Mortgage, redundancy and being a student - advice needed please!!

Shamzi71

Hi everyone, I apologise for this long winded post, but its a long winded story! Ok, here's the situation... I've found out I'm gonna be made redundant in a couple of months. I've also decided that I'm going to go to university and study to finally get a job that I'm actually interested in doing (never done that before!). It's all very scary as I have a mortgage and loads of debt I ran up renovating my house that I bought last year. I've put the house up for sale and am planning to buy a smaller flat. The sale of the house will allow me to pay off all my debts so that'll be a weight off. I haven't told my lender of my pending redundancy as I'm still in the consultancy period and have got an agreement in principal from them for the mortgage of a cheaper property. I am still only a year into my 2 year fixed deal. I am hoping that they've will do the checks on my employment while I'm still employed but I fear the chances of me selling the house, all done and dusted, before my last day of work is pretty much impossible so I guess I'm going to have to spill the beans to my lender. The thing is, my redundancy payment will cover my new mortgage for the 3 years while I'm studying. Would a lender accept an advance payment for 3 year at a fixed rate, or could I put all the money in one of their accounts and they draw the mortgage from there every month? So there's no way a payment would be missed for the whole time I'd be a student for. Do you think they'd go for this? My biggest fear is losing my mortgage, as I worry I'd never get back on the property ladder again. Has anyone ever done this, paid a period of their mortgage in a lump sum? Thanks in advance for any advice.