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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.
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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
above and we will
arrange for one
of our advisers
to contact you.
Or you could call
us on 0845
108 0505.
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