Do I have to declare Student Loan as a "Loan" when applying for a mortgage?

HarveyNichols99

FTB applying for a house purchase mortgage. I'm on Student Loan Repayment Plan 2 through Student Finance England, pay £200 a month deducted before tax. This is all shown on my payslips. 

Do I have to declare this as one of my "Loans" on the application form? It was my understanding that question only wants to know about private/personal loans taken out. 

Chronotrigger

FTB too. My application was submitted by a mortgage broker and they queried how much my student loan was I had to provide the exact figure remaining. But obviously they completed my application so I have no idea which section this would be in.

It might be good if you can get a helping hand with the question from the mortgage advisors of the lender you are going with ( e.g. Natwest have a mortgage team you can chat with for assistance) to see what section of the application the student loan is declared in.

Or you could mention the lender here and someone else might be able to give advice.

TheJP

Yes you have to declare your student loan as part of a mortgage application as its still classed as a monthly expenditure.

Snookie12cat

It does not need to be declared in the loan section, as its not your standard loan.
Some lenders ask you outright, others will see it on your payslip and deduct it from the amount of borrowing. If you want a realistic picture of how much you can borrow, you should list it as regular outgoings on the affordability calc if there is no space for it. 

springmagpie

In my application they asked about salary deductions, this is where I declared my student loan

grumiofoundation

Snookie12cat said:

It does not need to be declared in the loan section, as its not your standard loan.
Some lenders ask you outright, others will see it on your payslip and deduct it from the amount of borrowing. If you want a realistic picture of how much you can borrow, you should list it as regular outgoings on the affordability calc if there is no space for it. 

I would be wary of this sweeping statement.

As you say not all mortgage lenders will have the same criteria, some will ask for it as part of credit commitments.
As suggested above best to ask the lender.

When I filled in some online calculators some lenders (can't remember which ones) did ask for the student loan as part of the 'loans' section, asking for balance remaining. I assume this is similar for the full application. 

Snookie12cat

grumiofoundation said:

Snookie12cat said:

It does not need to be declared in the loan section, as its not your standard loan.
Some lenders ask you outright, others will see it on your payslip and deduct it from the amount of borrowing. If you want a realistic picture of how much you can borrow, you should list it as regular outgoings on the affordability calc if there is no space for it. 

I would be wary of this sweeping statement.

As you say not all mortgage lenders will have the same criteria, some will ask for it as part of credit commitments.
As suggested above best to ask the lender.

When I filled in some online calculators some lenders (can't remember which ones) did ask for the student loan as part of the 'loans' section, asking for balance remaining. I assume this is similar for the full application. 

Yes that's what I said. Some specifically have sections for it and you should put it in if they do. If they do not, then I would put it under regular outgoings so you do not get the wrong idea about how much they will lend you because they will deduct it from total loan offering.