£20k what to do?, mortgage or save

Torby

Mortgage is £20k to be repaid by endowment in just over 2 yrs, endowment is with clerical medical and it doesn't look too bad.

Have now got access to £20k, should I pay off the mortgage and save the £105 p/m payment and keep the endowment going to end of term.

Should I let the endowment and mortgage stay the same and invest?...if so where?

One reason for clearing the mortgage early is the urge to put the house in my kids name...not sure really why I want to do this....probably a fear of somewhere down the line the government of the day getting it before them....lol

Would there be implications for my kids putting the house in their names, both are in higher education at the moment so I'm not sure how owning property may affect that.

any advice/options /suggestions welcome.

Torby

help advice or answers anyone?

SpudGunner

Not an expert at all, but here is my stab at it...

What rate is your mortgage being charged interest at? might be that you could better the return by putting the money in summat like a bond for a couple of years. If you cant get as much return by saving then I would pay off the mortgage and let the endowment run on.

Transferring house into childrens name can be pretty dodgy from what I have heard. I think that if your kids marry, then perhaps get divorced that their partners are then gonna be entitled to half of the money which could in theory mean selling up and you losing the roof over your head!

This is just my understanding of it. Hope that helps a bit

Torby

thanks spudgunner...hadn't thought about the kids getting married and then divorced.....good one