study or mortgage?

LegacyUser

Just looking for some advice please.

I've got some money saved that would be a nice bit to put towards a mortgage, but because my work is only contract, it will more than likely go against me, so says the mortgage advisor.
I've not been entirely content with my career to date. I've only got a diploma that went no where. I'm thinking of getting another diploma and changing careers altogether.

But I'm in my mid thirties and I'm thinking I should keep this money for a deposit of a house more so rather than blow half of it on study which is in a private college. It's in the health sector, so I'm not even guaranteed a job aftewards.

Another option is emigrate to Australia, where some family is and pay huge college fees to get a degree and have no money at the end, a degree which would be great, but I'd be older with no money! I just don't know what to do, very torn.

Any advice, much appreciated.

Sleepy

Certification from private colleges tends to be a waste of time. Most of them are just degree mills and some of the qualifications e.g. anything from Dublin Business School would tend to be sneered at as "Daddy's Business School" etc.

If you are interested in going back to college, look into what's available in the more reputable colleges. You'll still have to pay towards a degree but many of them would qualify for some level of funding (e.g. many IT courses attract some EU funding).

dearg lady

Sleepy wrote: »

Certification from private colleges tends to be a waste of time. Most of them are just degree mills and some of the qualifications e.g. anything from Dublin Business School would tend to be sneered at as "Daddy's Business School" etc.

If you are interested in going back to college, look into what's available in the more reputable colleges. You'll still have to pay towards a degree but many of them would qualify for some level of funding (e.g. many IT courses attract some EU funding).

I think it really depends on the course, some courses are only available in private colleges, so there is no comparison.

OP, would you be planning to do your course part time or full time? Would it potentially lead to a permanent job?

jellygems

i have a mortgage and i am trying to get into college so i know a little of what u are saying


crazy as this sounds i would give up the mortgage to get into college, ive applied to nui and dit as a mature student. i owe more than the house is worth so i cant even rent it out if i wanted to, with a degree surely u culd go anywere with it? i think education is power but thats my opinion but if i had it over man would i go to college

ps im nearly 31

dearg lady

jellygems wrote: »

i owe more than the house is worth so i cant even rent it out if i wanted to

Don't see how the two things are related, you can still rent it out if you choose to. Or maybe rent a room, there's great tax break for rent of less than 10,000 pa on your principal private residence.

LegacyUser

Full time is not an option as I have kids. And the course I want to do is not in the nearby college, so it will mean commuting part time to the private college which isn't nearby either.
Just found out though that it's not a Fetac credited college, but I'm told it's a work in progress to get it and has been for 3 years!!! So I'll only get a Diploma cert, which apparently is recognised in Ireland/Uk so college says. I also have the option to get the degree after through distance, but part time all up we're talking 7 years!!

So it's a case of being older, no money but starting out with degree

OR mortgage (if granted) with an average job.

I feel owning my own home and having a degree are quite important to me, but I question is the length of the degree worth it? Am I able? I don't know, when I always an average student.

I know these are two different issues here, but it comes back to where should I invest my money ? Hmmm

Thanks for reading and advising...
More comment welcomes

orchidsrpretty

As you have a diploma, could you not go back to college as a mature student and your fees etc will be paid for if you are going up a grade(level 7 to level 8)?

I stupidly took out a mortgage in Feburay 2007 and decided in April that I wanted to go back to college full time. It was really difficult but I managed it on the grant(3300) and working part time on the weekends.
If you really want to buy a house, put your savings into it, buy the house, do the figures, get a part time job and go back to college,
It WILL be difficult but you can manage!My mortgage payments were 600e per month and I never missed a payment, I may not of been to go out every single weekend but still had enough to get by on!

Good luck OP, and don't worry too much!

dearg lady

It's a tricky one. Is this the only college that offers the course/area you're looking into? One thing to consider is prices are still falling, and even when they do eventually stop falling, they're unlikely to shoot back up, so I don't think you'd be in a worse situation in a few years, looking to buy, but you could potentially be in a better situation.

Kidchameleon

If I were you OP, id buy the house / get mortgage while the prices are low. You can then get your degree with an evening course. Might take you a bit longer, but at least you get the best of both worlds at the end of it.