Pay off or invest..

essexdes

Hi all. Any thoughts.. i have just come into some money (inherited) and am trying to work out the best option
1 pay off the mortgage and and save the wages, nice hols new car etc
or
2 buy a buy to let for cash ( i live in an area with quite high rents and property prices) and use the rental to pay the mortgage whilst hoping the property rises in value
or
3 combine the inhertance with selling my house and move to a house that is (almost) our dream house but with the pesky mortgage again..
anythoughts.

Beckyy

If you purchase a BTL you would be better doing it with a BTL mortgage as you get tax relief on the mortgage interest.

If depends how old you are and what your plans are for the future, nobody can tell you which option is best without knowing.

1. Safe, good option with a lot of financial freedom
2. Hard work, and a big commitment to being a landlord
3. A good option if you definitely want to move again, sooner rather than later might be easier