Would you do this to ensure your dc could go to a good private school?

[Greenshoess]

I was absolutely sure I wanted DD to go to a private school. With this in mind I saved a lot in the toddler years and with some family help I now have 150k ready to go for her schooling. Her father is on board and ready to pay half the fees on top of maintenance (we are separated).

She is due to start school in September and I am now really itching to use this money to pay off the rest of my mortgage (I owe 200k). I feel tired of work and life in general and just want to go part time which obviously I could do if I got rid of most of the mortgage. The state schools round here aren’t good, there’s no pretending they are and this is making me so conflicted. I guess I’m wondering if people think the sacrifice is worth it, if you did it are you glad you did?

This is what I would suggest, keep working because you will need money.

And go state school primary and let that money grow, along with her Dad's contributions, perhaps, whilst he is still on board because he might change his mind, get his cash and yours put into some sort of trust fund that neither of you can spend on anything else, and let it build up for secondary.

Mortgages, even the higher rate, are still quite low borrowing fees.

Have you looked at out of school provision in the state schools? Our (state) primary is not great in terms of hours and booking but I'm just moving my youngest to private and the provision is so much better, more flexible and free which may be another factor to consider.

But the schools are bad. Not even ok.

Why would you run out of money though? If you have saved 70k in like 4 years surely half the fees each year from your salary would be a non issue? Particularly the first half at primary.

Private schools at primary level are not worth the cost. I'd pay off you mortgage and make sure she gets all the extra curricular she wants. People think that schooling makes the difference, when it's parents who really do.

What would your family say if you used the £80k they gifted you for her education to pay your mortgage off?

I’d save some money and not send her until secondary school tbh.

DS has just started at a private school after being in a good state primary until Year 5. He was ahead in some subjects, needed to catch up in others...save your money for secondary as that's when the difference between state and indie is really noticeable.

The saving you've done to enable this for your DD is amazing, don't junk it all now to pay off the mortgage...put some towards that so you can go part-time maybe, but definitely don't waste the lovely fund you have built up.

When you are in a private school class of 6-8 pupils taking a-level physics, it makes a massive difference.

it is way easier to supplement state primary to get the student into high sets at private secondary than it is to supplement a-levels to the equivalent of the tiny classes

I'm a single mum but my ds aged 10, decided he wanted to try for a scholarship at a local independent. He won it, so I have scrimped and saved for the last 6 years to allow him to attend.

It has been worth every penny. Like you, our local state school was failing and had all sorts of issues. Even Ofsted said it wasn't safe.

Instead, ds has spent 6 years in a calm, supportive environment with small class sizes and good facilities. he has 10 good GCSEs and is in a tiny class taking STEM a'levels. He is confident, cheerful and enjoying himself. I'll spend money on me once he's got his A'levels.

Perhaps you could look at a compromise. Try for a scholarship place at a later age, and split the funds between schooling and mortgage. £150k for one child and that's just your half, sounds like you have money to spare.

The money is there ready and waiting. If you are confident in the school then stick with the plan.

Where is this £150k savings held? If you convert your mortgage to an offset, using these savings, but keep paying into your mortgage as much as you do already (or more if possible) then the section of your savings that are earmarked to not be needed for 3-14 years will do wonders for paying off your mortgage early. You get to have your cake and eat it too.

Does she need private at primary? Why not just go private for secondary? Use the difference to pay towards the house

If you are reasonable educated yourself I think private primary is a terrible waste of time.

I'd pay off my mortgage and channel the extra money into lots of lovely activities with plenty of books and crafts. Develop her love of learning.

I personally think years 7-11 is the best time to go private.

State Primary is fine as long as the schools aren't really awful and then you can go for Private from Y7 if necessary
We did this and I think that State primary actually did them a lot of good and certainly no harm when transitioning to Private Secondary.

Personally I sent DC to state primary (it was a good used to be outstanding one) then on to a secondary private. I think in the teen years peers are very important and with DD especially I didn't want her becoming introverted and not confident because of the mixed sex environment. For us it has been worth no holidays and an old car and using savings/inheritance but we are lucky that we inherited a house so have no mortgage. I do think paying off the mortgage is key to being more relaxed about it, especially with the VAT rises on top of the usual rises per year.

In what way are you seeing them as bad schools? Is it mainly from looking at SATs results or Ofsted etc? The reason I ask is I worked for about 15 years as a primary school teacher and have worked in many different schools and often the ones with poor SATs etc are some of the loveliest schools I've been to and vice versa. Have you visited the schools when children are in to see how they feel?

Isn’t a class of 6-8 just as likely in a state school for physics A level? 😂

Quite - our outstanding state school sixth form often has classes of 4-8. Maths is more like 16 but they all seem to get good marks

I would put her in state for primary with an aim to do private for secondary. Private isn’t always better just because it costs money. Our school is good, but not outstanding, but I wouldn’t send mine to the nearby private school, not even if it was free. I went to private school my whole life and I really don’t think there is an advantage when they’re little. You would be in a good position to afford private if you are mortgage free.

DS' physics A'level class has 2 pupils.

In the local state alternative, it was 28. State sixth forms are centralised where we live

If they gifted it with a purpose of paying for her schooling, is it even yours to use to pay the mortgage off?

State primary and invest your money until secondary.
If your worried u can hire tutors and do extra curricular activities.

Depends on many factors but no, I wouldn’t be working part time with my child in state school when I could afford it. Like another poster I think love and an education are the two most important things you can give.

But other factors play in. Likelihood of you or your ex having further children? How is your pension looking? Do you have an emergency fund in place? How many hours a week do you work now? What’s your career projectory for the next 20 years? Could you do part time for a few years now with the intention of going back full time? Could you spend your parents money on the mortgage?

I doubt that £150 K would be enough to see her even through prep. And you may end up needing to save faster than you earn.

Pay off the mortgage. £150k will not be enough to see her through private school for the 13yrs of education, not even with your ex paying half – unless you can continue and very reliably continue to stump up even more. You're looking at £3-7k a term for primary and more for secondary, and that doesn't include fee raises annually.

Depends on the sort of private school you’re looking at OP. There are private schools (GDST ones etc) and then there are private schools (Sevenoaks, St. Ps, etc. I.e the ones most people think of). The second set, even £150K won’t see you far. The first set, £150K will probably see most of her education off nicely.

So, if you want to send her to somewhere like Sevenoaks for secondary and sixth form £150K will last five years education at current prices. You’d need to find another £70K for sixth form. Which seems doable if you go state for primary.

Personally, I think you can’t put a price on a child’s education - particularly if the local state schools are poor. I couldn’t go part time and send my daughters to a crap school.