Equity Release for University Fees

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0808 156 2670

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Equity Release for University Fees

All parents want the best for their children and many understand the importance of a degree or equivalent level of education. However, few parents realise the true costs involved today of sending their children to university and fewer still have made provisions to cover this.

Since the1980s, the number of people going into further education has doubled in the UK and as the numbers increase, so does the financial burden on the students and parents as the state can longer fund or subsidise them. Grants are now replaced by loan-type schemes which have to be repaid after graduation. The current average student debt after university stands at over £12,000.

Since the1980s, the number of people going into further education has doubled in the UK and as the numbers increase, so does the financial burden on the students and parents as the state can longer fund or subsidise them. Grants are now replaced by loan-type schemes which have to be repaid after graduation. The current average student debt after university stands at over £12,000.

Living expenses and tuition fees on average add up to as much as £8,500 per year but could be even higher in more expensive areas such as London. So if you have two children at university for 3 years each, the total costs are huge.

One way to help fund your child’s further education could be to re-mortgage and release some extra funds from the equity in your home at the same time. It is a good idea to review your mortgage on a regular basis anyway to save money by getting a better deal and there are many re-mortgages available at very competitive rates. Always check any redemption penalties on your existing mortgage and arrangement and solicitors fees for the new mortgage. However, even taking these costs into account, you could be saving money in the long term.

If you would like to know more about releasing the equity in your child’s education or any reason, please complete an Equity Release Mortgage Enquiry Form and we will arrange for one of our advisers to contact you. Or you could call us on 0808 156 2670.