Own home - what are my lending options to cover a career change? Thanks for any idea

aismac

Hi there,

I'm planning a career transition next year and there will be a period during which I won't be earning and will need some money to cover tuition.

I own my home in South Dublin and it's worth 500k +. I believe not many banks (any?) are allowing people to raise a mortgage against a purchased home unless the loan is for renovations.

Are there other borrowing options that people could recommend? My friend mentioned the credit union but I would need a larger loan than that (around 20k or so?).

Any ideas SO gratefully received. Thank you! Aismac

Henry Ford III

How are you going to repay this loan with no income?

aismac

I was hoping to postpone payments for a couple of months. I'm aiming to do some consultancy during the transition period, but need a backup plan for any shortfalls. Is it ridiculous to say that I could use part of the loan to make repayments until the new role starts bringing an income (which should be quite quickly). How do other people get through job transitions without ready cash? If I voluntarily leave my current job to retrain, I don't think I can claim the dole. If I have to stay to save enough money to do the course and to live through it as well, it will take a good while and right now my health is not doing well because of the stress of where I am and I need to make the change. I'm not cash rich right now, but have money in my house and was wondering if there's any way to make that work for me.

I'm not good at this stuff - can you tell?

Thanks for replying HJIII.

Henry Ford III

Why not apply for the loan now based on your current job?

As long as the repayments keep coming in the lender won't even know about your career change.