Equity release for further education, best option?

[laura333]

I currently have a mortgage of 82% loan to value, which gives me about 10% equity release. I hope to go back to full time educaion in Sept of this year, leaving me with no means of income for the next three years. Would equity release be my best funding option, using that to cover mortgage, car loan and other household expenses? What other options are available, given that a Student Loan won't cover full out-goings.
Thanks!

 

[murphaph]

Rent out property and go live at home/in digs?

Rent out a room in property?

Part time job?

Mortgage break for up to 3 months (I think) with some lenders?

Intuitively I would say borrowing more money to pay the mortgage itself is unwise but I know your position of wanting go back to college and having a mortgage-it's a tough one.

There's always the sell up option.

 

[HMC]

I currently have a mortgage of 82% loan to value, which gives me about 10% equity release. I hope to go back to full time educaion in Sept of this year, leaving me with no means of income for the next three years. Would equity release be my best funding option, using that to cover mortgage, car loan and other household expenses? What other options are available, given that a Student Loan won't cover full out-goings.
Thanks!

Dear Laura333
I am a fulltime student with a mortgage and am living on savings AND a part-time job. I know students who are working nights and weekends although once you get your timetable you may well be able to identify gaps here and there if you'd prefer daytime work.
If you are applying for a grant your Council/VEC will check your parents' address if they are still living (I live in Cork but they asked for my mother's address - she lives in Dublin) so that they can consider, I imagine, whether you will indeed rent out your entire house and move back in with your parents which would jeopardise the grant.
Try as much as possible to top-up your funds with work rather than equity release.
And good luck!