no debt - no job - no mortgage?

sabby12

Hi there, I wonder if anybody could help me with this. I own my property outright and its worth about £145k.

I intend to pursue full-time study with NO (or at least very little regular) income and want to get approx £40k out of the property to cover me for repayments and living expenses for the 3 years.

Is there any hope of me getting a mortgage in this climate with no income?

thanks,

Robert_Sterling

Tell us more.
i.e. Any credit cards, loans, overdrafts.
Lodgers?
etc etc

sabby12

Thanks - sorry, yes... bit vague !

I am living in the house I own myself at the moment. (on my own)

I have no credit cards or loans. I don't have any bad credit history. I have about £10k in savings too.

The only debt I have is a student loan of £9k but I don't need to start paying that back until I earn £15k a year, and even then, it will be a minimal amount each month...

I will earn a small income of a few hundred pounds a month from self-employed yoga teaching but it wont be regular and not sure how il be able to prove this?

I want to go on an do further training for another 3 years and rather than get loans, I wanted to get the money out of my house. The £40k would cover repayments and living expenses for the period of time I expect until I am in full-time employment.

anyway help would be much appreciated - thanks.

Debt_Free_Chick

sabby12 wrote: »

I want to go on an do further training for another 3 years and rather than get loans, I wanted to get the money out of my house.

But to "get money out of the house" you would be taking out a loan - a mortgage. With no income, that's going to be difficult.

I'd be inclined to take the "easy option" i.e. student loan if that's on offer, as you don't need to prove income and don't need to pay it back until your income is at the required level.

opinions4u

sabby12 wrote: »

I want to go on an do further training for another 3 years and rather than get loans, I wanted to get the money out of my house.

Getting money out of your house is getting a loan.

Use the student loan route. It's unsecured so doesn't put your house at risk.

Kavanne

the OP says they already have 3 yrs of student loans so they may not be eligible for funding for a 2nd course.

GlennyNat

Will you be living in the house?

Your savings over three years could be used so thats £277 a month and if you were to rent out your house how much could you get a month that would be profit? I don't know much about rental income but if you made 3-400 a month on that and had some income from your yoga work that would be nearing on 700 a month? With no debts i think you could get through Uni with that.

sabby12

Thanks - but I will be living in the house myself.

Kavanne - you are right - it is a 2nd course - its for a doctorate so getting help with that is difficult - that is why I thought I could just get it out of my house as I own it outright...

I'm worried this is going to be more difficult than I thought it would

minimike2

If you are doing a doctorate you could try applying to the research councils for grant funding. Student loans / grants will not be available to you. Taking on a mortgage will be virtually impossible and to be honest, madness.

socrates

A friend of mine was in a similar situation - she took in lodgers charged them a higher rent (than normal) but included in that rent was ironing and cleaning.

She got her Masters and is now doing very well - incidentally both her tenants (guys) were gutted when they had to move out!

koexelek

Debt_Free_Chick wrote: »

With no income, that's going to be difficult.

I'd say impossible.
No lender would ( knowingly) lend to anyone with no proveable income, even though the loan to value is done.