Studying with a Mortgage

Cheddar99

Apologies if this is in the wrong forum section but I am looking for some advice.
I am considering quitting my job and going back to University to study for a PGCE qualification.
I have a mortgage on a property I have owned for 2 years and I've worked out that with a bursary and maintenance loan, I could afford to live pretty comfortably.
My query is:
1. Can you use the maintenance loan for mortgage payments? I cannot find any information to suggest you couldn't.
2. My credit score is in the very good percentile and I'm concerned what this move back into education would do to my rating, seeing as I won't have a fixed steady income. Does anyone have an idea of the impact such a move would have please?

Many thanks in advance for any info/advice!

nick74

1. You can use the maintenance loan for anything you like. Paying a mortgage with it is perhaps more sensible than what some students would spend it on..
2. Ignore your 'credit score'. It is not seen by anyone but you, and is a largely a meaningless number dreamed up by Credit Reference Agencies to try to sell other services to you. The important thing is that you keep up with the repayments on your mortgage and any other debts you may have. This will show on your credit file that you are managing your accounts properly.

Savvy_Sue

For q1, no-one cares how you spend your maintenance loan ...

Cheddar99

@nick74 thanks very much for the info - its much appreciated!