Student finance Parental rental income

hsh68
hsh68 Posts: 3 Newbie
First Post
edited 3 April 2023 at 11:26AM in Student MoneySaving
Hi
Our daughter is going into her final year at uni in September. Up till now we have not provided income details to Student finance as our household income was above the threshold for any more than the minimum maintenance loan. However, last year both my husband and I left our jobs and now rely solely on a small rental portfolio. It seems that SF are only willing to asses our income before any mortgages are paid which will affect the outcome for our daughter significantly as we have substantial mortgages on all our properties. Does anyone have any experience of this and any advice please. We were hoping that she would get close to the full maintenance loan this year as our actual income now is so much lower. Thanks for reading.

Comments

  • tacpot12
    tacpot12 Posts: 7,963 Forumite
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    It seems unreasonable that mortgage payments are not deducted from rental income, seeing as you are legally bound to make the payments. How have you discovered that they won't allow the deduction? 

    I would write to your MP about this. 
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.
  • MalMonroe
    MalMonroe Posts: 5,783 Forumite
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    Hi, before you write to your MP, though, it might be worth trying to get a bit more information if possible. 

    You might want to have a read of the article that Martin prepared on 2 March this year - it's full of helpful information and explanations, especially if you scroll down to "you could get more living support if your family's income dropped for any reason".

    https://www.moneysavingexpert.com/students/student-loans-tuition-fees-changes/ 

    With student loans, it always seems to be more complicated than it needs to be. I had one in the late 1990s, as did my daughter and things appear to have changed drastically since that time - they were confusing enough then.

    I hope you manage to get things sorted out to your satisfaction and that information in the link above is of some use. Apologies if not but I trust Martin to be thorough, because he usually is. 

    All the best to you and your daughter.
    Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.
  • _Penny_Dreadful
    _Penny_Dreadful Posts: 1,063 Forumite
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    edited 1 April 2023 at 1:15PM
    tacpot12 said:
    It seems unreasonable that mortgage payments are not deducted from rental income, seeing as you are legally bound to make the payments. How have you discovered that they won't allow the deduction? 

    I would write to your MP about this. 
    It’s not that unreasonable. You can’t deduct the mortgage interest as a business expense on your tax return either. 

    However, the SLC shouldn’t just be looking at gross income. 

    If you’re self-employed

    If you have not completed your tax return yet, fill in the form to ask to delay providing evidence until after the Self Assessment deadline (January the following year).

    You still need to return evidence for any other employment, for example if you had a salaried job earlier in the year. 

    https://www.gov.uk/support-child-or-partners-student-finance-application/current-year-income


  • silvercar
    silvercar Posts: 46,957 Ambassador
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    I’ve asked the Forum Team to move this thread to the student board.
    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 forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • hsh68
    hsh68 Posts: 3 Newbie
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    Sorry I couldn’t find an appropriate student board…I still can’t .
  • silvercar
    silvercar Posts: 46,957 Ambassador
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    hsh68 said:
    Sorry I couldn’t find an appropriate student board…I still can’t .
    Don’t worry, the website and the forum are vast. It’s hard to find your way around at the start. 

    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 forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
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