I owe 270k on a 550k valued house. I am due to remortgage in a year at which point I will owe 260k. I’m 38 and single and likely to remain that way.
I have saved 150k to put my child through private school from age 6. I wouldn’t want them to start later as I am keen for them to go into that intake. I am hoping people won’t derail the thread and make this about private v state!
Would you keep the 150k (earning around 12k a year interest at the moment) and slowly use it towards school fees or would you pay the lump sum off the mortgage and begin saving again at that point/paying for fees from income as savings (hopefully) build up?
I doubt I will get a better rate than 4.5% when I re mortgage.