would you re mortgage to take out equity in this situation?

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I should say that I have always been very against taking money from your home. I know it doesn’t make financial sense. However, I really want our one dc to go to private school. It’s going to cost around 100k for primary school. I’d like this money already available so we can spend the next 10 years saving for secondary. The only way we can raise the majority of this is via borrowing from our home. We will then have enough income, or should do, to save for secondary without much issue.

The thing that we have as ‘back up’ is that we should inherit enough to pay off the mortgage eventually anyway, especially as withdrawing this 100k would still leave around 150k equity in the house too. I know you cannot rely on inheritance but in these circumstances I feel inclined to take the chance. DP is happy to go with my decision on this (the home is in my name and legally protected). Would this be utterly mental? Ive been fixated on private education for a long time and prepared to do whatever really to ensure dc can attend, and I don’t know if I’ve lost sight of reality in the process.

Absolutely not with the way interest rates are going atm. It sounds like you can't actually afford private school. Why don't you put your DD in a state primary and then save for private secondary?

Pretty poor taste to be waiting around for a (I assume) family member to die for a financial "back up". What if they don't die before you need the money? Will you be secretly wishing for their (more conveiniently) timed demise?

I don't think it's a terrible idea in principle, but unless you can pay the whole cost of 10 years now, I wouldn't be so sure on how much it might cost in the future - what if Labour get in and implement VAT charges as promised? Can you take the hit then? Can you save enough whilst repaying a larger mortgage? Do you have any contingency for other unexpected larger expenses?

Private primary is a waste of money in my opinion. Would just save for privatesecondary as you are planning.
There's so many unknowns - what if interest rates are still high (or higher) when you remortgage?
What if the family member ends up in a care home and the money you would have inherited pays for that - or for some reason you are disinherited.
This is the roof over your heads it's a very risky thing to do for a poor return for your money.

I would move to private at a later age like 7+ 11+ or 13+. I'm guessing that you are aware that not all private schools are better than state ?

It doesn't make financial sense to take the equity out. Keeping the equity in the house since interest rates are high means that you pay less on your mortgage so can save more money.

if the local primary school isn't good enough perhaps consider moving to an area where it is? Secondary education is a long way down the road.

FWIW the kids I've known to go private primary education have been ones that didn't get on very well with ordinary school and/or other kids and parents wanted them to have special attention.

You can't afford private school to put it bluntly. If you have to borrow the money you can't afford it. Save for secondary private if you want to but you shouldn't remortgage to afford primary at all, especially with the way the economy is going.

Secondary school maybe but primary not necessary to go private. Also what happens if your inheritance gets swallowed up by your relative's care costs? This isn't your money yet nor may it ever be.

What is they used to say - 'state til eight'? Anyway, unless the primary schools in your area are absolutely dire, surely you'd be better off sending your child to state primary and saving for private secondary?

With the way interest rates are going, I think few ppl would risk remortgaging for a private primary education.

I am a fan of private primary BUT only if you have a stunningly good state senior to go for - we had grammars so that was fine
Don't do it though if it is a financial stress, I had an extra job and that paid for private primary for both my kids without stressing the other finances.
oh and save for Uni!!!

You'd be paying more interest at a time when rates are high, so able to save less.

Save for private secondary instead.

I really don't see the point of private primary school. Maaaaybe secondary, depending on the child and the circumstances, but what is it that's driving you to feel you need to go private from the get-go? It doesn't sound like you can actually afford it. If private schooling is really significant to you, I'd focus on saving for secondary.

If you have been set on it for so long, why haven't you been saving for it?

you'd be increasing your mortgage & your repayments, so how will you be saving going forward when you haven't so far??

no, no way should you lose the equity in your home to pay for private school.

you'd be far better off moving to somewhere with good primary schools.

Ignore people who don’t know what they’re talking about. Borrowing on the mortgage is a legitimate way to pay school fees but ONLY when rates are low. Where rates are high, and you can afford to, use your income. You could then borrow the lump sum for secondary when rates are lower.

It does sound mental. How can you ever rely on inheritance unless you ahve very wealthy relatives ? It could all go in care fees. No one knows what is around the corner, one of you could lose your job, have an accident etc. As others have said it doesn't sound like you can afford it and really don't need to send your kids to private school until secondary age anyway.

I’m not sure the maths works out. Wouldn’t an extra £100000 cost more in repayments/interest than paying for private school monthly?

Save for secondary private at 11+ or 13+.

I would not take equity out for private primary. State is fine and you can top up with experiences - after school/weekend sports clubs, arts clubs etc, holidays to interesting places.

That doesn’t sound like it makes financial sense. Why would you borrow at a higher rate to pay current school fees, and simultaneously save at a lower rate to pay future school fees?

If you can save for secondary then surely you can pay primary out of income? And then secondary, continue to pay out of income but hope you either have a higher income as fees will be higher, or remortgage then. By that time you may have your inheritance and that would help financially if you did.

Do you have more than 1 DC?

Why do you want them going to private school?
What are the main reasons?

Primary private school is pretty pointless as others have said.
So I’d focus getting him into a decent state primary and save up the money for the secondary private school if that’s what you really want.

At 6% interest, you would be paying £6000 of interest the first year of your plan. I wouldn’t think that was worth it. Better to pay with income and leave the equity in your property until needed later.

I really don't think you can count on any inheritance until it's actually there.

Lots of people use state primary & save for private secondary, what about that option?

I wouldn't. Not when you will only have £150k equity left.

I understand private primary if you want to access a selective secondary eg grammar but otherwise better to save the cash.

This. Sensible financial middle ground.

t the start of secondary, you will have a better idea of whether your dc are academic or sporty or musical (with the possibility of scholarships) and the type of private school that will suit them.

They will probably have to pass entrance exams anyway so that is a filter.

It is easy to top up primary education with your own support, tutor or extra activities. But this presumes you or your partner have the time (whether it is helping with homework or ferrying around) to compensate for any gaps in the state provision. Not so easy at secondary level (which requires specialist teachers in different subjects), so worth keeping our powder dry until then.

What is the reason for being "fixated" on private education?

An absolute no from me. The cost of private school could really go up at any stage, you also need to factor in the more expensive equipment, uniforms, trips, clubs……… unless you can really comfortably afford that, then it’s such a risk. Personally in your circumstances I would put them in a state primary school and top up with an afterschool tutor. Save for private secondary school and university.