Student debt should I disclose??

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.

Comments

  • diggingdude
    diggingdude Posts: 2,445
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    Yes unless you want to be accused of fraud in the future
    An answer isn't spam just because you don't like it......
  • csgohan4
    csgohan4 Posts: 10,587
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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.
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  • Sofee3
    Sofee3 Posts: 96
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    I don't think you have to unless you are paying it back out of salary.
  • diggingdude
    diggingdude Posts: 2,445
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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??
    An answer isn't spam just because you don't like it......
  • jinkssick
    jinkssick Posts: 1,323
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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.
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  • muhandis
    muhandis Posts: 994
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    edited 20 May 2019 at 7:40PM
    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.
  • redman1989
    redman1989 Posts: 64 Forumite
    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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