immediately if it wins power, meaning parents could be hit with higher charges as soon as the first academic year after the general election.
Those who have lots of equity in a property and know they have school fees to pay are sometimes choosing to, increasing the balance that they owe, but releasing cash, which they then put into an offset account, according to Chris Sykes, of mortgage brokers Private Finance. Offset mortgages are a type of flexible borrowing where you have savings and a mortgage with the same lender, and your cash savings are used to reduce – or ‘offset’ – the amount of mortgage interest you are charged.
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