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What to do with 60k
jacknjill
Posts: 6 Forumite
I have 60k. Mortgage has around 85k left to pay. Managing mortgage payments no problem at the moment despite redundancy and now only part time work.
What is the wisest thing to do with the savings?
Have considered a) paying off chunk of the mortgage
b) buying a cheap holiday let
c) keeping it where it is although doing nothing!
Any wise people willing to give me the benefit of their wisdom..
What is the wisest thing to do with the savings?
Have considered a) paying off chunk of the mortgage
b) buying a cheap holiday let
c) keeping it where it is although doing nothing!
Any wise people willing to give me the benefit of their wisdom..
0
Comments
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I can look after it for you (wink)0
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Look at the mortgage rates v interest rates. Possibility is offset mortgage where you will only pay interest on the difference0
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Given the number of people in dire straights at present, what about donating to charity?0
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Donating to charity G_M? Unlikely. Charity begins at home.
Three small children and a part time wage does not put us in a position to be donating all our savings to charity.
The 60k is money i doubt we will ever achieve again which is why i am asking for advice. We only have it because we downsized to a tiny house, lower council tax, etc... just to put you in the picture.0 -
Considering an offset mortgage does seem a good idea. It will benefit you at a rate likely better than any current savings rate whilst also giving you flexibility of being able to access it if you need it.Thinking critically since 1996....0
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Donating to charity G_M? Unlikely. Charity begins at home.
Three small children and a part time wage does not put us in a position to be donating all our savings to charity.
The 60k is money i doubt we will ever achieve again which is why i am asking for advice. We only have it because we downsized to a tiny house, lower council tax, etc... just to put you in the picture.
Hi Jack and Jill,
Paying off your mortgage does sound the best (and sensible - boring lol ) option.
It means you will be mortgage free far earlier than you had planned, and although you manage OK now - it may not always be the case:(
Anyhoo, that is what I would doThe opposite of what you know...is also true0 -
Hi Jack and Jill,
Paying off your mortgage does sound the best (and sensible - boring lol ) option.
It means you will be mortgage free far earlier than you had planned, and although you manage OK now - it may not always be the case:(
Anyhoo, that is what I would do
I'd do that too. Then once paid off - imagine how you would feel, and that all that extra dosh you would have each month to do as you please with! Treats, investments etc...without having to worry about ever having to find mortgage payments.
Sounds exciting!:T0 -
Pay the mortage!Save £200 a month : [STRIKE]Oct[/STRIKE] Nov Dec Jan Feb Mar Apr0
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Would also recommend paying a big chunk off the mortgage.......we are very fortunate to have only had a mortgage for three years before we downsized in order to pay it off, but not having to hand over a huge sum of money to the bank each month and knowing the house is all ours is the best feeling ever........well, sort of
:D Mortgage-free for fourteen years!
Over £40,000 mis-sold PPI reclaimed0 -
what's the mortgage interest rate?0
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