“We did not think we had enough disposable income to fund our son’s education, as – despite his grandparents’ willingness to help – our mortgage was to be repaid by endowments which were performing badly, and we also had substantial credit card and car loans.
“We were advised to sell the endowment policies to repay loans to fund the first two years of school fees, with a repayment mortgage replacing the endowment mortgage and cheaper arrangements made to protect the mortgage as well as the school fees. Our monthly outgoings were significantly reduced, enabling the savings to be invested to pay for the five remaining school years and meaning the shortfall in our mortgage was addressed, even leaving us £60 per month better off!”
Fiona and Pete Morgan – Sussex
Posted on 28 January 2015