Can i get a mortgage if i have student loans?

Question

Can i get a mortgage if i have student loans?

Answer 1

Simple answer is yes as most young people have student loans.If you have a guarantor (a parent or guardian who will  guarantee that if you cant, they will make the payments), you can get a 100 % mortgage (provided yours and their income meets the lenders multiple). Have a look at  http://www.mortgagebrokers4london.co.uk.... where this is explained.

Answer 2

One of two options

Find a loan company that will approve you, friends/family.

If you've got a good job + credit rating.

Answer 3

That completely depends on your income and other factors!   Most companies will not give u a loan for more than 30% of your income after all expected expenses are paid!  So if you have large enough student loans that after paying them the mortgage would take up 50% of your leftover monthly income it is unlikely u would be able to get one!

Answer 4

If you can prove you can meet repayments you can.

Answer 5

Only if you haven't defaulted on your loans and have made your payments on time. The ONLY bills a Mortgage Company will forgive is Medical Bills

Answer 6

In Britain your student loan is not usually counted as a debt in the same way as any other loan would be when you apply for a mortgage.

as long as you can show that you are able to meet repayments you should be able to get a mortgage aggreement in principle. the bank or other lender will then want a valuation of the actual property you choose, to ensure that if you default on the payments they can repossess the house and get their money back.

the mortgage provider will want to see evidence of your income such as payslips for the last few months. they may also ask to see your contract to ensure you have a permanent or stable job.

if you have been with one bank for a long time, and have behaved well eg paying fees on time, not getting into debt too much, paying off debts you may have on time etc, it may be a good start to try and get a mortgage off them, as they have more information about you to begin with.

otherwise you could go to an independent mortgage advisor who will check out the best deals for your circumstances.

be aware though that repeeatedly applying for mortgages, or being turned down by more than one provider will affect your credit rating, so think carefully.

otherwise though, you should not have a problem.

happy house hunting :-)

Answer 7

Yes you can, my son and his girlfriend got one last year and they both have student loans. They both have very good jobs so are able to meet the repayments on the mortgage and student loans.

Answer 8

NO