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  • FIRST POST
    • Maddie12345
    • By Maddie12345 19th May 19, 1:09 PM
    • 4Posts
    • 0Thanks
    Maddie12345
    Student debt should I disclose??
    • #1
    • 19th May 19, 1:09 PM
    Student debt should I disclose?? 19th May 19 at 1:09 PM
    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 donít earn enough to actually pay anything back on my student loan and likely never will. Do you think itís worth mentioning?
    Thanks in advance.
Page 1
    • diggingdude
    • By diggingdude 19th May 19, 1:33 PM
    • 845 Posts
    • 1,094 Thanks
    diggingdude
    • #2
    • 19th May 19, 1:33 PM
    • #2
    • 19th May 19, 1:33 PM
    Yes unless you want to be accused of fraud in the future
    House owner as of 27.3.2019
    Free Tumble drier fund £44 (March) £88.04 (April)May £179
    • csgohan4
    • By csgohan4 19th May 19, 2:03 PM
    • 6,029 Posts
    • 3,997 Thanks
    csgohan4
    • #3
    • 19th May 19, 2:03 PM
    • #3
    • 19th May 19, 2:03 PM
    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"
    • Sofee3
    • By Sofee3 19th May 19, 7:09 PM
    • 31 Posts
    • 30 Thanks
    Sofee3
    • #4
    • 19th May 19, 7:09 PM
    • #4
    • 19th May 19, 7:09 PM
    I don't think you have to unless you are paying it back out of salary.
    • diggingdude
    • By diggingdude 19th May 19, 9:59 PM
    • 845 Posts
    • 1,094 Thanks
    diggingdude
    • #5
    • 19th May 19, 9:59 PM
    • #5
    • 19th May 19, 9:59 PM
    I don't think you have to unless you are paying it back out of salary.
    Originally posted by Sofee3
    It is still a debt owed, why risk wrecking your future by not declaring??
    House owner as of 27.3.2019
    Free Tumble drier fund £44 (March) £88.04 (April)May £179
    • jinkssick
    • By jinkssick 20th May 19, 5:36 AM
    • 1,266 Posts
    • 916 Thanks
    jinkssick
    • #6
    • 20th May 19, 5:36 AM
    • #6
    • 20th May 19, 5:36 AM
    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"
    • muhandis
    • By muhandis 20th May 19, 2:38 PM
    • 592 Posts
    • 237 Thanks
    muhandis
    • #7
    • 20th May 19, 2:38 PM
    • #7
    • 20th May 19, 2:38 PM
    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.
    Originally posted by Maddie12345
    Last edited by muhandis; 20-05-2019 at 7:40 PM.
    • redman1989
    • By redman1989 20th May 19, 3:25 PM
    • 41 Posts
    • 6 Thanks
    redman1989
    • #8
    • 20th May 19, 3:25 PM
    • #8
    • 20th May 19, 3:25 PM
    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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