Industry News
Expert: re-mortgage to pay fees
Posted on 15th August 2007
An expert has suggested parents should consider remortgaging their homes to raise funds to send their children to private schools.
John Charcol, a mortgage advisor, has claimed parents could pay as much as £140,952 for a child's secondary school career
It claims 304,827 attend independent senior schools and that last year the average fees were £2,707 for day pupils and £6,712 for boarders.
It has suggested those without thousands of pounds saved and who are unwilling to take out loans to pay fees, consider re-mortgaging in order to meet the costs.
Katie Tucker, product specialist at Charcol.co.uk said: "Almost all borrowers will be due a remortgage in the next seven years, so it is worth factoring the school fees into your medium term plans."
She added many schools had systems in place which allowed parents to pay on a monthly basis to help with budgeting.
Halifax recently issued a report which advised parents to begin saving for private school fees up to a decade before children start secondary school.