Graduates paying off their student loans may find it even harder to get a mortgage if the government are allowed to track their credit history as is being proposed. Later this year, the Student Loan Company intends to provide credit reference agencies with information relating to student’s loans and repayment record, with any missed payments or arrears likely to make it much harder for graduates to secure their initial mortgage.
At present, all mortgage applicants must provide details of existing debts and financial commitments, though the new system would also see repayment information made available. Furthermore, in what is seen as an overly harsh system, only information on late or missed payments would be provided, meaning the data cannot have a positive impact on graduates’ credit ratings .
Graduates May Find it Harder to Secure First Time Home Loan Under New System
Wed, 30 Jan 2008
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