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L&G flexible mortgage helps pay school fees

Legal & General is offering a flexible mortgage designed to help parents meet the costs of school fees.

In-tuition is based on L&G&#39s flexible reserve mortgage and allows homeowners to borrow up to an agreed limit over the amount needed for their home.

Borrowers can make overpayments on the loan and then draw down on the reserve fund to pay for educational costs when they arise.

The lender says the product will appeal especially to the growing number of parents wishing their children to sit their A-levels in private schools having gained their GCSEs in state schools.

Research by L&G Bank shows nursery costs range between £20 and £40 a day, private schooling fees average £16,500 a year and the costs of further education can amount to up to £7,700 a year.

Managing director Mike Bury says: “Our new flexible mortgage package shows home loans are not just about helping people buy their homes. These days they are a valuable tool that can be used to support lifestyle and family needs.”

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