Come Into Some Money - Put Into First Property, Buy Another or Combine Two...

mlz1413

Get your £3,600 into an ISA as soon as the cheque clears.
Some fixed rate mortgages let you overpay per month, mine allows payments of less than £500 pm without any penalty - so worth checking out.

I've always promised that if I came into a lump sum I would take a chunk say £5k to upgrade my car (say £2k) and have a nice holiday (1.5k) and put the rest away for rainy days so take the worry out of everyday life. In your case that still leaves you £45k to invest.

I wouldn't currently buy another property, prices are unstable and now is not a good time.

If there are improvements you would like to do to your house then get quotes for the work, but try to only spend on things that will add value - ie an alarm system but not a spa bath, plasma tv or chandliers!

As its a very large sum book an appointment to see a FA.

Pobby

If you can`t pay the mortgage off because of penalties and are worried that 50k may burn a hole in your pocket, I would put 5k away for a rainy day and the rest away in a fixed rate bond where you can`t touch it until such times as you can pay off your mortgage.

whiskers

How about giving some to a UK charity!!!!!

geoffky

Put In 12 Month Bonds

dhunter25

whiskers wrote: »

How about giving some to a UK charity!!!!!

If you would like to donate to a charity, send a cheque to C-A-S-H to my address and I will pay it in for you


I think the option looking the best so far will be to stick say 85/90% of the money in a fixed account so I can't touch it until I can pay extra onto the mortgage, and then do that.

My flat was a new flat so there is little to improve to add value really. if it was a rotter I could've done some stuff up on that.

Back to the earlier point about student loan - do i touch that?

dean_ham

dhunter25 wrote: »

If you would like to donate to a charity, send a cheque to C-A-S-H to my address and I will pay it in for you


I think the option looking the best so far will be to stick say 85/90% of the money in a fixed account so I can't touch it until I can pay extra onto the mortgage, and then do that.

My flat was a new flat so there is little to improve to add value really. if it was a rotter I could've done some stuff up on that.

Back to the earlier point about student loan - do i touch that?

Yeah like the above said if you cant pay a lump sum off the mortgage put it in a high interest 7% account for a set period untill the mortgage offer runs out.

You really want to be paying off that mortgage it will help you so much in the future with lower monthly payments and shorter period mortgage.

With regards to a student loan not totally sure on this, think it depends on your earnings etc. But as far as im aware from speaking to the girlfriend the interest on a student loan is somthing like 0.5% ? With inflation running at 2.5-3% + your effectively earning more money by not paying off your student load *IF* the interest rate is at 0.5% you will have to check your details.

dhunter25

the interest on my student loan is 4.8% as it changed after a certain date.

currently from a monthly gross pay of around £2100 i pay £100ish onto student loan automatically.

each month £40 or so goes onto my loan as interest