Official Rep
Back
to top
Will buying and owning a house affect my student finance?
Watch this threadPage 1 of 1
Go to first unread
Skip to page:
Katsuno
Badges:
2
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#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.
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.
0
reply
SFE Isaac
Badges:
10
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#2
Report
#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.
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.
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
0
reply
Katsuno
Badges:
2
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#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
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
0
reply
SFE Isaac
Badges:
10
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#4
LanaSmith
Badges:
4
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#5
Report
#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!
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
0
reply
SFE Isaac
Badges:
10
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#6
Report
#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!
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!
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
0
reply
suzieheale31
Badges:
0
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#7
Report
#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
0
reply
SFE Isaac
Badges:
10
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#8
Report
#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 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
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
0
reply
SharonJC
Badges:
1
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#9
Report
#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
0
reply
Erin SFE
Badges:
9
Rep:
?
You'll earn badges for being active around the site. Rep gems come when your posts are rated by other community members.
#10
Report
#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. 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
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
0
reply
X
Page 1 of 1
Go to first unread
Skip to page:
Quick Reply
