Will buying and owning a house affect my student finance?

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Katsuno
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#1
Report Thread starter 1 year ago
#1
Hello,

My parents have been looking to buy a house and put it under my name (without the need for a mortgage, so I wont be in any debt).
And so I heard from a friend that if I become a homeowner, I can no longer get any tuition and maintenance loans.

Thank you.
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SFE Isaac
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#2
Report 1 year ago
#2
(Original post by Katsuno)
Hello,

My parents have been looking to buy a house and put it under my name (without the need for a mortgage, so I wont be in any debt).
And so I heard from a friend that if I become a homeowner, I can no longer get any tuition and maintenance loans.

Thank you.
Hi, being a homeowner does not make you ineligible for funding. Your friend is incorrect.

We do need to know about any unearned income such as:

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)


So if you receive any property or rent income then you must declare this and this can affect your funding.
Thanks, Isaac
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Katsuno
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#3
Report Thread starter 1 year ago
#3
(Original post by SFE Isaac)
Hi, being a homeowner does not make you ineligible for funding. Your friend is incorrect.

We do need to know about any unearned income such as:

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)


So if you receive any property or rent income then you must declare this and this can affect your funding.
Thanks, Isaac
Thank you for your response!
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SFE Isaac
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#4
Report 1 year ago
#4
(Original post by Katsuno)
Thank you for your response!
You're welcome
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LanaSmith
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#5
Report 7 months ago
#5
Hello,I have a follow-up question on this one.

You say:
1) being a homeowner does not make you ineligible for funding
2) We do need to know about any unearned income such as: ... Property Lettings or Rent
3) if you receive any property or rent income then you must declare this and this can affect your funding

The 3 combined sound confusing to me. I am interested in tuition fees loan only (no maintenance).

Q1: so owning a property I am eligible for student loan (tuition fees) anyway?
Q2: if I own the property but DO NOT receive any income off it (no rent, no selling etc) - do I need to declare the ownership? Does it affect funding?

Thank you!
Last edited by LanaSmith; 7 months ago
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SFE Isaac
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#6
Report 7 months ago
#6
(Original post by LanaSmith)
Hello,I have a follow-up question on this one.

You say:
1) being a homeowner does not make you ineligible for funding
2) We do need to know about any unearned income such as: ... Property Lettings or Rent
3) if you receive any property or rent income then you must declare this and this can affect your funding

The 3 combined sound confusing to me. I am interested in tuition fees loan only (no maintenance).

Q1: so owning a property I am eligible for student loan (tuition fees) anyway?
Q2: if I own the property but DO NOT receive any income off it (no rent, no selling etc) - do I need to declare the ownership? Does it affect funding?

Thank you!
Hi Lana,

I'll answer both in order.

1. Owning a property does not affect eligibility or entitlement.
2. If you do not have unearned income from the property then no you don't have to put anything as unearned income regarding your home.

Thanks, Isaac
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suzieheale31
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#7
Report 4 months ago
#7
Hi lana Do you know about inheritance if that would affect a student loan application when the house is sold I'd like to put my share into buying a house but fear the money coming to me may make me un eligible and then I'd have to waste money renting etc
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SFE Isaac
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#8
Report 4 months ago
#8
(Original post by suzieheale31)
Hi lana Do you know about inheritance if that would affect a student loan application when the house is sold I'd like to put my share into buying a house but fear the money coming to me may make me un eligible and then I'd have to waste money renting etc
Hi, we only need to know about any unearned income.

Income that will be taken into account

Bank or Building Society Gross Interest
Property Lettings or Rent
Dividends from investments/shares/unit trusts
Trusts or Sponsorships
Pensions
Payment from their employer who has released them to attend their course
Any other payment received for attending the course (This does not include University Bursaries)

Income that will NOT be taken into account

Any earnings from full or part-time work this can be vacation work or work during term time
Maintenance Loan or Grant payments
Child and Working Tax Credits
State benefits
ISA’s, TESSA’s
Payments received from parents under covenant
Child maintenance payments received. These maintenance payments should be included as part of the children’s income in section 8d
Teacher Training Bursaries
Care Leavers Bursary
Other Higher Education Bursaries (HEBSS/WBS)
Bounties paid by the armed services to reservists or disablement or invalidity pensions
Profit from selling property
Ebay


Thanks, Isaac
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SharonJC
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#9
Report 2 months ago
#9
Hi. I’m in the process of buying a property but it may not be completed before I have to submit my finance documents. In the meantime I have moved in with my parents until it goes through. How do I complete the finance form? Do I say I’m living at home and have to give details about my parents income, or do I explain I will be living in my own home and responsible for myself by the time I start Uni?Thanks
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Erin SFE
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#10
Report 1 month ago
#10
(Original post by SharonJC)
Hi. I’m in the process of buying a property but it may not be completed before I have to submit my finance documents. In the meantime I have moved in with my parents until it goes through. How do I complete the finance form? Do I say I’m living at home and have to give details about my parents income, or do I explain I will be living in my own home and responsible for myself by the time I start Uni?Thanks
Hi there,

If you are going to be living in your own home by the time you start, we would advise stating you are living elsewhere. This means you can get the correct finance. Are you under the age of 25?

Thanks, Erin
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