Use student finance for a mortgage deposit

Mcb95

Hi everyone!
I am at the moment in my foundation year of university and me and my partner we think about to buy a house.
I am full time employed in a restaurant but at the moment I am in fourlough and my partner works like self employed in construction so he still working.
Our income monthly is minimum  3800£ Monthly. But my main question is Can i Use the money of my maintenance loan as part of the deposit for the house? 

We will apply for a 150k house and the part of the maintenance loan will be less than half part of the deposit.

K_S

Mcb95 said:

Hi everyone!
I am at the moment in my foundation year of university and me and my partner we think about to buy a house.
I am full time employed in a restaurant but at the moment I am in fourlough and my partner works like self employed in construction so he still working.
Our income monthly is minimum  3800£ Monthly. But my main question is Can i Use the money of my maintenance loan as part of the deposit for the house? 

We will apply for a 150k house and the part of the maintenance loan will be less than half part of the deposit.

@mcb95 I'll be honest I've never come across this exact question. Most lenders will not accept any part of the deposit to be borrowed.

However, there are a couple of lenders who will consider deposits consisting of funds that have been borrowed. Whether student maintenance loans will fall under that category or not, I am not sure.

Lorenzo94

Mcb95 said:

Hi everyone!
I am at the moment in my foundation year of university and me and my partner we think about to buy a house.
I am full time employed in a restaurant but at the moment I am in fourlough and my partner works like self employed in construction so he still working.
Our income monthly is minimum  3800£ Monthly. But my main question is Can i Use the money of my maintenance loan as part of the deposit for the house? 

We will apply for a 150k house and the part of the maintenance loan will be less than half part of the deposit.

Hi, I have used 50% of my deposit from my student maintenance loan and 50% as my father’s gifted money. The bank (Halifax) has never questioned where my non-gifted part of the deposit came from as I had them in my ISA account. Also, with Santander and Nationwide (approved mortgages but could not complete due to cladding) they were okay. I’m not sure with other lenders though.

ukri

Lorenzo94 said:

Mcb95 said:

Hi everyone!
I am at the moment in my foundation year of university and me and my partner we think about to buy a house.
I am full time employed in a restaurant but at the moment I am in fourlough and my partner works like self employed in construction so he still working.
Our income monthly is minimum  3800£ Monthly. But my main question is Can i Use the money of my maintenance loan as part of the deposit for the house? 

We will apply for a 150k house and the part of the maintenance loan will be less than half part of the deposit.

Hi, I have used 50% of my deposit from my student maintenance loan and 50% as my father’s gifted money. The bank (Halifax) has never questioned where my non-gifted part of the deposit came from as I had them in my ISA account. Also, with Santander and Nationwide (approved mortgages but could not complete due to cladding) they were okay. I’m not sure with other lenders though.

Tbf that doesn’t mean that the banks mentioned are ok with student maintenance loan as deposit. The money in your ISA wasn’t questioned, so it could have been from anywhere.

Peppermint90

Around 40% of my deposit also came from my student grant money that I had left in an ISA for many years. Solicitor wanted to see source of funds, I showed him and he was fine with it.