Owning a home v paying for private education .. Wwyd?

[Rachelly123]

I've spent the last 2 years getting my life back on track after becoming a single mum to 3 year old dd. My career is going well and we rent a small modest terraced in a nice area.

Dd attends pre school in a local independent school - the cost is the same as other local nurseries so it was a no brainier to send her there.

She is due to start reception in just under 2 years and I am starting to consider primary schools. She has the opportunity to go to another local independent on a 50% bursary- which would mean me paying around £500 per month for the first couple of years (obviously the annual fees increase year on year)

My dilemma is, if I send her to the independent school I will never be in a. Position to save for a mortgage in the future. Meaning we will rent for the foreseeable.
Wwyd? Would you put your child's education first or focus on securing a mortgage?

[AgainPlease]

I'd use the money for school fees. I don't think I'd be who I am today without having gone to boarding school

[portico]

portico Sun 16-Oct-16 13:24:44 Have you enough time to move and apply to grammar schools.

I would imagine OP has plenty of time for that as her DD is 3.


It's a fucking non-brainier then.

[Chrisinthemorning]

I would go for state school and a house. I say that as someone with a DS at independent school. It's a good school but I wouldn't sacrifice a house for it.

[SleepFreeZone]

Also can you imagine the pressure you would be inadvertently heaping on your daughter to go and become a successful adult after her top class education. Life doesn't always irk out as expected even if you get every opportunity. I was doing fine until I was floored by a health condition in my late teens and hat has impacted on my earning potential hugely as an adult. If my parents had sacrificed everything for me only for me to basically fail, my god I can't imagine how terrible id feel right now.

[Rachelly123]

Thank you for the many replies. It has certainly changed my thoughts and I have done some thorough research in to local primary schools and catchment areas today. Seems the good ones you have to liven within a stones throw and even then there are minimal places available once they have been allocated to siblings etc.

If I am honest my reason for giving serious consideration to independent for primary education was down to the fact that I wanted to carry on what I had started... Dd is very bright and advanced for her age which I had put down mainly to her pre school. However as many have suggested I could send her to a good primary yet spend the money on clubs, and if required tutors in the future, also it would mean I wouldn't need to work so many hours to keep up with the fees giving me to the time invest in her.

[EatonGate]

I'm going to be very controversial and say school fees. We're obsessed with home ownership in this country (compared to the rest of Europe) but the idea that home ownership is completely stable whereas renting is fraught with uncertainty is not quite accurate - if interest rates end up going up to more normal levels with property prices relative to incomes what they are at present you might be glad you stayed renting!

If you do end up moving house a few more times than you would have done otherwise it's not the end of the world - I'd lived in 15 different houses (13/15 rented) by the time I left school but been almost entirely privately educated, and the amazingly supportive and inspiring teachers and learning environment free from any disruptive behaviour (in contrast to my brief experience being at a state school) outweighed any disadvantages of having the removal men in so frequently.

That said, I was geeky and bookish and probably a bit of a teacher's pet - I don't know if the balance would be different for a more well-rounded child!

[atticusclaw2]

A house is far more important in this scenario. And I speak as one with two DC in independent school. It really isn't worth it at primary level unless you have everything else covered and its really unfair to start in the independent system knowing you're likely to have to move her. Senior school fees will be circa £15k from your taxed income plus uniforms trips etc.

A home is far more important for your child.

[Riversiderunner]

Home ownership, no question. There are brilliant state schools out there - get googling!

[GinIsIn]

We are in a similar position - we've just bought a house, and have no spare money for private education.

We hope to get our DC into a good primary, will tutor on the side, and try for scholarship at secondary.

[noramum]

After i have seen the insecurity of the rental market I would always put money in a house.

Friend rent, they hoped to buy but then he lost his job with two children in childcare causing all savings to be spend, got back on track when suddenly baby no. 3 came along unplanned and now they have to wait another 2-3 years before being able to hope for a mortgage. In the time we know them (8 years now) they are now on house no. 4. The last house they went through incredible stress with annual rent increases an then being told to move out because the owner wanted it for themselves just to sell it 3 months later.

[troutsprout]

If she's safe and secure in your own home, you will be putting her first

[troutsprout]

And yes.. if she's bright.. she will do well in a state school

[Autumnsky]

Finance security first. Provide a stabel and secure life is far more important for both you and your DD. Also, I agree for primary school, you can easily to provide some out of school acitivities to strech your DD. Just think about the fun you can have with DD if you have money, it all need money for theatre trip, museum trip, holiday, eating out etc.