Any information?

eyres70

We have just been gifted £50K! We have a mortgage of £75K with 19 years to run. Initially we thought we would pay a chunk off the mortgage but after reading some of the other threads are not sure if this is more beneficial than
sticking it a savings account. Any comments?

christhesparky_2

im no expert but its only worth paying it off the mortgage if the mortgage interest rate is higher than the possible savings rate

Martinslovechild

Agreed, unless you're considering investing in stocks & shares which should provide a higher return than any savings account, providing that you're happy with a higher level of risk.

do_it_today!

Hi :hello:
It all depends on your circumstances and what your plans are really and it's difficult to say without knowing... if it were me... I would put £6k in ISA's for me and DH £3k in a 6% instant access account £4k in another savings/ investment account (possible 3-5 year lock in) and payoff £35k of the mortgage change my mortgage deal - If I was staying put.... I would get a 5-10 year fixed rate mortgage @ about 5.4%
£2k for nice car/ holiday/ project / what ever...
I would be happy to have paid a good chunk of the mortgage but also have some cash on hand if required because I wouldnt want to not have any cash whatsoever and have to reborrow it in an emergency again. Thats what I would do.
good luck