Bursary and equity advice.

[thirdtimemum]

I'm after a little advice please. I am thinking of sending DD to a non selective independant school in year 7 and am in the process of filling in my bursary form. We have about 60,000 equity in the house at the moment. Will I be expected to release some of this before I will be issued with a bursary ( it is only for 20% but makes the difference between affording it or not).
I have no other capital or savings to note.

[Sla212]

I don't think so.

They need to know house value along with outgoings, holidays taken etc.

I think they might question a v large amount of equity in the same way they'd question if you took 6 holidays a year or had a second home.

Good luck!

[thirdtimemum]

I don't think so.

They need to know house value along with outgoings, holidays taken etc.

I think they might question a v large amount of equity in the same way they'd question if you took 6 holidays a year or had a second home.

Good luck!

Thank you. Our house is minimal, would be impossible to downsize unless we want to live in a flat, no second home and unless you class camping weekends as holidays then we definitely do not have more than one. I am just panicking a bit as on paper it looks like we have money as they are asking about general household assets ( ie household contents, cars). I just has a thought of whether the expectation would be to remortgage first.