Originally Posted by mackers

We had our mortgage on a 3 year term, it is now up for renewal but as I am out of work they have just moved us onto a tracker rate. We tried to get changed to an interest only mortgage like my wifes sister who is saving herself £250 per month. They couldn`t offer us a decent saving to make it worthwhile. My question is, the mortgage advisor says we cant change our mortgage to another company as I`m out of work, but I`m going to university next year so probably wont be working for about 5 years. Does this mean we are left high and dry on this tracker mortgage rate? We really could do with the money at the minute and if we had got something like my wifes sisters we would be laughing. Any help greatly appreciated as we`re struggling financially at the min.