 new build. 

We chose to do this because of issues over the past year in trying to get a normal mortgage due to COVID.

I work as a full time as a veterinary nurse and pay is 23.5k, his 27k. However, I have recently started a part time postgrad masters degree which will last 5 years, I have been given a maintenance/loan or grant to help with paying course fees and general things for uni such as books. Will this affect my mortgage? It is roughly £1500 paid directly to my bank account every 3months. I will not be leaving work or reducing hours as this is an online course to help further my career. I don’t pay anything at the moment on previous student loans but I know that if I was to earn £26.55k it would be around £3 a month! I have already told the broker about my previous loans and that I don’t pay anything, but I only just found out about the maintenance one today. I don’t want lenders to see this money as boosting. 

This will not be contributing to the deposit, fees or mortgage in anyway. We already have the deposit plus an extra 2k and our fees set aside and have regular savings set aside of approx £800 a month between us.

does anyone have any info on this, I’m just really hoping it won’t affect us. I will literally be putting the money into savings as we are planning on using some of it to pay off the help to buy loan in the future as well as books and things I need for uni.

thank you 

ACG

It wont affect anything if there are no monthly repayments to make based on your current pay. 

Bm1937

ACG said:

It wont affect anything if there are no monthly repayments to make based on your current pay. 

Thanks for that. So even though this £1500 is being paid into my account it won’t affect anything? Will I have to declare this?

Meh123

Hey! My friend had something just like this as she had loan payments for her masters too (while she worked at the same time).
with her (and I’d assume it’s lender dependant) her loan payments couldn’t be factored into affordability as naturally these payments won’t be forever and they did the affordability with her and her partners salaries only. 

Having the payments going in didn’t do the application any damage at all, it was clear where they were coming from and what they were for, no ones going to think that you’ve signed up for a nice chunk of student debt just to try and boost your mortgage borrowing potential. It’s totally viable that someone in your profession would further their training and continue education wise.