Help needed for financial numpty!

Elliebelle_2

Hi, any advice would be appreciated.
I have never had any "spare" money, but last year I inherited a house from my Aunt. It requires a complete re-furb.
Roughly my options are - a) sell "as seen" to a builder - b) re-furb using builders (estimates coming in are in region of £30 k and then sell c) re-furb and then rent out.
I am still waiting for estate agents to give valuation as to what I could reasonably expect to see if it is worth spending a lot of money on and whether I would get the money back ie by selling at a higher price.
My question is - if I do sell now, I will have in the region of £120,000 to invest/save/re-pay mortgage. I am totally confused by the options.
We have a £160,000 mortgage (a one-account, where savings offset the interest) and about £5,000 savings.
I am not a tax payer yet as my earnings have not reached my allowance this year, my husband is a higher rate tax payer.
We have 3 children therefore prospectively 3 lots of university fees.
as we didn't expect this money we are prepared to "lock it away for 10 years or so.
Out of respect for my Aunt I do not want to waste this opportunity.
Please if you do respond can yoru make it a simple as possible as I really am new to all this, I would get a financial advisor but don't even know what questions to ask.
Many thanks in anticipation.

nrsql

I would probably put half of it against the mortgage so that's safe (ish) and giving you some benefit then think about the rest.

I guess your one account is a really high rate so you couldn't do better in savings for the rest than put it there (consider changing that mortgage)
I probably wouldn't invest at the moment - certainly not a lump sum, but some people will tell you it's never a bad time to invest. That would have to be your decision. It's unlikely to do worse than a savings account over 10 years but....
Be wary of any advice to invest in a single fund.
You could max your isas with monthly investments to drip feed it.

Elliebelle_2

Thanks for that advice, any more would be much appreciated!