School fees loan

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The Independent Online
CITIBANK has joined forces with the Independent Schools Information Service to provide funds for school fees, writes Caroline Merrell.

The bank will provide loans for fees through a scheme operated by the independent financial adviser Claremont Savile. The ISIS Special Reserve scheme involves parents releasing equity from their homes through a mortgage to provide cash for the school fees.

The loan is then paid off out of pension money at retirement. Claremont Savile advises parents to take out investment plans to replace the pension money.

Citibank is currently offering the loans at an interest rate of 7.3 per cent as well as free unemployment cover for two years. The Halifax also provides funds for the scheme, currently at an interest rate of 7.65 per cent.

Claremont Savile, tel 0628 533133.