im new and need advice please

jo359

i have £80,000 left on my mortgage. ive been left my family home from my parents that i lost 5 years ago. My sister is now ready to sell the house. So my question is should i sell and pay off my own mortgage or just keep the money which will be £100,000.

my husband is a self employed builder so at the moment is able to work but who knows what will happen in the future . IM just so confused what to do for the best. Your advice and opinions will be very much appreciated.

thankyou Jo.

rockm87

Hi

What would you do with the money otherwise?

I think paying off your home is sensible, then you are mortgage free!

Luckyinlife

Pay of the mortgage youll have 15-20k left over and with a mortgage free life this will go far indeed :] simples

Minnibix

Hi


I do think paying off your mortgage is a good idea, but once you have paid that money on you mortgage you cannot get you hands on it if you hit a sticky patch (your other half has no work for a while). An alternative idea is to invest in an ISA, if your interest rate on your mortgage is low you may be able to get an interest rate that is higher for your savings so you would not be losing money but gaining.


Just a thought

jo359

thanks for yr replies and advice this is what im thinking be mortgage free but still put away what we were paying for mortgage in good saving account at least that way im not paying off high interest towards mortgage. Just still feels raw knowing its my child hood home im having to let go of. I just wanted to know what others would do in my situation but will certainly take all yr advice on board.

thanks again

Jo.

Luckyinlife

Well iv just bought my first home myself and knowing ill never be able to own my childhood home is a crap feeling but
Life is about starting your own life not holding onto what you had

Pay it off save and youll be fine better than paying the banks the interest :]

MotheroftheKid

You have a while to think about, as it's not been sold yet. A few years ago I received a lump sum, an inheritance from my parents, I could have paid off my mortgage, but as I had an offset mortgage and I was (and still am) only paying 2% above base, I offset 100% of my mortgage.

I pay my regular monthly mortgage and every month I skim off my mortgage payment equivalent and put this into other accounts which pay higher interest. My mortgage goes down and my savings go up.

You have a lot of options and you'll decide the best one for you.