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Can I borrow for education against house equity?

  • 09-08-2014 10:31am
    #1
    petes2008
    Registered Users, Registered Users 2 Posts: 48 ✭


    Hi,
    I am looking to undertake a Master degree part-time and need to borrow €10,000. I had hoped to add the 10K onto my mortgage by borrowing against equity I have on my house which at presents stands at about €50K. It was mentioned to me that the bank will only let you borrow against the equity of the house if the money is to be used for home improvements which will subsequently add value to the property. Would anyone know if its possible to borrow for educational purposes like I was hoping to? Any information/advice is much appreciated.


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,860 ✭✭✭GerardKeating


    petes2008 wrote: »
    Hi,
    I am looking to undertake a Master degree part-time and need to borrow €10,000. I had hoped to add the 10K onto my mortgage by borrowing against equity I have on my house which at presents stands at about €50K. It was mentioned to me that the bank will only let you borrow against the equity of the house if the money is to be used for home improvements which will subsequently add value to the property. Would anyone know if its possible to borrow for educational purposes like I was hoping to? Any information/advice is much appreciated.

    There is no hard and fast rule. It all depends on your LTV ratio and your capacity to repay.


  • #3
    Addle
    Registered Users, Registered Users 2 Posts: 4,817 ✭✭✭Addle


    Bank of Ireland are offering equity release products for home improvements and education expenses at the moment anyways.


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