Accidently got £100k

bunaruba

I have re mortgaged my house to get £100,000 to buy another property. Unfortunately the sale fell through and now house prices have gone up I can't use it .I do have a flat rented out that could pay for mortgage which I own outright . I am loathe to give the 100k back it would cost £3000 to do that . What can i do with it to make something out of it, I will knock the mortgage down but i can only pay 10% extra each year

sabretoothtigger

There isnt anything similar in risk. Land and gold I'd rank equal in different strengths but I think most people would say you are bonkers to borrow against a house to invest in gold or even a clever mutual fund.

Theres lots of valid choices but no golden ticket, lots of good judgement required to gain income rates higher then you are paying.
I dont think housing is an easy option but it is heavily backed by government and a familiar subject to anyone much.
Hard to say similar knowledge of forex or other capital markets, it can be done but I cant say its best. The 3k hit is the most sensible route, I sympathise as I'd also be reluctant.
If its not a fixed rate mortgage, next time you buy get one and call it opportunity cost

bunaruba

It is fixed rate for 2 years at 2.49% Sabretoothtiger(Many thanks for your answer) I can't give it up I was thinking of spreading it across the field some in first direct premium bond an isa etc

Triumph13

Could it be time for a truly impressive collection of circular direct debits to get the UKs besyt collection of interest paying current accounts? Round and round it goes...