Can we 追加する £150,000 to our mortgage to cover 労働's 付加価値税 on school 料金s?

• e-mail

We have two children in 私的な school and are worried that we won’t be able to afford it if 労働 課すs 付加価値税 on 料金s.

Our eldest child will be in his third year of 第２位 school in September and we do not feel it is fair to move him away from his school and friends.?

Our youngest child is in the first year, has had emotional and behavioural problems and we feel that a school move would be a 災害 for her.

We both work 十分な time and just about manage to afford the school 料金s of £36,000 a year now, having 削減（する） 支援する as much as possible on 世帯 spending and holidays. An extra 20 per cent on 最高の，を越す would be the straw that breaks the camel’s 支援する.

Too much: Our reader says an extra 20% on 最高の，を越す of their 現在の school 料金s?if 労働 課すs 付加価値税 on 私的な schools, would be too much to 耐える

We are also 予定 to remortgage this year and our £300,000 mortgage with 15 years left will go from a five-year 直す／買収する，八百長をするd 率 of 1.5 per cent to about 4.5 per cent, 押し進めるing our 月毎の mortgage 法案 up by about £800.

Is it possible for us to come up with a 解答 that 伴う／関わるs both covering the school 料金s and 直す／買収する，八百長をするing the mortgage?

Our home is 価値（がある） about £900,000, so we have plenty of 公正，普通株主権. Could we 直す／買収する，八百長をする our mortgage for as long as the children are still at school and borrow an extra £150,000 to help cover the 料金s?

I thought maybe putting the extra money in a 貯金 account 収入 利益／興味 and only taking it when we needed it could work?

Ed Magnus, of This is Money, replies: It is no secret that?労働 is planning a 付加価値税 （警察の）手入れ，急襲 on 私的な school 料金s if the party comes to 力／強力にする.

At 現在の, 独立した・無所属 schools can 登録（する） as charities in return for 行為／法令／行動するs that 利益 the 地元の community, such as 株ing their 施設s with 明言する／公表する schools.?

労働 has 誓約（する）d to 除去する charitable status from 独立した・無所属 schools, which would have a 重要な 衝撃 on their 税金 status.

This would result in 私的な school 料金s 存在 攻撃する，衝突する with 20 per cent 付加価値税 and scrapping the 救済 schools receive on 商売／仕事 率s の中で other 利益s.

Critics have argued that while the richest parents will remain 比較して 影響を受けない, many others who are already stretched may struggle to find ways to raise the extra 基金s, and some could 直面する the prospect of having to 除去する their children from their c urrent schooling to move them into?the 明言する／公表する 部門.

Our reader says?an extra 20 per cent on 最高の，を越す of the 料金s they 現在／一般に 支払う／賃金 would be too much for them to 耐える. Yet, with their children already at 第２位 school and their youngest needing extra care and attention, like many parents they do not just want to pull them out and find an 代案／選択肢 明言する／公表する school.

Their 解答, they hope, is to raise the 要求するd 基金s from the 公正，普通株主権 in their home 経由で a remortgage, 直す／買収する，八百長をするing it for the 残り／休憩（する） of their children's time in education.

With mortgage 率s having risen 大幅に though, this will be expensive.?

This is Money's?True Cost Mortgage Calculator?shows that going from a £300,000 mortgage at 1.5 per cent with 15 years left to the same size 貸付金 at 4.5 per cent over the same 称する，呼ぶ／期間／用語 would 押し進める 月毎の 支払い（額）s up from £1,862 to £2,295.

追加するing an extra £150,000 to the mortgage takes 月毎の 支払い（額）s to £3,442 - an extra £1,148 per month, or £13,776 per year.

This is £6,576 more than the 20 per cent 付加価値税 on £36,000 of 年次の school 料金s, whic h 量s to £7,200 per year.?

Some of that extra cost could be clawed 支援する by putting the extra borrowing in a 貯金 account and only 製図／抽選 on it when needed, but this 貯金 利益／興味 will be 税金d outside of a?cash Isa.

However, this question seems to be more about 安全な・保証するing the extra money for 付加価値税 on 料金s rather than the most cost 効果的な 選択. But is that extra borrowing even possible, what could it cost, and what may be the 落し穴s??

For 専門家 advice, we spoke to Luke Thorne, associate director at mortgage 仲買人 SPF 私的な （弁護士の）依頼人s and Chris Sykes, technical director at mortgage 仲買人 私的な 財政／金融.

Could they borrow against their home for school 料金s??

Chris Sykes replies:?The short answer to the question is, 'かもしれない, yes'.

As long as a 貸す人 can class the new larger mortgage as affordable given your income and 去っていく／社交的なs, then this is かもしれない something that can be done.

専門家:?Chris Sykes, technical director at mortgage 仲買人 私的な 財政／金融

ーに関して／ーの点でs of the 直す／買収する，八百長をするing for as long as your children are at school, you can get 直す／買収する，八百長をするd 率s for longer than the 基準 two or five-year period, so this should also be possible to do.

