£20000 loan needed. Rather complex

Gaz83

maisie1234 wrote: »

Our outgoings will also drop somewhat as the house has been furnished and little is now needed to be done.

You haven't answered how much you have left each month once all bills and living expenses are taken care of.

Richey_

I think this is a troll just trying to Bragg how much money they have.

Cheap kicks

maisie1234

Honestly not a troll, even people who seem to have lots of money are not immune from needing some help and advice sometimes

maisie1234

About £1500 left over. So clearly that is earmarked to pay some of the fees

Dird

Just remortgage £50k out of the property, will cover the school fees & provide emergency savings + cash to pay off the 0% when it runs out

Helvetica_Van_Buren

maisie1234 wrote: »

[...] so don't see the point in moving my child now.

Because you can't afford it?

Helvetica_Van_Buren

Respectfully, you really need to take a more mature approach to your finances. You're banding about some big figures but you have very little left over and apparently nothing in reserve.

You've bought a £1million house and you've put £30,000 on credit cards.

Your husband's company is having cashflow issues - which should be ringing massive alarm bells.

There's another thread on here where somebody is asking how to make £100 last a month and you're asking how you can get another £20,000 of debt to continue putting your children through private education. I think you're on the wrong forum.

You really need to take a long hard look at yourself and your situation - presuming half of what you've said is true.

Vectis

So, you pulled all your savings together when buying a new house and paid off the mortgage - yet you somehow forgot to allow for the £33,000 school fees?

You have to admit that sounds a little odd.

On a combined salary of nearly £200k and a £1million mortgage free property, I can't see why you're even coming on here asking for advice about getting a loan? Unless there are , of course, other factors which you haven't mentioned?

Vectis

Richey_ wrote: »

I think this is a troll just trying to Bragg how much money they have.

Cheap kicks

Hmm...just doing a quick search, the op was asking something very similar about school fees two years ago.

https://forums.moneysavingexpert.com/discussion/5102028

tetley

here is her post, pretty identical, same issues, I feel she/it/her is wasting our time and good will.
Hello,

could I ask for some advice please. We have a house worth just over £1 million. Our mortgage is paid off in 4.5 years and we have circa £140k left to pay. Repayment mortgage. However we are short of money for the school fees and effectively need £100k until our youngest son leaves senior school.

Is it best to try and get a further mortgage for say 10 years?

Particularly interested in interest ONLY because of the low repayments. I am 53 and partner is 50. We have stable jobs.

When we come to sell the house of course the first £100k belongs to the bank. We will still have lots of equity left and we both have good pension schemes (I have a final salary one)

Any suggestions? We wouldnt need the £100k in one lump sum. Our current mortage is 2.99% fixed for 4 more years