Being a Homeowner

Pretty sure the loan is calculated on ‘family income’, and does not assess savings, and thus the house would not impact your loan. What would likely effect the loan would be your parents incomes, if you are under 25 - presuming that if your parents are thinking of putting a house in your name, you likely haven’t been entirely responsible for yourself for 3 years, and that if they own their home they likely have incomes over the threshold for reduction in maintenance loan.

Hi there,

My parents wanted to put their free-hold house in my name. I am wondering if this will effect my student loan/maintenance loan. Furthermore, I will not be living in this house but i will *not* recieve any income from rent from this house either. If I am not earning anything from rent will this mean that I make less from maintenance loan?

Appreciate you for replying so soon.

If possible can you elaborate if the £0 rent income will effect anything? As I still have a big asset in my name, will it not flag up.

I'd understand it to be that, given you are assessed on income, £0 rent would still be £0. Generally I don't think that the forms that you have to fill in would ask about theoretical potential income (which would be the only way in which they could consider £0 rent to be worth more than £0) because it would be very hard to draw the line on what counts as theoretical, and what amount you might expect to get. I'd say you're clear on it