Repay Mortgage? or Wait for Kids to Finish Uni?

yellowmonster

We have 5 Student houses all paid for...
and a mortgage on our own home of £200,000.
Should we continue to pay off mortgage or hold off so that kids (14 & 13) are eligible for student loans, course fees etc when/if they go to Uni ? How does all this Uni loan stuff work?

dimbo61

I would be temped to carry on paying off the mortgage asap
worry about your kids going to uni if that is what they want to do in 4 years.
save some money into a childrens saving account towards uni or a new car
fund and encourage the kids to save up for the things they want PS3, Wii,
lcd tv etc. if they save there pocket money for something special, get a paper round they will understand the value of work !!
look up info on student loans and parents incomes
GOOD LUCK

tuggy

Hi there, student loans are based on parents income, not on if they have a mortgage or something. I would just concentrate on paying it off!