Grammar School Bursary & Assets

[levegal7]

I would be grateful of some advice please.

I have a house which I let and I rent the house that I live in. The purpose of this was to move closer to my family.

My DS has a bursary at a grammar school. However, I owe my sister £15k and she now wants this back, therefore I have to sell the house that I let to do this. This will leave me with £20k approx which I hope to use at some point to buy another house.

My question is, will the school expect me to hand over the £20k to pay fees or will they let me keep it so that I can buy a house. However, due to my employment staus I would not yet get a mortgage. Therefore the £20k will be sat in my bank account waiting for ths opportunity to buy.

Any advice would be welcome.

You need to speak to the bursar. On the surface there's no reason they should allow you to have a bursary and keep your savings when other parents paying fees will be using their savings.

On the other hand most would expect any equity released if practical, so the fact they haven't already expected you to release equity could indicate that in your particular circumstances they wouldn't insist you used it for fees instead of a house.

Not to mention that they must have assessed your income including the rental profits, which if there were any will now end.

It would also be wise to provide evidence of the original loan to your sister, otherwise it could just appear that you are hiding 15k to avoid using it for fees.

But the only way to find out is to speak to the school