Loan for year out

[Rua1]

I am planning on taking a year out starting from November and i'm just enquiring as to what would be my best options. I have an account with Bank Of Ireland so will be getting my loan through them, but would fixed or variable rate be the better? I was thinking of getting maybe 7k loan for 5/6 years and hopefully start the repayments when i return to Ireland a year on. Is this possible??

 

[missbudget]

Hi. I did that when I took a year out in 2005 and I got the loan from the CU. I set up a Standing Order to pay the interest every month (about E80) while I was gone but I deferred the actual instalment repayments until I commenced work again in 2006. Just finished paying it off now but it was all worth it!