Help with a lump sum please

marypalmer

I will be receiving about £120,000, maybe a little more, later in the year. I would appreciate some advice as to what to do with it.

I could pay off my mortgage but as my deal is so good at present, it seems a waste!

I thought about buying a holiday property to let - I have done this before and enjoyed it.

Any other ideas? It's a nice problem to have and I don't want to look back in 5 years time and go "shoulda, woulda coulda"!

Thank you

Mickygg

I would invest for the short term, so you can pay off your mortgage when rates start to rise.

But its hard to advise you as you haven't said anything about risk, length of term etc etc.

I always say if you have over £100k then you are best off seeing a IFA.

As soon as you receive the amount though, do some research and put it straight away into the highest instant access account as that sort of money can pay you a few hundred a month.

tristan727

crazy not paying off mortgage IMO...unless you're paying less than 1 or 2% at most...who'd want the bank to own your house when is avoidable? I get the feeling you like the idea of all that cash too much at the moment, to have to let it go. I'm sure the govt. & the banks will be pleased though - paying taxes on the rental income of the 2nd home & cgt when you sell it...whilst paying a decent chunk of your income every month for your main home.

Pendle_Gazza

Ditto. I'd certainly be looking at paying off at least some (if not all) of my mortgage. There's many other ways to spend/invest it which would be more of a waste, surely? (although probably less boring)