Debt -
Firstrung: Student debt won't stymie mortgage applications - 29/01/2008
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Student debts will not impede first time buyers in their bid to secure a mortgage, specialists at Firstrung said today.
The mortgage advisors made the claim in the wake of a critical report from mortgage company mform.co.uk.
According to the study, increased numbers of graduate borrowers will be turned down for mortgages if they have previously missed student loan repayments.
Francis Ghiloni, marketing and business development director at mform.co.uk, said: "The average student 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."
Responding, chief executive of Firstrung Paul Holmes , said: "I'm really suspicious as to how the government and the agency that controls student debt is going to be able to pass it on to Experian to manage, given that they're not lenders.
"So perhaps we're just getting a little bit ahead of ourselves."
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