What to do with a surprise??

Spinny

Hi I'm new to the forum but have been pinching tips for a while and wondered if anyone could help please. I have recently gained £13k plus a works bonus of £4k. I also have a fixed rate mortgage with Britannia up in September. So what would people suggest? Pay off a lump on the mortgage, get cash isas for me and hubbie, are there any good savings rates out there? I am a higher rate tax payer. I'm planning to remortgage with the Post Office on a 5 year fixed. Thanks in advance

malik999

this gets asked alot. the answer = only the individual can work it out/calculate because there are so many personal factors in play, such as age, income, future plans etc.

Reading between the lines, for you, maybe take out your cash isa allowance each yr and use the rest on your mortgage. since it appears you have less than 6 yrs until youre debt free you will appreciate you built up your isa pot when you had the chance.

hth

mr_fishbulb

What is your pension like? Do you claim higher rate relief on it?

Bombchelle

As interest rates look now, my knee-jerk reaction would be to put all the money into your mortgage. Personally, the sooner I see 0 on that statement the better. I hate the idea of making the bank rich!:p