Money from sale of a house

wheelz wrote: »

Why would you want to have debts (the mortgage). Why not pay the new house off as far as you can with the money and pay less on your mortgage?

Because, financially, that might not be the best use of OP's money. Though to some people, the psychological benefit of having a much smaller mortgage, outweighs the straight financial benefit comparison.

I think you need to sit down and really consider what you are doing with your lives, what you are going to do with your lives (as much as can be reasonably defined). You really haven't given much to go on wrt what your thoughts or plans are.

Lets take pensions as an example, you've sort of dismissed this as you are both on reasonable pension plans (compared with minimum DC plans for example) but, have you thought about the implications of retiring early or are you both happy to work through to 65 (or whatever it is or maybe in the future)?

So, if you thought maybe I really cannot see myself sat at this desk until 65 then, putting money in to a SIPP (for example) would allow you to draw on that money from age 55 (currently). I know you are able in the NHS/CS to draw pensions early but there will be a reasonable sized deduction in the pension to do this.

Do you have kids; do you plan to have kids?

What is the type and state of the property you have purchased; might you need to do some remedial work to it; might you want to extend/building work?

What is your mortgage LTV ratio? Could you plan to pay off some capital (after any tie in period) so as to get you to a lower LTV ratio and therefore lower IR?

Soooo many questions, so few answers

Well you are in a v nice position there for relatively young people, so good luck, well done - make sure you enjoy some of it without worrying too much about the long term stuff - great advice on here but have some fun too, life is short!