mortgage and student finance

can i get student fianance for my undergrad if I have a mortgage
basically my dad is old due to his age we get a very low mortgage n cant afford houses
im on a gap year , i have applied for medicine hoping to start uni next year
my dad wants my name on the mortgage as well so it could increase
he says after i start studying he wont even ask me for a penny, he will be paying it off, he jus needs my name on it
idk how that works, he doesnt have much knowledge either , he told me to research this, so please could someone shed some light on the situation
i am currenlty working at a shop but its only until christmas
the main thing which worries me is my student finance
i have indefinite leave to remain in the uk, i dont have a british passport

Reply 1

Muttley79

Original post by tecna

Sounds VERY dodgy to me - take legal advice before he does that -

Reply 2

IWMTom

Original post by tecna

That idea won't work. The mortgage company won't take you into account as you have no income.

Reply 3

username3824888

Original post by IWMTom

That idea won't work. The mortgage company won't take you into account as you have no income.

i am starting work this monday though?

Reply 4

martin7

I can't see that having a mortgage would disqualify you from having a student loan.

If you're named on the mortgage, the lender will either expect or require you to be registered as an owner of the property.

When deciding whether to offer a mortgage, and how much to lend, the lender will need to see evidence of the income of the borrowers to ensure that they can afford the payments -- and when assessing the affordability, they will look at whether you can afford to make the payments with interest rates where they are now, and whether you would be able to afford them if interest rates were to increase.

I think it's very unlikely that they'd count a maintenance loan as "income" -- it's possible, I suppose, that they might allow some part of it, as the loan is intended to pay for accommodation as well as other living expenses -- but it sounds like you're not a student at the moment, just that you might become one in the future, so even receiving a maintenance loan isn't guaranteed.

If you're on a short-term contract, a lender probably won't even take that income into account. They're not going to lend you money on a 25-year term if you only have an income for the next couple of months.

Be aware that if you're named on the mortage with your father and he can't keep up the payments, the lender will come after you for the money irrespective of any agreement you've made with your father as to who will pay.

Reply 5

IWMTom

Original post by tecna

i am starting work this monday though?

Until Christmas......

There's always a question asked by responsible lenders which is somewhat along the lines of "do you foresee any change to your circumstances?".

You would have to say YES.

Reply 6

username3824888

Original post by IWMTom

Until Christmas......

There's always a question asked by responsible lenders which is somewhat along the lines of "do you foresee any change to your circumstances?".

You would have to say YES.

Thank you everyone. U guyz have been very helpful.