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Save for a mortgage or college

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  • 22-06-2019 4:48am
    #1
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭


    Im female late 30s, decided to save for a mortgage a year ago. I was never in a position to buy a house and probably never will. But I have to start somewhere. To look at what I've saved so far, it might cover cheap IKEA furniture for a house so I'm still a long way off from getting anything.

    I do also want to do a course with the open university. The fees are around 3000 for a 60 credit module, which can be done in a year. Then it's a part time course over 6 years. Thinking how this will work over 6 years, that's 18,000 over 6 years. That is quite alot of money. But in today's world is that enough to get a mortgage with a bank considering I'm on minimum wage and a bank won't even look at me.


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    #2
    Tokyo
    Politics Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 22,655 Mod ✭✭✭✭Tokyo


    It really depends on what your priority is. But if I were in your shoes, I would be asking myself if doing this course would put me in a better position for employment in the future, both financially, and in a field of work I would enjoy? If so, and as you say you are on minimum wage and the bank won't consider you, the answer for me is a no brainer. Upskill first, worry about mortgage later when you are in a better position.


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    #3
    listermint
    Registered Users Posts: 33,709 ✭✭✭✭listermint


    Why are you doing a course on the open university when there are courses open to mature students here in Ireland physically in the college's .


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    #4
    ted1
    Registered Users Posts: 23,314 ✭✭✭✭ted1


    Are you working? Have you asked your employer to pay for your college ?


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    #5
    Ursus Horribilis
    Closed Accounts Posts: 6,168 ✭✭✭Ursus Horribilis


    You absolutely should upskill but I would hope you're being clever about it and have a plan for the end of your education. Will you be going into a field that you can get work in? Have you looked into any help/grants that are available. Would going to college as a full-time mature student be an option? Is there any reason why you're going for Open University rather than something here? I don't want to put the frighteners on you but given your age, you have that extra pressure to hit the ground running and get this right.


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    #6
    LegacyUser
    Registered Users Posts: 166,026 ✭✭✭✭LegacyUser


    What sort of a course are you looking at where the course is 60 modules in one year, followed by 6 years part time.


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    #7
    dellas1979
    Closed Accounts Posts: 4,128 ✭✭✭dellas1979


    There are so many more questions to ask (that you'll need to answer) before anyone can offer solid advice. Might be worth talking to a financial planner.

    You need to give a flavour of your life/and life style (to us or a financial planner-they really can be beneficial).

    - First of all, where would you ideally like to buy. Do you have an idea how much currently houses are selling for in the place you'd like?
    - What is your salary like (right now) and is there any potential to earn more?
    - Do you know currently how much you could borrow on your salary?
    - Do you pay rent/what are your out-goings?
    - Do you have any loans?
    - Would doing this course in a year open up a higher salary?
    - Could you afford to take off a year to do the course (course fees and living expenses), and get it out of the way, per se?
    - You need to take into consideration banks will only lend you money up to 65 years of age. There are exceptions to this, but you'd need to speak to a bank to see what they feel they can offer.


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    #8
    ILoveYourVibes
    Registered Users Posts: 15,176 ✭✭✭✭ILoveYourVibes


    I wouldn't dip into savings to do an OU course. I would start saving separately for it or forget it.

    Don't dip into savings for anything until you get the thing you are saving for ...unless you have an emergency.

    There are cheaper courses here and maybe you can get a grant to up skill.

    And you don't need all the qualifications in the world to get a better paying job. Have faith in yourself.

    Also I am not sure how much credibility those OU courses have.

    You might ask around and see how employers view them. I have no idea.

    Although my Dad did do one in psychology. But he has a phd from trinity in a totally different field.

    This was really just for him really. I think it did allow him to join the British psychological society though. Not sure about that.


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    #9
    Xterminator
    Registered Users Posts: 4,718 ✭✭✭Xterminator


    Hi Op

    Treat this decision as a business one. If you invest 18,000 on your education, what will the return on investment be? Are you likely to get a pay rise in your current work if you get this qualification? Promotion? Can you see yourself leaving for a different role? If you think you will get a return on investment over a reasonable period of time, then it is a good idea.

    Have you checked out if your employer would pay for some or all of your tuition? Doesn't hurt to ask.

    Have you checked out other options like dcu connected, EdX etc?


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    #10
    .......
    Closed Accounts Posts: 9,057 ✭✭✭.......


    Open University is far too expensive now for Irish students since the government stopped the subsidy for it.

    If you had an address in NI (perhaps if you lived near the border you could rent on the other side of it) then it would cost you about 1/3 of what it would cost as an Irish student.

    However the distance learning offerings of other institutions has improved greatly in the past decade so OU is not the only option out there.


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