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School Bursary

(4 Posts)
MerryM Thu 26-Sep-13 10:10:29

Hello

I am in a bit of a funny situation in that I want to submit a bursary form for my DC but have two UK mortgages, five children and work full time and wonder how that will be viewed.
The gist is that my first UK home is worth £354,000 and I borrowed £353,000 which I still owe as I pay only the interest and as my ex who I am separated from used up all our equity on a failed business many years ago. If I sell the house as it stands now, after paying all costs I will be left owing the bank. I and our five children who could not keep up the mortgage payments moved into rented accommodation for years and let that property out and have to supplement it as I have to pay the bank a consent to lease fee of £850 every 6 months. As house prices have not risen under the current UK climate, the value and the debt to bank remain the same today.
Over almost 6 years we have been jumping from one rented accommodation to the next. Last month only with a bit of savings and one off help from a cousin I bought a 2 bedroom ground floor flat worth £170,000 that I and my five children squeeze into with a 80% FIRST TIME (LESSON LEARN'T) Repayment mortgage.

I have always worked full time since my 5 DC's turn 3 months old I am back to work, I earn £35k per annum and get child tax credit to supplement and to help towards childcare costs.

I don't know how the school will view this and it was a move I had to make as I am 45 years old and have no additional income to pay off our first mortgage and hope to sell it in a few years but am hoping to at least get £5k from it and not be owing after selling like I will if I do now. Will they just see this as two homes even though all my equity which I have in life is £34,000 the 20% in our 2 bed apartment just bought.

Should I just not bother applying for a bursary?

meditrina Thu 26-Sep-13 10:19:14

I think you need to make an appointment to discuss your circumstances with the bursar at the school/s you are interested in. Only they can tell you what they count as relevant when assessing income.

And of course you will need to think about the ages of your DC and whether you will be able to offer them a similar education. It is of ourselves possible to secure bursaries for every sibling, but it won't be guaranteed.

MerryM Thu 26-Sep-13 10:25:10

Thanks for the feedback. Actually one of my DC's is already in that school on a bursary and this DC is also very academic and God helping will pass the entrance exam but as our circumstances have slightly changed because we are not renting but now own (at least the leasehold) for this flat, I don't know how this will be viewed.

MerryM Fri 27-Sep-13 08:41:08

Anyone else have any suggestions?

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