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Hi,

A friend took out a secured loan for £10k and a Registered Charge was placed on her house [£5k outstanding]. Then a few years later with the same lender they took out another unsecured debt (overdraft currently @ 20k) and we would like to know what relation the original (and only) charge has with regards the new unsecured debt?

I would assume none as it was unsecured and came years later but what I think and what the bank says are not the same!

Also the bank want to combine the 2 debts and from what I can see add an additional charge to the property which I think speaks volumes! Just wanted to hear from some experts as I think they are trying to pull the wool over her eyes and just get the unsecured part secured!!

So in summary how much money can the bank claim for as part of Registered Charge?
a) £5k as its the amount outstanding on the secured loan
b) £10k as that the total value of the original charge (even though the separate overdraft came a few years later)
c) £25k i.e. all monies owed to the bank at any point after the charge was made??

Thanks for your time.

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I am starting a masters in engineering in September at the university of Bath in the UK.

I am unsure whether I should apply for a student loan, since I have enough money saved which I could use to fund my tuition etc…

But, the student loan does seem like the cheapest loan you will ever get and I would like to be able to save the money I have for use as a deposit in my first house later on.

Should I get the loan?

STeve
"Getting in debt is not too smart." Well, I am going to have to get a mortgage when I buy my first house anyway, so I will have to be in debt at some point. So I might as well try and make the debt I get into the cheapest possible.
"edit: And what that makes more sense to you does it? Whether you’re getting a mortgage or not, having more money to pay off isn’t really helping you."

Student loans aren’t like normal loans, they have much less interest and you don’t need to pay them back untill you are making at least £15000 a year.

and keeping the money so my mortgage would be small leaves me with the same amount of debt in the end. But with a lower effective interest level.

YES! A student loan is the best possible loan you could get and is tax deductible. If you are looking to get a home, car, etc anytime soon it is much better to be paying off a student loan than a car loan or unable to put a decent down payment on a home. You could always get the loan and if you have enough in savings after everything just pay it off early.

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