will i be able to remortgage my house for school fees

[asdmumandteacher]

This is my plan as DS1(9) will prob not get 11plus. We are both teachers. Have about £100k equity (is that right word??) in the house. No debts/loans/credit cards. Good financial rating i would imagine. Can we say that we are going to remortgage for this?

What about one of the better state boarding schools as an alternative? 6k a year.

no boarding schools - have SN younger son and elder son needs mummy time - i don't agree with boarding schools personally unless absolutely vital (forces children etc)

Secondary school fees are at minimum £4k a term thats £12K a year. Dont forget the cost of uniform. Add into that the cost of school trips etc which are NOT optional they are just added to your end of term fees!!

Remember each year there will be a rise in fees, he will be at school upto GCSE 5 years so a minumum of about £75k to cover you is £50k going to be enough??

Have you asked him what school he'd prefer, when the time cones?

Given his needs etc I think you need to slow it down, and think of the easiest option both for you financially and for him

ie maybe him going to a local school with his friends from primary will do more for him than knowing you have locked yourself in to paying a whack just so he can be educated at such and such a school.

He may resent the pressure to perform well there just so you get your money's worth iykwim

Just replying about the mortgage aspect rather than why funds required.

Would it be possible to change your mortgage to a flexible, with a limit 50k more than your current borrowing. That way, you can draw down amounts if and when you need them, and also overpay without penalty. Some may also still have an offset account where temporary savings reduce your mortgage interest (if you cannot get a better rate on them elsewhere).

This thread is 6 years old the laddy in question is probably finished with school!