Luke Thorne replies: As you are coming to the end of your 直す／買収する，八百長をするd 率, it’s a good 適切な時期 to renegotiate a 取引，協定 without 支払う／賃金ing 早期に 返済 告発（する），告訴（する）／料金s, switch to another 直す／買収する，八百長をするd-率 mortgage for 安全, and raise cash to cover school 料金s.

You will need to consider the jump in 月毎の 返済s ? you are moving from a 率 of 1.5 per cent to circa 4.5 per cent, so that will already be an 増加する of around £800 per month, 加える the 利益／興味 costs of borrowing another £150,000 on 最高の，を越す for the length of the mortgage.?

最終的に, you have plenty of 公正，普通株主権 in your home so 支配する to affordability checks, you should be able to borrow the money you need for school 料金s.?

This will mean higher mortgage 支払い（額）s and 支払う／賃金ing 支援する more 利益／興味 over time but you may feel it is more than 価値（がある） it to keep your children in 私的な schools.?

> Best mortgage 率s calculator: How much would a new 取引，協定 cost you?

Can they keep 月毎の 返済s do wn??

Chris Sykes replies: One thing you can do to keep 月毎の 支払い（額）s 負かす／撃墜する would be stretching the mortgage 称する，呼ぶ／期間／用語, or putting some on 利益／興味-only.

There may be ways of 減ずるing the 月毎の 支払い（額）s by 延長するing your mortgage 称する，呼ぶ／期間／用語 from the 現在の 15 years to 退職 age.?

Switching to an 利益／興味-only mortgage can also 減ずる 月毎の 支払い（額）s, but then you have to have a 計画（する） about how you will 結局 支払う／賃金 it off at the end of the mortgage 称する，呼ぶ／期間／用語.

Should extra school 料金s borrowing in a 貯金 account??

Luke Thorne replies:?If you raise the £150,000, you will have a 重要な 量 of cash compared to the size of your mortgage, which you won’t need to use all at once, so it may be 価値（がある） considering an 相殺する mortgage.?

The 代案／選択肢 would be to put it in a 貯金 account ? and the good news is that these are 支払う／賃金ing higher 率s of 利益／興味 these days ? but you would be 税金d on the 利益／興味 and if you are higher-率 taxpayers, that could be 重要な.?

> Check the best 貯金 率s in our （米）棚上げする／（英）提議するs?

専門家:?Luke Thorne , associate director at mortgage 仲買人 SPF 私的な （弁護士の）依頼人s

With an 相殺する, you would only be 告発（する），告訴（する）／料金d 利益／興味 when you take money out to 支払う／賃金 the 料金s.?

This could work 井戸／弁護士席 as you are 解放（する）ing やめる a lot of 公正，普通株主権 but will 支払う／賃金 the 料金s over several years, rather than all in one lump sum.?

You also wouldn’t be 税金d on the 利益／興味 as in 影響 you aren’t 収入 any, just 減ずるing the 利益／興味 you 支払う／賃金 on your mortgage.?

相殺するs can have わずかに higher 率s than 基準 居住の 取引，協定s but if you speak to a whole-of-market 仲買人, you can find the best 選択.

Another thing to consider is that 貸す人s may work out your affordability 異なって when it comes to school 料金s.?

If you are 支払う／賃金ing £3,000 a month, some may put that into their calculator and fully take it into account when working out what you can afford to borrow.?

With other 貸す人s, if you can show you have ringfenced the money to 支払う／賃金 the school 料金s, it won’t 衝撃 affordability.

Have you helped （弁護士の）依頼人s with school 料金s in the past??

Chris Sykes replies: We are やめる frequently asked if we can raise 資本／首都 for a （弁護士の）依頼人 for school 料金s, a 最近の example I had is probably 類似の to what would 控訴 you 現実に.

A （弁護士の）依頼人 approached me recently that felt school 料金s were a stretch to 支払う／賃金 on a 月毎の basis from their income.?

They always 手配中の，お尋ね者 to 個人として educate their children and they didn't want to have to stop doing so.

The school 料金s for the entirety of the children's education was £350,000 and he, like yourselves, had 重要な 公正，普通株主権 within his 所有物／資産／財産.?

The tricky thing with these 事例／患者s is that 貸す人s will often still take the 月毎の 義務／負債 of school 料金s into account, which will factor against you when it comes to affordability.

However, if? you borrow the entirety of the 料金s for the lifespan of the mortgage, then some 貸す人s will 無視（する） the 料金s from their affordability 計算／見積りs.

With my （弁護士の）依頼人, which is 関連した to you, we arranged an 相殺する mortgage so that the school 料金s money could be 即時に drawn at any time, but no 利益／興味 paid on money that isn’t drawn.?

This made more sense for my other （弁護士の）依頼人 because saving at the mortgage 利益／興味 率 is more 有益な than making 利益／興味 on the money, which is taxable.