re-mortgage/equity advice

hig73

I am a new poster and hopefully this is on the correct site. My situation is this. I have started a full time degree course and have just found out that the funding I have applied for has been turned down. Obviously, I will not be earning anything as I will be studying full time and I have a baby for whom I am paying childcare costs.
I have a joint mortgage with my husband and we have equity of approx. 140,000.
The only way I can see I am going to get through this course is by taking out some of this equity. When we applied for this mortgage, we were both working full-time and earning. Now, only my husband is earning. If I go to the bank and tell them my situation, can they review our current mortgage and change it in any way because our situation has changed? Also, what are our chances of using some of our equity? Will it be a big no? I am reluctant to ask them as I am worried that it will make things worse alerting them that we are living on one wage. I obviously intend to work in 3 years time after the course - will that make any difference? Any advice will be gratefully received.....

_Andy_

It would help if you posted his income, your mortgage balance and how much extra you want to borrow.

Regarding your existing mortgage this will not be affected

hig73

Thanks for your reply. My husband earns approx 41,000. Our mortgage balance is 190,000, we are paying about 929 a month. We have been managing on this for the last year and we have no other debts. The problem is that we have just started paying for childcare which is expensive - it is almost 1000 a month (term time and half that during holidays) and this is where we can't make ends meet.
I was hoping to take out about 30,000 to get me through the course leaving us with equity of approx 110,000, which I hope is enough to avoid us getting into too much trouble.....

Wh05apk

You will be unlikely to get any further funding your yours (or probably any lender ) as you are about as far as most lenders will go.

Once you have your mortgage, if your circumstances change, there is nothing your lender can do, so don't worry about "alerting" them to anything.

hig73

Thanks for your post. Do you think I could switch to interest only for 3 years? I am running out of ideas......

Wh05apk

Lenders are very tight on interest only now, if you have a genuine investment vehicle - ISA's, endowments, investments, possibly pension or other property, they may allow you to change, failing that they will normally only allow 6 months in cases of hardship.

Are you sure you cannot get funding/student loan, I thought this was open to all? also most universities offer bursaries if you have children, so could be worth pursuing again?