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Student debt should I disclose??

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Student debt should I disclose??

edited 30 November -1 at 1:00AM in Mortgages & Endowments
7 replies 876 views
Maddie12345Maddie12345 Forumite
4 posts
edited 30 November -1 at 1:00AM in Mortgages & Endowments
Hi,
My partner and I have got a meeting with the bank tomorrow to discuss hopefully getting a mortgage to buy our first home. However, I have masses of student debt having only graduated a year ago. I currently don’t earn enough to actually pay anything back on my student loan and likely never will. Do you think it’s worth mentioning?
Thanks in advance.

Replies

  • diggingdudediggingdude Forumite
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    Yes unless you want to be accused of fraud in the future
    House owner as of 27.3.2019 :j
  • csgohan4csgohan4 Forumite
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    if lender asks a question, answer truthfully, anything else is fraud. You really don't want to be on a fraud register making it impossible to get future credit.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ PIxie RIP
  • Sofee3Sofee3 Forumite
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    I don't think you have to unless you are paying it back out of salary.
  • diggingdudediggingdude Forumite
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    Sofee3 wrote: »
    I don't think you have to unless you are paying it back out of salary.
    It is still a debt owed, why risk wrecking your future by not declaring??
    House owner as of 27.3.2019 :j
  • jinkssickjinkssick Forumite
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    I was never asked so I never did. If I was asked then I would most certainly have answered truthfully. Its not a debt that goes on your credit score.
    Save saynoto0870.com in your favorites, and stop giving companies more £££ dialling 0870 numbers when you can dial freephones or cheaper alternatives
    call your credit card company, tell them that you want to leave, 99% of the time theyll lower your APR%
    Remember when that Bank Manager or Salesperson smiles at you, all he sees is £ notes. Dont forget the motto, "the wider their grin, the more debt your in"
  • edited 20 May 2019 at 8:40PM
    muhandismuhandis Forumite
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    edited 20 May 2019 at 8:40PM
    All you need to do is answer any questions asked. If the broker or lender does not ask about student loans, you don't need to declare it.

    Don't worry about too much about the student "loans" as they don't appear on your credit report and do not work like normal debt does, it's more like a tax.

    The lender bases their affordability testing on your current income and outgoings. Given that you don't make any student loan payments at present and any payments in the future will be taken from the portion of earning ABOVE the threshold, it should not have any impact on your current affordability in any case.
    Hi,
    My partner and I have got a meeting with the bank tomorrow to discuss hopefully getting a mortgage to buy our first home. However, I have masses of student debt having only graduated a year ago. I currently don’t earn enough to actually pay anything back on my student loan and likely never will. Do you think it’s worth mentioning?
    Thanks in advance.
  • redman1989redman1989 Forumite
    64 posts
    Answer it truthfully.

    If you lie about something that otherwise wouldn't be an issue and it comes out down the line no doubt your app will be binned.
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