Extending mortgage term - school bursary

tinibabes

My son attends a fee-paying school but we get a 70% bursary to help with the costs. I have now used up all my savings and he is due to go to secondary school which will be more expensive. I'm not sure we will be able to afford the higher fees so thought we could re-mortage our flat to help with the fees as I think we will need to find about an extra £200 a month for the 7 years he is at seconadry i.e. about £17000. We are currently have a fixed rate mortgage on our flat @ 3.2% which comes to an end in 6 years. Does anyone have any suggestions as to the best way to find the extra money for his school fees - would it be to extend our mortage (which I assume wouldn't be kept at the fixed rate?) or get a loan? Any ideas please? (And yes, I know he could go to a local school but unfortunately they weren't suitable for various reasons so that is not an option). Many thanks

csgohan4

if you still in your fixed rate period, you can remortgage but you will likely have to pay an early repayment charge. What does it say on your terms and conditions regarding this?

If you have to take a loan, this will affect affordability when you come to remortgage if you haven't paid it off by then

It is always an option to not send children to a fee paying one. If your putting yourself into more debt and struggling it is a choice as well.

[Deleted User]

You should still be able to extend the term on your mortgage if you are in a fixed rate. Then perhaps do a further advance with the same lender. Try get the 2 ERC's to match up and then remortgage away when they expire