Mortgage application whilst applying to uni

[Brokemom28]

Hi, just wondering if anyone who works in this field can give me some advice! We’re applying for our 1st mortgage in the next 6 months, I also intend to apply to uni in this time for September (in a very competitive field, I don’t actually expect to get in the first time!). My question is - there’s a small application fee on UCAS to apply which will show up on my bank statement, would this be flagged by a lender? It essentially gives away that I’m planning to quit my full time job to become a student!

I'm not sure they'd look that closely. Could someone else pay it for you and you give them the money just to be on the safe side?

If you're worried, could you ask a relative to pay (and give them the cash). Or perhaps even using a credit card would be good enough.

There’s usually small print you have to agree to about not expecting a change in circumstances or income.

They should be reviewing your statements and asking questions about any anomalies. They will be asking if you can foresee anything in your future that may affect your ability to pay such as a change in job.

possibly going down to one salary and not declaring it to your mortgage provider feels like bad financial planning.

If you get into Uni how are you expecting to pay the mortgage? It's not as simple as being granted one, you have to ensure that you are going to be able to pay it, and if you are giving up work I'd be concerned that a mortgage granted on the basis of your income will suddenly become unaffordable.

I could definitely ask someone to pay, I don’t know why I didn’t think of this, problem solved, thank you for the replies. We aren’t borrowing excessively and have considered the finances.

Do you realise you are committing mortgage fraud by doing this?

Honestly, as long as you pay your mortgage that's all they care about.

It's really not.

We took a loan out to pay our deposit. Didn't say it was for that purpose though. Mortgage all paid off now, we're happy, the banks happy. They're hoops to jump through, OP isn't ripping anyone off and as I said if they make the payments the bank couldn't care less.

This.

Well I worked in banks for over two decades. They have dedicated fraud departments for this very reason and other reasons obviously. And op knows she is doing wrong as she doesn't want the bank to see a payment to UCAS. I was just pointing out the fact that she is indeed committing mortgage fraud and if found out there are very serious consequences.
In the end of the day the banks will only lend depending on your circumstances. Now if they put down one income and they still would be approved then great, but if not that's where the problem lies. Honestly I could talk until I'm blue in the face but I'm only trying to help people out. I'm not having a go at anyone, just telling op to be careful

It really is. Im on UC, paying a hefty mortgage and the ex has been advised by his solicitor to just not pay....... I didnt remove him from the house. A court did, and a mortgage is a legally binding contract. Even the bank staff agree I shouldnt be liable for 100%.

That's not what I'm talking about. I think you've quoted the wrong person

What would the consequences actually be though? Circumstances change all the time, the mortgage period is so long.