1. Introduction
More and more international students choose to study in the UK due to its high-quality education system and multiculturalism. With the increasing number of overseas students, a growing demand for accommodation arises. However, renting a house may not be an ideal option, as it often involves high rent and instability. Therefore, many students consider buying a house in the UK. In this article, we will discuss the possibility of the UK student loan system for buying a property.
2. Overview of student loan system in the UK
The UK offers various student loan schemes to help finance one’s education. There are two main types of student loans in the UK: Tuition Fee Loan and Maintenance Loan. The Tuition Fee Loan covers the entire cost of tuition fees, whereas the Maintenance Loan helps with the living expenses such as rent, food, and travel. The amount of money available for a student loan depends on the student’s household income, the university, and the course.
3. Can international students get a student loan for buying a house?
No, international students are not eligible to apply for a student loan in the UK to buy a property. The student loans system in the UK only applies to education-related expenses. To be eligible for a student loan, one must be a UK resident or have “settled status”, i.e., the right to live and work in the UK without limitations. Therefore, international students who want to buy a property need to find alternative ways to finance their purchase.
4. Other options for international students to buy a house
Despite not being eligible for a student loan, there are other ways for international students to purchase a house in the UK. Firstly, it is possible to get a mortgage loan from a UK bank or lender. To apply for a mortgage, one needs to have a stable income and a good credit score. International students can also consider co-buying a house with a UK citizen or permanent resident. Sharing the ownership of the property can help reduce the financial burden and increase the accessibility to a mortgage loan.
Alternatively, some universities offer housing schemes for their students. These schemes often involve buying a property under the ownership of the university, and students can rent or buy a part of the property for a reduced price.
In conclusion, international students are not eligible for a student loan to buy a property in the UK. However, there are other options available such as applying for a mortgage loan or co-buying with a UK citizen. It is important to research the options and seek professional advice before making any decisions.
