Capital payments into mortgage

hchana

My wife has recently been made redundant and has been awarded a large sum of money. She has now found a new job, which is great; but what do we do with the cash? shall we put it into our morgage or invest else where?

Cheers
H

TrickyDicky101

How big is your mortgage and what's the interest rate you are currently paying on it (and how big is the pot of cash you have at the moment)?

It's also worth retaining a pot of emergency cash to fund you through unexpected problems should they arise. I've seen people quote anywhere between 3 and 12 months' worth of cash available (for reference I have about 3 months), so if you have no current savings, maybe you should allocate some to such an emergency fund?