How do you remortgage to raise ££?

[Mudmudingloriousmud]

Can anyone explain it to me?
May have to put one dc into private school for secondary, and or we could really do with a new kitchen.
However do people remortgage to raise money?.
Eg our current rate is I think some where around 2.39% so I guess we maybe able to get a lower rate...

Interested as we intend to do similar

It's an area where I have a blind spot, on the other mortgage thread lots say they had x then remortgages to do loft etc.

I thought as rates are so low it was a good place to raise money but... Why good for banks.

@Mudmudingloriousmud

It's an area where I have a blind spot, on the other mortgage thread lots say they had x then remortgages to do loft etc.

I thought as rates are so low it was a good place to raise money but... Why good for banks.

If you want to do work on your house that raises the value of the house e.g. loft conversion, extension etc, then it is a good way to raise the money, because the money is being spent in a way that will increase your equity in the long run.

School fees, on the other hand, is just paying all that money out and not getting it back. It might be worth it to you to do it, in terms of your DC's education, but in a strictly financial sense it is a bad investment.

Private school fees are usually paid out of income, because it's a lifestyle choice, a disposable income choice really. You'll also find a lot of people have e.g. grandparent contributions to fees.

I would really question hard whether you can pay off that extra £100,000 plus over the course of your working life - what will it do to your retirement plans etc. It's a lot of money if you are not a high earner.

What are house prices like near a school with better SEN provision?