Families struggling with private school fees
Nov 28, 2006
Parents who want to send their children to a private school could consider taking out a personal loan, or remortgaging their property, it has been suggested.
Writing in the Sunday Times, Naomi Caine calculated that parents would have to save £400 a month from the birth of their child until they were 18 to cover private school fees out of savings, which was impractical for many families.
However, one option was to take out a personal loan, she suggested, although for some people increasing their mortgage would be a better option as interest rates were lower and payments spread over more years. Recent research from Halifax Financial Services found that sending children to a private school was now around five per cent less affordable for the average worker than it was five years ago.
In 2005, private school fees for one child were equal to 35 per cent of the average worker's earnings, compared to 30 per cent of earnings in 2000. Sainsbury's Bank research revealed that parents of students heading off to university this year were expected to take out around £53.8 million in personal loans to cover rising tuition costs.
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