Should I buy a property or retrain?

[2020writtenoff]

Hi, was just wanting some advice. I am 25- I left school at 16 and have worked full time ever since in an admin role. I knew from a young age that I really wanted to own my own property and have spent the last 9 years saving as much as I can (I’ve not been on any holidays, only bought clothes when I’ve really needed them and only eaten out on my birthday). I’ve also been really lucky that I’ve been able to stay with my parents and only contribute small amounts to them. I’m hoping to buy within the next 18 months. Recently though I’ve been really wanting to go to university and get a degree and have more of a career (obviously I’d have to go back and do an access course before I could go to university). I was just wondering if it would be a better idea to go ahead with buying a property and then in years to come work towards retraining, or to put my plans to buy on hold and retrain whilst I’m still in my twenties. Would really appreciate any advice x

Buy now, get lodgers in.

Go to uni, pick something you will really enjoy, make friends and live your life. It is admirable that you have saved so well, but life is too short to not live a bit.No need to be frivolous with your money but you should enjoy yourself while working hard at uni.

I'd buy. You're very close to getting onto the property ladder so I'd see that plan through first. You can get lodgers in etc and the property will be there. To retrain, definitely get student loans and don't pay upfront. In the greater scheme of things, another 2 years before you start aren't really that long given you're over 40 years from retirement anyway.

If you definitely want to retrain at some point then uni will be more fun while still young

PS depending on what career you want to go into, there might be other schemes, often equivalent to having a degree etc. Those might make more sense as you'll be earning while retraining.

What course?

Makes a huge difference.

How much debt will you be in? What's the earning power of your chosen career?

I couldn't disagree more with the poster above who said live your life and enjoy it.

You can do that without getting into masses of debt!

Check how much you d get as a student loan and whether you could afford a mortgage on it , there's nothing to say you can't do both (as you re 25 you ll be considered an independent student so your parents income wont be counted).
Open university or studying part time is also an option you can consider.

Thank you all for your replies. The only other thing I wondered was if I were to go to uni would I still get student finance because of my savings?

Good idea from Morrisey. Buy home and let a room. What do you want to do from university? It might be available through a degree apprenticeship.

Reading my post back I didn't mean that you shouldn't enjoy life!

I just meant you don't have to get into a ton of debt to enjoy like. The suggestion of a degree apprenticeship is super.

@flowerycurtain I was thinking speech and language therapy- I work in an admin role related to it and it’s always really interested me

Buy and use student finance to fund your studies.

Buy, if you don’t have a degree you will qualify for student loans, and believe me, a student loan is much easier to pay Loan than a mortgage.

Even if you were not buying a house I would be saying, save the money, for a PG degree, a gap year or a house but take the student loan, it is your right.

@flowerycurtain no I realised what you meant 😂 it’s hard because I’ve spent so long saving and avoiding spending any money that I wouldn’t even know where to start now I’m terms of just living life

Student loans entitlement are calculated on the basis of your household income: if you live with your parents they will consider your parents earnings and yours and you will get a smaller entitlement. If you buy and live on your own you will be assessed on your income and get a higher loan allowance.

You can find student loan calculators in direct.gov.uk. Bear in mind however that even if you get the full maintenance loan you might need to supplement it with savings/ income from part time jobs to make ends meet.

Could you stay working where you are part time whilst studying? Would they help pay for it?

Where do you live? Could you buy a place and rent it out and stay on at your parents?

You mentioned you'd have to do an access course, how long?

I do hope you are not frittering away your youth?

@GetThatHelmetOn they don't consider parents once someone is 25 :)

@2020writtenoff that sounds cool!

If you work in the area already network, network, network. What did they have to do to get into your dream job? How much did it cost? Can you get some form of apprenticeship? Part time sponsored degree by your current place of work? Can they mentor you? Recommend you? Tell you the best uni to go to so you actually get a job at the end? How else could you get that job without student debt?

You've put yourself on a brilliant financial footing and should be really proud. Aim for the stars but keep that head of yours screwed on, don't lose it now.

SLT students will get a £5k bursary per year from September, that's on top of any student loans you would get. So take that into account when you're working out possible finances.

both?!

buythe house asap, due to the small interest rates.

then go to uni, with your degree you want to do, there is an extra 5k a year?

l would say buy now, buying doesn't get easier as you get older, and as anopther poster said get a lodger, can be fun and you will have much cheaper living giving you more career choices...

I put my all into buying alone at 21 and it was the singular best move l ever made...l had a lodger too,2 bed flat ( pick with care) and it was so much fun..additionally my living costs were do much lower than renting.

I'm really jealous. I wanted to retrain as a SALT but as I don't live in England (where the course is) I'm not eligible for student finance.