If you send your DC to private school, are you already mortgage free?

[Huuuuuu]

I have enough money to almost clear my mortgage but have saved it for DD’s fees. Is this insane? Those sending dc to private, have you paid off your mortgage first?

It really depends on your own circumstances and priorities. Do you have an emergency fund? Are you prepared for the worst case scenario?

No, we pay 2 sets of school fees as well as the mortgage. We have the fees saved in case DH or I are made redundant but our current income is sufficient to cover fees and a mortgage.

No, still got a very small mortgage.

I had £48k cash in the bank when DS started at the school so I knew I had enough to pay for years 7-11.

My DS won a scholarship so I could hardly say no. I pay half fees.

Now he's in the 6th form. Mortgage and fees together cost about £16k a year. 18 month to go on both.

No but we can pay school fees from salary and not even notice it really.

Can you afford to pay from
wages if mortgage free? If so, I would pay off the mortgage as this has interest and school fees do not. If you needed to due to unforeseen circumstances in the future you’d have an asset you could take a small mortgage against to cover the fees.

Thanks. Could just about pay from income but makes me nervous doing it that way

We're mortgage free, with passive income. Both retired.

Will pay one DC fees from passive income and 2nd DCs fees from investments. We have a 4 year overlap between the two.

Could you not pay some of mortgage off instead?
keeps some cash as school buffer, pays off mortgage x amount of years earlier. And then you just pay remaining off over less years with income

No

Nowhere near.

Nope pay mortgage & school fees, as my parents did for me

@Caspianberg yes could do but it would then be hard to find 30k at the drop of a hat if needed

(30k being one year as an example )

We became mortgage free (as a result of bereavement) after a few years of paying school fees from salary.

No, but we have enough in investments to pay off the mortgage and cover fees for 2 dc until university. It will make me more money staying invested than paying off the mortgage.