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Student loans take over first time buyers chances

23/01/2008

Mform.co.uk, the mortgage comparison website has stated that changes to credit checks undertaken by mortgage lenders will conclude to more first time buyers being refused a mortgage deal.

Students that have missed payments with the student loan company will be on a blacklisted. Figures showed that the average first-time buyer is aged 29, and most of them will have student debts remaining.

Marketing and Business Development Director, Francis Ghiloni at mform.co.uk commented: "Most students can face debts of over £20,000 by the time they graduate, and their average starting salary is around £16,000. Given statistics like this, many students miss one or more of their student loan repayments, and this information will soon be made available to credit reference agencies and therefore the banks and financial services companies that use them. If they can see a history of missed payments here, they are likely to be less willing to lend you cash."

The Government association has not brought together a date when it shall offer a student loan, non-payment figures still remain high with credit reference agencies.


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