Advice required.

Paul6756

Hi,

I'm 50. I am in the process of increasing my mortgage to £180k from £60k to purchase a new house. The mortgage is interest only fixed at 5.1% for 2 years. In 2 years I will retire from my job with a lump sum of about £160k. ( I will however be looking for another job). In addition I should have a pension of about £2000 a month. How should I use the lump sum in 2 years. Should I pay off the majority of the mortgage, invest the figure or do a bit of each. I appreciate other advice given but I am aware of other investments that have gone wrong, so would not want too much risk.

Many thanks

Leon_W

I think you have answered your own question Paul.

The fact that you would not want too much risk gives me reason enough to think that you should repay your mortgage.

Nice pension by the way. Just guessing here that you never worked for Mirror Group ! Civil servant ? Policeman ? No, you don't have to answer but I would swap you my wife for your pension arrangements.

Paul6756

Thanks Leon.

Paul