bursary application independent school/ capital assets

[newtothis15]

I am filling out an application form for the bursary of rth independent school. If the house is 400,000 and 200,000 outstanding, on the form it looks that we have 200,000 ? can the school ask us to sell the house to release those 200,000? Thank you.

It depends on the school is the answer some will.

but then it would mean for us not to have where to live?

Or remortgage

there is no cheaper houses/ flats in our area...

London based

It totally depends on the school.

It’s also relative to your income. So if your current mortgage takes up half of your take home pay and is over a standard 25 year term then that’s a very different situation to it only taking up 10% of your take home pay.

Also if you only have 10 years left on your mortgage then you could remortgage and push it back out to 25 years to free up some more cash.

Another factor is are there three / four of you in a two bed flat or do you have enough bedrooms that you have a spare I.e. your property exceeds your needs.

Nobody expects you to sell your property or to remortgage if what you have in assets and pay in mortgage is reasonable.

Thank you. We have 1 bedroom spare bit can make it into a study...

It does sound like you are in a rather good position for a bursary. What makes you think you'll get it?

Some don't take into account your home at all, but most would expect you to remortgage if you have that much equity

As others have said depends on the school....

Amazing how some people can have 700k equity 100k mortgage but don't think they could remortgage to fund private school! It sounds like you are far from that sort of situation though.