Student with cash!!!

always_rooked

Sorry, I'm a bit touchy about the cash due to it being inherited (I'm still very much grieving) and the fact that up until this, life has been a major financial struggle. The problem is I can't get a mortgage being a full time student without a guarantor. This is why I have to wait till I've finished studying before I can buy (be given a mortgage) and by that time the cash will be gone on things like rent etc. At the moment all I can afford to buy is a garage, whoop! I'd ideally like to know how to fund studying without using all the money up, legitimately of course. Single parenting and studying doesn't leave much time for a job. I have no other income not even child maintenance, grrrr!

Oldernotwiser

Have you looked at self certificated mortgages? I know things are tightening up but I think they're still available. Alternatively, could you work for a year, get a mortgage based on your earnings and then go to university?

If neither of these is possible then there's still no reason why you should have to live off your inheritance. Other people manage to live on student funding, even lone parents and your lump sum would be intact for when you finish. Obviously you might want to keep a couple of grand available to use for emergencies but I don't see why you shouldn't be able to finish university with your £50,000 still left.
Good luck.

becominganobsessivesaver

If I were you I'd speak to a financial advisor and make sure that a big chunk (say £45k) is in some form of notice account which you can't access easily. Keep a few grand in something like an ISA so you can access it easily in case of emergencies. I'd then just live off student loan (the interest is likely to be less than you'll be earning on your savings) and maybe get a part time/holiday job. The last thing you need when you're starting uni is to have easy access to a lot of cash, for 2 reasons
1) You'll probably spend it and not know what it was spent on
2) Some students may figure out you've got money and take advantage - it's always better to be in the same position as each other.

always_rooked

Hmmm, food for thought, thanks.
I was concerned that I wouldn't be eligible for any type of student funding.
I'm not adverse to working during the hols, just not during term time.
Unfortunately I can't postpone uni for a year as I'm doing an access course at the moment and already have offers for September.

Blacksheep1979

buy to let mortgage? With you living there too... The 50k deposit could go a long way depending on where you are.

becominganobsessivesaver

With regard to term time working, you may find your uni has some paid schemes, for example for 2 years at uni I participated in a mentor scheme in local schools and got paid £7 p/h (5 years ago), 4 hours work per week (all travel paid). It took up very little of my time, but was useful for extra spends!!!