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I have no mortgage, can i lend against my house anyway?

Marcusian
Posts: 70 Forumite


Via inheritance, me and wife have bought a brand new house without any need for a mortgage. Lucky us.
Anyway, i am keen to go back to uni to do a one year teaching course at university. I already have a degree and post graduate diploma.
I wanted to see whether we could take out a 'mortgage', which is lending against the value of the house, to help us through that year?
I know we would have to pay back X amount per month, but if it was say 10-20 grand, i would imagine it would be manageable.
Some advice please....
Anyway, i am keen to go back to uni to do a one year teaching course at university. I already have a degree and post graduate diploma.
I wanted to see whether we could take out a 'mortgage', which is lending against the value of the house, to help us through that year?
I know we would have to pay back X amount per month, but if it was say 10-20 grand, i would imagine it would be manageable.
Some advice please....
0
Comments
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You should be able to, i think some mortgage companies will only give you a mortgage if its over a certain amount, i think most of them are 25000 pounds, but just check before with whoever you want to borrow it off.I am not a Mortgage AdviserYou should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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This is the ideal situation to consider an offset product, draw down the funds as you need them rather than have to try to find a good place to store them untill you need them.
Best to look at the options while working if you can. think of a few reasons why you might need a line of instant access credit lenders will prefer things like I want to buy a holiday home over I want a tear out to study.
Once access to funds are in place then look at the options for going back to Uni.
If going down the offset route make this a long term deal and for much more than you need so that you only have to set it up once and have access to funds for the next 20-30years, makes cash flow, moving house, buying another home etc a lot easier0
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