No hard and fast rules but qualifications don't get time off the 5 years experience requirement, only experience in a suitable job will get you that if the CAA agree.
Your degree may get some exemptions on some modular exams but again it's up to the CAA if they approve of the Uni and the course you took
E6.3 Academic Qualifications
Standard examination exemptions may apply to
Bachelor of Science or Bachelor of Engineering
degrees from a University located within the United
Kingdom. In the cases above, in accordance with
Part-66.A.25, Part-66.B.400 and Part-66.B.405, the
CAA will need to evaluate the course in order to confirm
the exemption.
If a University located in another EU Member State
awarded a degree, the applicant should apply to the
Competent Authority of that State for recognition.
However it is recommended that the request for an
evaluation of a course be made from the course
provider.
E6.4 Assessment of Academic
Qualifications
For an assessment of a qualification mentioned above,
for the purpose of exemption from any of the
requirements for the issue or extension of a licence to
act as an aircraft maintenance engineer, the applicant
shall pay a charge in accordance with our scheme of
charges.
It is recommended that applications for assessment of
a qualification be made by the organisation providing
the qualification, in order that a common exemption can
be attained, where agreed.
It's all on their site but having dealt with the CAA over a number of years i'd say it'd be quicker and less stressful just to sit all the modules as if you were a new starter. If you can put in some hours studying the exams shouldn't be a problem. Gaining practicle experience at the mo is the real crippler.
Good luck
http://www.caa.co.uk/docs/177/8355%20Section%20E_07.pdf