Need £65K to fund son's education. Is remortgage the best option?

Murmansk

Asking on behalf of a friend ( )

Need to fund son's education £65K in £20K slices. 
  

House valued at about £500K has £37K left on the mortgage.

Considering remortgage to provide the £65K - is this the obvious way forward?

I've suggested they find mortgage that allows overpayments without penalties as they have decent income and would hope to make above-contractual payments

I'd be interested in any thoughts on the viability of this approach and alternatives

Thanks

vacheron

If your friend doesn't have access to £65k in liquid assets, and have to risk the roof over their head to support him, can they really afford to spend this amount of money (with no guaranteed return for them or their son) from this significant investment?

Can their son not take out a student loan which are provided for exactly this purpose?

MattMattMattUK

Murmansk said:

Asking on behalf of a friend ( )

Need to fund son's education £65K in £20K slices. 
  

House valued at about £500K has £37K left on the mortgage.

Considering remortgage to provide the £65K - is this the obvious way forward?

I've suggested they find mortgage that allows overpayments without penalties as they have decent income and would hope to make above-contractual payments

I'd be interested in any thoughts on the viability of this approach and alternatives

Thanks

Why does your "friend" need to fund his son's education? Student loans over the fees and have a small amount left over for living expenses, he should need nowhere near £65k to assist his sone through university. 

Desmond_Hume

What is the degree in?

Can the same result be achieved through an apprenticeship? Or are we taking brain surgeon here?

Nasqueron

vacheron said:

If your friend doesn't have access to £65k in liquid assets, and have to risk the roof over their head to support him, can they really afford to spend this amount of money (with no guaranteed return for them or their son) from this significant investment?

Can their son not take out a student loan which are provided for exactly this purpose?

If it's 65k and 20k slices, I wonder if this is a private school?

I agree if it's a student though, no reason for parents to fund it when student loan is the most efficient way to do it

born_again

Rather than borrow. Why not sell & down size.

Assuming this is for a private schooling.

silvercar

Could be for anything not eligible for a student loan eg pilot training, private drama school, overseas university or it may be that the student already has one degree and now wants to pursue another.

Murmansk

OP here - it's pilot training

silverwhistle

Well, just beware that the return on investment for a CPL is not what it once was.. To be honest this probably isn't a consideration for the candidate, but I wouldn't be inclined to re-mortgage in these circumstances. Save some, get started and build hours as a flying club instructor etc.?