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Will Student Loans Affect My Mortgage Application?

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Jan 8, 2023

Emma Lunn

Fact Checked By:
Emma Lunn - Finance Editor

Does a student loan affect a mortgage application?

Student debt is rising due to rising university fees, and the increasing cost of living.

We have created a comprehensive guide to help you make the most of your student loan mortgage options.

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Can you get a mortgage if you have a student loan?

Although student loans won’t stop you from getting a mortgage, lenders will take the debt repayments into account when assessing the affordability of a mortgage.

However, unlike other loans, student loans won’t appear on your credit report.

What effect do student loans have on a mortgage application?

While student loans may not be treated the same as other borrowing, the repayments will impact how much money you have to pay your mortgage.

This means lenders will consider them when carrying out an affordability assessment.

They look at other things too such as your income, work history and the size of your deposit.

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Will mortgage lenders know I have a student loan?

Yes, mortgage lenders will know you have student debts.

This is because they will look at your payslips before offering you a mortgage – and they will see the loan repayments which come straight out of your salary.

Do I need to pay off my student loan before getting a mortgage?

Paying off your student loans before applying for a mortgage is unnecessary.

Unless you are a very high earner, you may not end up paying off your entire student loan. This is because the debt is written off 30 years after repayments start.

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