The Student Room Group

Going back to uni this sept and paying a mortgage... tips/ advice please :)

Hello, so I'm going back to uni this sept! I'm so very excited. I'm doing Occupational Therapy part time BSc, so I can work and earn along side my studies.

Bit of a background:
I'm 22, no kids, have a partner who's working but also wants to start his Social Worker degree full time too this year! I've already done a first degree in Art so I'm eligible for second loan due to it being an NHS Health based course. I absolutely love OT and everything about it so I'm very passionate to study hard and work hard these upcoming 4 years, whatever it takes I will do it and be so proud of myself in the end, and have a great career!

I'm just wondering how other people do it, I have a mortgage that's £350 a month, which is actually very cheap compared to my friends rents and how much I got charged in student accommodation in my first degree, which is just crazy.

Who else in this situation? Any budget tips and how to crack on and get through it? What will be the hardest part? What should I be prepared for? Who else is doing it with a mortgage?

Thank you :smile:
Original post by moomin345
Hello, so I'm going back to uni this sept! I'm so very excited. I'm doing Occupational Therapy part time BSc, so I can work and earn along side my studies.

Bit of a background:
I'm 22, no kids, have a partner who's working but also wants to start his Social Worker degree full time too this year! I've already done a first degree in Art so I'm eligible for second loan due to it being an NHS Health based course. I absolutely love OT and everything about it so I'm very passionate to study hard and work hard these upcoming 4 years, whatever it takes I will do it and be so proud of myself in the end, and have a great career!

I'm just wondering how other people do it, I have a mortgage that's £350 a month, which is actually very cheap compared to my friends rents and how much I got charged in student accommodation in my first degree, which is just crazy.

Who else in this situation? Any budget tips and how to crack on and get through it? What will be the hardest part? What should I be prepared for? Who else is doing it with a mortgage?

Thank you :smile:


That's cheaper than most student rents, I think you should make sure you have an emergency fund to fix anything if needs be but otherwise if you both make a budget and stick to it I can't see any issues.
Original post by claireestelle
That's cheaper than most student rents, I think you should make sure you have an emergency fund to fix anything if needs be but otherwise if you both make a budget and stick to it I can't see any issues.


Thank you 😊 I know it is, it's ridiculous the rent people have to pay when theres usually bits falling apart in the property's. That's a good idea, keep an emergency fund, do you know any good budget apps/ websites?
Original post by moomin345
Thank you 😊 I know it is, it's ridiculous the rent people have to pay when theres usually bits falling apart in the property's. That's a good idea, keep an emergency fund, do you know any good budget apps/ websites?


You can find loads of excel templates online so that you can personalize. Also make sure to get your council tax exemption sorted as if you re both students you won't need to pay anymore.
I'm considering studying Paramedical Practitioner BSc next year and have recently bought a house with my long term partner. My monthly repayments will be well within my means even as a student (~£350pcm).

My concern is will I have to tell my mortgage provider about my change in circumstances and what they will do? I was originally planning on remortgaging in two years (this will be in my final year of studies if I go through with the plan) and am concerned about remortgaging whilst still a student. Does anyone have experience in this area?

Any input greatly appreciated :smile:
Original post by Tackleberry
I'm considering studying Paramedical Practitioner BSc next year and have recently bought a house with my long term partner. My monthly repayments will be well within my means even as a student (~£350pcm).

My concern is will I have to tell my mortgage provider about my change in circumstances and what they will do? I was originally planning on remortgaging in two years (this will be in my final year of studies if I go through with the plan) and am concerned about remortgaging whilst still a student. Does anyone have experience in this area?

Any input greatly appreciated :smile:


This will be my situation too, I'm hoping we can get some advice! 😊
Reply 6
Original post by Tackleberry
My concern is will I have to tell my mortgage provider about my change in circumstances and what they will do? I was originally planning on remortgaging in two years (this will be in my final year of studies if I go through with the plan) and am concerned about remortgaging whilst still a student.


I don't think you need to tell the lender about the change of circumstances unless you start getting into financial difficulty. But if you do start to struggle, make sure you tell them immediately so they can work with you on resolving the problem. Don't stick your head in the sand!

Remortgaging might be a problem, as that's where your lender might want to go through the affordability questions (and look at bank statements etc). If you remortgage by changing lender they'll definitely do this checking; if you change to a different product with the same lender they might not do this.

I'd hope that your current mortgage is a fixed-rate one (at least until you finish your course) as this will make your planning easier. Otherwise you're at risk of your repayments going up as interest rates increase; and it's very likely they will over the next 3-4 years.

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