| Question |
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Can I get a morgage if I have a student loan?
I don't earn enough to pay off my student loan yet and I've been ignoring it but now I want to buy a flat. Will the unpaid loan mean I can't get a morgage?
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| By
rosie_apples |
Posted on
05/13/07 Total Answers
14 |
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| Answers- |
| Not by itself. You just need a good debt-to-income ratio (or net worth), good credit, and a good steady income. |
| Answer by :
Grub On Date
2007-05-13 05:19:10 |
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| Yes absolutely because its classed as bad debt and you won't get a mortgage anyway unless u have a well paid job. |
| Answer by :
Shirl On Date
2007-05-13 05:19:45 |
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| If you don't earn enough to pay off your student loan, what makes you think you can afford a mortgage?
And when calculating how much you can borrow, Yes, the student load repayment would have to be factored in. |
| Answer by :
tallpaul_b On Date
2007-05-13 05:20:02 |
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| You only have to be earning £15k to pay off your student loan. If you dont earn more than £15k then you wont be able to get a mortgage. You can only borrow on average 4 x your salary. So you will only be able to buy a garden shed! |
| Answer by :
OriginalBubble On Date
2007-05-13 05:26:08 |
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| Think this through--- you want to pay off a mortgage loan with a student loan
That's double the interest, mabe not a very clever thing to do :) |
| Answer by :
ascoile On Date
2007-05-13 05:26:08 |
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| No not at all, student loans arent even taken into the equation at any stage of a mortgage. The other people are talking c*ap. Go see a mortgage advisor, one that doesnt charge you but takes their fee from the mortgage provider. You will probably get a mortgage for 4 times your salary, more sometimes. The best company for first time buyers is Northern Rock |
| Answer by :
Stuart C On Date
2007-05-13 05:27:06 |
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| I agree with Stuart C. I have a mortgage & a student loan. When I got my mortgage with my boyfriend, I was only earning £10k at the time!
I would also suggest going to see an independent financial advisor who can give you all your options |
| Answer by :
Lauren R On Date
2007-05-13 05:37:27 |
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| Getting traditional mortgage very unlikely, and anything with government subsidize is out, but there are places that give very expensive ones to individual likely to default. |
| Answer by :
Mister2-15-2 On Date
2007-05-13 05:40:37 |
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| if you don't earn enough to pay for anything then you can't buy a flat either. Usually buying a residence means you need to have a downpayment (it sounds like you have not saved toward that either).
Make a plan, have a few jobs simultaneously, pay off your student loan (cause the interest is continually building), and then save for a downpayment. |
| Answer by :
sophieb On Date
2007-05-13 06:50:06 |
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| you won't have to pay the student loan until after u have completed your studies and earning at least 15k besides how r u going to keep ur mortgage payments and dont even think about relying on boyfs / family they will class u as an burden and you are liekly to turn even more in debt |
| Answer by :
SONIA L On Date
2007-05-13 10:02:43 |
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| I think you answered your own question! You don't earn enough and with house prices starting at around £150K in some areas of the UK, how could you even raise the deposit. |
| Answer by :
James M On Date
2007-05-13 13:05:44 |
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| Not necessarily |
| Answer by :
amtusS On Date
2007-05-14 21:54:44 |
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