Returning Post Grad Student

mad_panda

Hi,

I am currently thinking about returning to study a masters, after graduating from a bachelors degree 4 years ago. Mainly its to do what I should have done after leaving Uni, but I got used to money coming in from a steady job. I am basically looking at moving onto a much better position but the requirements are for a masters degree.

Just under 2 years ago I took out a joint mortgage (Halifax) with my partner for 90% at 140k for a fixed rate.

If I wanted to go back for a funded place (includes a living allowance), would it be possible and have other people on here done this and what has been their experience?

I don't have savings that could cover the cost of doing it and neither could my partner pay for the entire mortgage on my own.

I have searched google numerous times to find similar experiences but I haven't been able to.

My other option is to save up until this time next year and apply for the course starting Sept 2013. Would this be a better way?

Thanks

dimbo61

Sorry Mad panda about the SPAM above it will be deleted asap.
Re doing a masters.
Yes It would be a good idea to get a masters if it gets you a much better paid job.
When does your fix end and what does your mortgage revert to at the end of the fix ?
Would the masters course be for 8/9 months ? and can you do it from home ? Would your current employer consider paying for your course and wages ?
Will the masters get you more pay to cover the lost income ?

mad_panda

Hi Dimbo.
My mortgage ends in November 2012, so quite a while away. I cannot remember the % but I have a feeling it was around 6-7% but as to what it reverts to I am not sure without digging out paperwork or checking with the bank.
Basically in my current job I am about as far as I can really go career wise or willing to go as the other paths lead to where I don't want to go and over the past few months I have been looking around for other jobs in industry. There are also other reasons why I am wishing to leave and one of those was to do with doing a company funded part time MSc and they turned me down, well rather advised against it yet a few other people in the group (similar jobs as well) got the go ahead to do it, so that kind of peed me off a bit. So really that rules out part-time learning.

As far as I know the pay would be more or about the same to start with....about 30K.

The masters I am interested in lasts for 12 months, has places for student sponsorships and is a well known course in the industry, I would be able to travel from home which really isn't an issue unless you start counting petrol costs (nearest train station is 15miles away).

Oldernotwiser

Is the course available part time so that you could do it whilst carrying on working?

mad_panda

Oldernotwiser wrote: »

Is the course available part time so that you could do it whilst carrying on working?

Unfortunately not. I have checked with the university on this.

mad_panda

Just a little bump.

CLAPTON

not entirely sure what the question is

well you know your current expenses are and presumably you know how these will change while at uni
and you know what funding you will have at uni
so can you afford it or not?

mad_panda

I do not know how much I will have from the funding. I am currently asking about that.

My question relates to how the mortgage company (Halifax) look upon situations where you are taking a year out of work, yet the monthly payments will still be made. I have yet to speak to them about this.

Lokolo

As long as you pay on time, I doubt they really mind.

Thrugelmir

mad_panda wrote: »

My question relates to how the mortgage company (Halifax) look upon situations where you are taking a year out of work, yet the monthly payments will still be made. I have yet to speak to them about this.

Suggest you organise your finances first. So that you can afford to meet your commitments out of savings.

mad_panda

At the moment my outgoings are just under my incomings, but then I am used to having disposable income at the moment with working. The course doesn't start until Sept next year, so that is 12 months of saving I could do. Just need to cut down my expenses and see how that goes.

I was more worried that the bank would turn round and say you need to be in a job and earning £X to cover your mortgage.

Luckily I don't have any credit cards and the only debt, excluding the mortgage is my car, which I do need as I am in the middle of nowhere.