Year 12s: what will be the first way you research your future options? >>

Studying as a home owner

Throughout my ucas application process for 14/15 to start my degree, I have considered myself as living at home. I just had a thought that by definition, this may not be the case. I am a home owner with a mortgage. I am planning on renting my home out and then renting in an area closer to the university. Can anyone make it clear where I stand? I am guessing that this could impact what I am entitled too?

Thanks

Reply 1

WGR

This is my problem too. Um I just put down living away from home because I think that what they mean is "living away from parental home" which you obviously are. Either way there is no way that they can tell where you actually are living and getting the extra money isn't fraudulent because you have to pay it all back anyway.

Reply 2

balotelli12

You will not be able to do this.
Your mortgage provider will not allow it.
It almost certainly contravenes your mortgage T&Cs.
It will definitely contravene any insurance you have for buildings or contents.
It is almost certain that They will demand you change your mortgage to a buy to let one and charge a higher interest rate.

Reply 3

Klix88

Original post by WGR

I think that what they mean is "living away from parental home" which you obviously are

I'm afraid not, otherwise many mature students would be "living away from parental home". It means "Are you living at home (your parents' OR your own)". I started uni at 44 and was very much "Living at home" in my own flat.

Either way there is no way that they can tell where you actually are living

They might notice if you give the uni one address (the place where you actually live during uni, for correspondence such as results which you won't want being received by tenants) and UCAS a different one. The uni and UCAS will interact.

and getting the extra money isn't fraudulent because you have to pay it all back anyway.

You get slightly more in both Maintenance Loan and Maintenance Grant (non-repayable) if you live away from home, so that excess would be gained fraudulently.

Reply 4

Knalchemist

On the student finance application I'm sure it gives you more than two options. I am sure it gives you 'Living with parents', or 'Living on own', or 'Shared' etc? So, if you live with parents you'd get less, but living on your own you get more.

Reply 5

Pkysam

It won't matter, if you're assessed as an independent student you get the living independently (as opposed to with your parents) amount. Anything else would be ridiculous, no-one expects you to maintain two homes if you go to university! The point of the distinction is just to adjust for kids who are still living with their parents.

Posted from TSR Mobile

Quick Reply

Latest

Articles for you

Finding accommodation in Clearing

What university is really like

What will you spend your money on at university?

What is an LLM and how could it benefit your career?

Studying as a home owner

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you