Downsize for school fees

Kazza_Monkey

Fair play to you, I can personally understand why you are putting your children through a fee paying school, as a mother myself I would rather starve than see my children go without and you want the best for them I can also understand that, I'm lucky where I am as my children go to a state school that has been labelled outstanding in the ofsted report and we have a few grammar schools not too far away. My suggestion would be just to get the house valued as it is first and then consider the options available. It might be worth seeing if you could have a chat with an IFA to see exactly what options might be best for you and your family. Good luck with it x

Thrugelmir

downsizeforschoolfees wrote: »

however we would like to keep the 0.5% above base rate deal incase (as I suspect we will) we end up choosing a house for say £270 instead of £250k.

I feel you need to decide what your priorities are. School or lifestyle. School is only temporary. Sometimes it's necessary to make sacrifices to achieve ones goals.

shortchanged_2

downsizeforschoolfees wrote: »

I'm not going to get into a private v state debate - that is our choice!

Clever choice though if it puts you into financial ruin.

Ask yourself honestly, is it really worth it, as it obviously causes you to live beyond your means.

downsizeforschoolfees

Of course it is worth it! We don't need the massive house we have, don't like the area we currently live in & by downsizing we will be mortgage free by age 40, mortgage & school fees free by 46 - I would say that is pretty impressive in current times where many are paying the mortgage into their pension years!!! And we will be living in the town we want to retire to as well.
Better than staying somewhere we don't like or giving up my job to ferry kids around to all the after school activities they want to do/are good at like many state school parents do

downsizeforschoolfees

A bridging loan would have been the answer for our short term cash flow problems, but the stupid new laws have put pay to any idea of that!

Voyager2002

I'm afraid this confirms my opinion about the (lack of) intelligence of most parents who choose fee-paying schools.

Children attending a GOOD state school (non-Grammar), with supportive parents who are able and willing to pay for private tutors as and when needed; take an active interest in their children's education and provide support with selected out-of-school activities; generally do very well. Children whose parents are stressed by financial worries and face the need to move house and school tend not to do so well.

If sending your kids to a public school is a 'snob' thing, a way to bond with clients in your business, then that is your choice. But if your primary concern is giving them a good education and the best possible chances in life, then you need to re-think many of your assumptions and make a few different decisions.

themull1

Its funny how some parents will do all that for their kids education, and then there are parents like me, i'm not really bothered about ofsted etc, as long as my kids are happy, and as it happens my oldest daughter is in the top sets at school, but even if she wasn't i wouldn't be bothered - I don't feel like it makes me a bad parent though.? Just different priorities i suppose.

ACG

With regards to the above 2 posters, at the end of the day its their decision and their money. Personally i would never do that and would prefer my kids to have state education even if i was in a position to pay for private but each to their own. Its not worth going on about.

downsizeforschoolfees wrote: »

A bridging loan would have been the answer for our short term cash flow problems, but the stupid new laws have put pay to any idea of that!

What new laws? Are you talking about MMR? MMR will not impact upon bridging finance as they are not regulated in the same way.

downsizeforschoolfees

Bridging loans still exist? All the info I've found on the web have drawn blanks! Bet interest rates are huge though aren't they?

Even if we put the house on the market as is, we would still need to be able to get our hands on money in the run up to the move to pay removal men & other moving costs. Maybe the credit card is the best option....

egoode

If you can't even afford to pay for removalists then I can't see how you could pay for a loan to make the changes to the house you are talking about. It sounds like you need to sell whatever happens but I also think you need to seriously look at where you are spending your money to ensure you don't fritter away the lump sum you are hoping to get from selling the house.