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Getting a mortgage with student debts
Former Member
Posts: 1,876,323 The Mix Honorary Guru
ok, i know this may be a really stupid question, but;
can you get a mortgage with a partner, when 1 of you has a student loan (but have graduated+finish uni)???
If you can, does the Student loan affect the amount you can get for a mortgage?
thanx
can you get a mortgage with a partner, when 1 of you has a student loan (but have graduated+finish uni)???
If you can, does the Student loan affect the amount you can get for a mortgage?
thanx
0
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Does anyone know how much they take out of your wages, per month, to re-pay your student loan. Assuming you're earning the £15,000 minimum?
SLC loans are not loans anyway, they're more of a tax, taken out via PAYE. Think of it that way, you don't notice that it's gone.
Why don't you try looking on the SLC website to find the answer to simple questions?
They take a percentage of your wage at 9% for everything earned over 15k(1250 per month or 288 per week) a year.
To give you an idea for 25k a year earnings you will pay £75 a month back. \it is deducted straight from your wages just like NI and tax.
This is because they don't work in simple multiples anymore. They do a cost assessment, and basically they are testing for affordability. If they think you can pay the monthly payment they will give you a mortgage, and if they don't think that then they won't.
However the student loan will not affect your credit rating in any way, as it is deducted PAYE. Some people are foolish and add the student loan from the SLC to their debt on the application form, but you do not have to do this. We were not asked at any stage about our SLC debts, and we were given a mortgage.
Instead of fretting, why don't you go and talk to an independent financial advisor?