Refinancing to cover school fees

mynameistallulah

AnnatarsGift wrote: »

Isn't that what many a private school specializes in? Adding polish.

Of course you still get a turd, but it looks and smells a lot nicer. And probably ends up with a career in banking. :rotfl:

This is an excellent analogy - I was privately educated and the majority of my class mates are now doing very well for themselves, despite in some cases being incredibly stupid! However I do find that the latter group were all in private education from primary/ reception level, so they automatically got a place at the senior school. They certainly would not have passed the entrance exam.

RecoveringAlcoholic wrote: »

In the "olden" days parents/grandparents used to save to enable them to fund a private education.

Some of us still do!

bankhater_1965

CBR600F wrote: »

OP probably wants their kids to be able to read and write when they leave school.

what a low life individual you are for making such a ridiculas comment , if thats what private education teaches you how to conduct yourself on a public forum it says it all really

Rockporkchop

To answer your original question OP, depending on who your lender is, you don't have to remortgage - you can just add additional borrowing for home improvements. I am with Barclays, main mortgage is 1.39% so I wanted to keep that, so I just got £150k additional funding for home improvements at a rate of 3.39% which I am happy enough with.

I am a big fan of private schooling but to be honest in your position I would be uneasy about spending that much with so little equity in your house and average salaries (private school wise!). Also I don't like the fact that your children "desire" private schooling and just expect you to foot the bill. I hope they appreciate what you are doing for them.

[Deleted User]

If the op really wants private education for his children then yes, I say re-mortgage. However going to private school does not guarantee a successful future. My three went to state schools and all are now successful respected professionals with good manners and empathy. A relatives four sons went to public school, a very expensive and well known school. They all learnt how to be utterly charming and smooth talking and they gained a network of influential friends. One is going on to study philosophy and another puts up tents. The other two are in various jobs, doing whatever makes money because they grew up to think that money talks.

Swings and roundabouts

SouthCoast

Using house price inflation to fund lifestyle choices is a thing of the past.

Take_it_like_a_man,_sonny

The_J wrote: »

Trust some morons to chip in with their private vs state argument. What an absolute disgrace those people are, what arrogance, what supreme !!!!ing arrogance to think that hasn't been considered. Does it say "State School vs Private School" on the forum header? No. Well done Dave for answering the question.

A second charge or loan will likely be a higher rate of interest over a short period of time and therefore cost more per month or less overall. If you do it on the mortgage but overpay when your situation is better it would be the best of both worlds.

I would get rid of the charitable status and charge VAT at 75% as it is a luxury. It is the time we took wht Dennis said in the 70's and make the pips squeak until they squeal.

laurel7172

One thing about stretching yourself for private school fees is the expectation of extras.

You say you're going to have to cancel the family ski trip-how will your children react to being told they can't have that £5k school trip to Aspen that "everybody else" is going on? A friend who could just about afford the fees for private schooling eventually had to return to the state system for that reason-her daughter was bullied in two separate private schools for being "poor".

The_J

shortchanged wrote: »

Yes but when someone risks financial problems to fulfil their dreams for their children or to put it another way they simply can't afford it, it's called living beyond your means or keeping up with the Joneses and is the financial ruin for many a family.

SHOCK BREAKING NEWS. Parents give up luxuries to give their kids a good start in life. Investing in your children's future is a luxury? Good god, if that chip on your shoulder was any bigger your arm would fall off.

I sit here smiling at your posts though, at the sheer inadequacies of your life, the spitefulness garnered only by a life filled with failure. :rotfl:

robatwork

The_J wrote: »

:rotfl: first time I've ever been accused of that! Can you not tell I'm a boarish oaf?

Now see - if you were really privately edumakated you would know it's boorish oaf.

bigadaj

Well boarish is pig like, so he could have meant it intentionally, probably not though.