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Course ending no £ should I remortgage?

Zeborah
Zeborah Posts: 2 Newbie
in Loans
I wonder if anyone can offer any advice. I am about to finish my degree in a few weeks. I owe about £3k to bank and £1k to relative. I have no income but own a house outright. Is it worth remortgaging - if I could or would bank extend overdraft til I find work?:eek:
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Comments

  • skintandscared_2
    skintandscared_2 Posts: 2,781 Forumite
    But if you remortgage, it's still a "loan" and you still need to make repayments. How would you do that, with no income?
    DMP Mutual Support Thread member 244
    Quit smoking 13/05/2013
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  • Emmzi
    Emmzi Posts: 8,658 Forumite
    1,000 Posts Combo Breaker
    without an income stream no responsible lender will lend.
    Debt free 4th April 2007.
    New house. Bigger mortgage. MFWB after I have my buffer cash in place.
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Zeborah wrote: »
    I wonder if anyone can offer any advice. I am about to finish my degree in a few weeks. I owe about £3k to bank and £1k to relative. I have no income but own a house outright. Is it worth remortgaging - if I could or would bank extend overdraft til I find work?:eek:
    You would not remortgage for such small amounts the fees would be too excessive. Just continue as you are apply for JSA and learn to live on that amount for the time being.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Tixy
    Tixy Posts: 31,455 Forumite
    Is the overdraft payable straight away? usually you have a year to repay it, or they reduce the overdraft gradually by £500 every 6months or so.

    You need to speak to the bank to see what happens regarding your account, interest & limits once you have graduated.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    With no income you won't be able to borrow in any shape or form from anywhere
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    How about getting a job to make a start repaying the debts owed.
  • 27col
    27col Posts: 6,554 Forumite
    Not a lot of point in trying to get a mortgage if you have no means of paying it back. Not that anyone would give you one if you are unemployed.
    I can afford anything that I want.
    Just so long as I don't want much.
  • Zeborah
    Zeborah Posts: 2 Newbie
    Re-read the post.
  • Person_one
    Person_one Posts: 28,884 Forumite
    Tenth Anniversary 10,000 Posts Combo Breaker
    DCFC79 wrote: »
    How about getting a job to make a start repaying the debts owed.

    What a genius idea! You're so clever, I bet nobody ever thinks of that one on their own.
  • Caz3121
    Caz3121 Posts: 15,851 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You own a house outright and do not currently have a mortgage but are talking of taking one, mortgages work in income multiples, you say you have no income so your mortgage amount may be 3x or 4x £0...so not mortgage, as you have not got any income to make the payments
    Your bank will be the ones to answer on whether they will extend your overdraft
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