I am currently working part time with an employer, studying my last year at A level.
I am hoping to study at my local university after this, as I have already been offered a placement.
I don't come from the richest background, and therefore will be eligible for a high percentage, if not all of the student loan.
My employer has offered to give me extra hours when I start university, and I have calculated with this: my part-time work will be sufficient enough for me to cover my living costs, as I will be communing to uni from home.
Thus, it gave me an idea...
Would I be able to save/invest my student loan throughout the full 3 years I study, with the intention of growing my capital in order to form a deposit on a mortgage.
Not sure if this is something that you can do, due to mortgage policies?
I heard that the student loan doesn't affect your credit history, but im not sure if you're able to use it to secure another loan?
However, it will save me years and years of staying at home, working to save up for a deposit to buy my own home. Rather, it will very easy.
Any replies would be great? Really have no clue?