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

Marcusian

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....

confused31_2

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.

getmore4less

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 easier