Do You Have To Declare Student Loan On Mortgage Application

Many 18+ plusses decide to go to university for higher education, this can open lots of doors for you hopefully enabling you to get better jobs and an increased salary. This increase in opportunity does not come without costs, with tuition fees and cost of living expenses many students finish university tens of thousands in student debt in the form of student loans. Student Loans have many advantages over conventional finance options, this include not having to make any repayments until you are earning a certain amount, the debt however is still present on your credit profile and will be taken into account on any future finance opens.

Can Student debt Stop You Getting A Mortgage
When applying for any mortgage you will need to provide your ingoing`s and outgoings, detailing that you are able to afford the payments on your new mortgage or remortgage, this includes any student loan repayments you may have to make.

Can Student Loans Keep You From Getting a Mortgage?

Many of us with student loans wish to know if a student loan could stop you buying a home. In the UK you only need to make student loan repayments when you reach certain income levels, if you have reached this level of income then your repayments will need to be taken into account on any mortgage application, this could result in limited the amount of money you are allowed to borrow when buying a property.

Here at First Choice Finance we believe that home mortgage financing is the largest monetary transaction many of us make, even greater that the financial investment we make in our education. It is only logical to have all the most current information on hand before making these types of decisions, here at First Choice Finance we look forward to helping you make those decisions, giving you qualified advice and answering any questions you may have.

How Much Can I Afford To Borrow

A mortgage company uses ratios to analyse your mortgage payment. The housing payment ratio compares your total mortgage payment to your monthly income. The total debt expense compares your total monthly obligations including your total mortgage payment to your monthly income. These ratios are meant to be used as guides. Please contact one of our mortgage professionals for a complete pre-qualification analysis.

Applying for a mortgage or getting more information is easy, simply fill out our complete application form. This is highly recommended if you are ready to apply. This process will take 5-15 minutes. When you enquire online no credit check will be carried out before discussing the different options available with our highly qualified mortgage advisers.

First Choice Finance opened its doors for business in 1988, specialising in mortgages, remortgages home loans and refinancing, First Choice Finance is dedicated to helping people achieve their dreams at a cost they can afford. Founded on basic principals of honesty, trust, and integrity, First Choice Finance is determined to work hard to make every client feel appreciated and satisfied throughout the finance process.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.