Paying off the mortgage

mystic_trev

spindlegs wrote: »

We are find ourself lucky at the mo in that MIL/mother is selling her house to move in with my sister as she is now 92 and needs full time care.

Be VERY careful. If your MIL/mother ends up in a nursing home, you may well end up having to give the money back! Read Deprivation of assets.

GeneHunt_2

Bank the money and try not to spend it, and see what mortgage deal you can get in 2012. £5000k savings does seem a little low to me.

spindlegs

Thanks again everyone, I think banking the money for now while we examine all the options is a good idea. One of the reasons for staying in the property is because of daughter still living with us and that could change at anytime (she says hoping a millionaire on a white charger comes along and takes her off), that could solve all the probs.....LOL

Will move onto the savings thread now about where to bank/save it. xxxxx, but may wait till it happens, as life has a funny way of changing.

posh*spice

I would be a little worried that you are eating into your savings for day to day living. You might need to try and live more within your means, if you see what I mean...

Marine_life

No chance to do some part time work to top up your income?

Plans_all_plans

As mystic trev says: google deliberate deprivation of assets; your mother in law could get into a lot of financial trouble if she ever has to go into a care home.