Lower tuition fees using an offset mortgage

Following this year's rise in tuition fees, research by First Direct highlights the benefits of offset mortgages and how they can be used to reduce the cost of sending a child to University. Over a three year course at University a student could pay £27,000 in tuition fees alone. And according to First Direct research around 15% of parents in the UK are hoping to cover the full cost of their child's tuition fees and living expenses. Over 30% hope to pay the majority of the tuition fees. By offsetting savings held aside to pay tuition fees, parents will reduce the amount of mortgage debt which is subject to interest.  As a result, for those parents who require a mortgage and have savings ready and waiting to pay for their child's degree next year, an offset mortgage could save them up to £2,100 in just three years. August 24, 2012