Parents ‘willing to face more debt’ to get kids into a good school

Parents are so keen to get their children into a good state school they would add another £50,000 onto their mortgage, it has been revealed.

A poll for Fidelity International subsidiary FundsNetwork has shown that one in four parents would be willing to spend more money on a house in a good school catchment area.

Despite the prospect of increased debt management by buying a more expensive house, one in five respondents said that they would only consider purchasing a house with good schools in the area.

Head of UK retail marketing at Fidelity International Rob Fisher commented: “The prospect of putting a child through private school is financially very daunting for many parents, especially at time when the cost of living is rising so dramatically.”

As the cost of school fees continue to rise, Chelsea Building Society recently discovered that seven per cent of grandparents are now subsidising schools fees.