Newbie requires help in investments

Steedmeister

Good afternoon to you all

I have recently come into some money and am completely overwhelmed with all the options open to me, we have sought Financial advice and again the options are just overwhelming.

Mention of pensions etc, however I am 32 and don't want to lock money into a pension where I cannot access it for a few years yet.

We initially thought to pay the whole mortgage off, to be told we should benefit from the low interest rates and therefore invest the money to then look at using the money to pay off in say 5 years.

We will be seeking a second opinion form an advisor, however would be interested to see what you think would be viable options.

we have 145k in our account doing nothing and the only debt we currently have is our mortgage.

Our mortgage is 146K however we have a 30% equity loan connected to this also which under current market value would be approx 70k. We do not start paying interest on this equity until May this year.


We just don't know what to do???

dunstonh

Mention of pensions etc, however I am 32 and don't want to lock money into a pension where I cannot access it for a few years yet.

You have multiple goals and objectives in life. Retirement planning is one of them. So, whilst not putting all your money in to pension is common sense, not using the pension wrapper at all could be a poor move.

We initially thought to pay the whole mortgage off, to be told we should benefit from the low interest rates and therefore invest the money to then look at using the money to pay off in say 5 years.

There is some basis of truth in that although I would prefer longer than 5 years as a guide.

We just don't know what to do???

In most cases, a bit of everything rather than 100% into one thing. i.e. overpay some mortgage, use your S&S ISA allowances, pay into the pension etc.