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Inheritance - what to do?
genieuk
Posts: 341 Forumite
Morning
I hope you don't mind me posting here.
I have just received a substantial amount in inheritance.
My head says put towards the mortgage heart says enjoy a little.
We currently have
Mortgage at 1.69% 6.5yrs left owing £85,000 paying £1,128 had it since 2011 borrowed £150,000 have been overpaying and reducing the term.
June we took out PCP on a newish car over 3yrs at 9.9% £230 per month with balloon payment of £7,738
One visa card 0% with £3000 for 23months (holiday)
Should I ask for a settlement figure for the car and pay in full.
we can pay 10% off on mortgage per year penalty free
Looking forward to hearing your thoughts.
Thank you
I hope you don't mind me posting here.
I have just received a substantial amount in inheritance.
My head says put towards the mortgage heart says enjoy a little.
We currently have
Mortgage at 1.69% 6.5yrs left owing £85,000 paying £1,128 had it since 2011 borrowed £150,000 have been overpaying and reducing the term.
June we took out PCP on a newish car over 3yrs at 9.9% £230 per month with balloon payment of £7,738
One visa card 0% with £3000 for 23months (holiday)
Should I ask for a settlement figure for the car and pay in full.
we can pay 10% off on mortgage per year penalty free
Looking forward to hearing your thoughts.
Thank you
Mortgage
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.00
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.00
0
Comments
-
Don't people usually advise us that if we can afford to pay anything off, then pay those that are costing the most.
Yes it would be nice to have no mortgage, or a very small one. But if personal loans and credit cards cost more, then pay them.Liverpool is one of the wonders of Britain,
What it may grow to in time, I know not what.
Daniel Defoe: 1725.
0 -
Yes I have asked OH to phone for settlement figure on the car.Mortgage
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.000 -
Well we paid off the car saving £2340 in interest and put £9600 towards the mortgage.
Didn't realise they take the 10% figure from the start of the year balance.
Hopefully they will do as requested and reduce the term.
We can then hopefully overpay each month from January onwards..
New mortgage balance £74500Mortgage
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.000 -
borrowing at 9.9% to overpay the mortgage at 1.69%
WHY?0 -
getmore4less wrote: »borrowing at 9.9% to overpay the mortgage at 1.69%
WHY?
OP has paid off this loan, posted an hour or so before you did.0 -
Well done, that looks like a good solution, a double winner!0
-
Thanks I keep playing with the sums and the overpayment calculator.
I have now set up a S/O starting next month to overpay even more. Just annoying that I have to have a mortgage review to reduce the term. Do I need to do that?
Hubby is on the phone with the bank so that he can open a regular saver at 5% mine is at 6% so we will drip feed those.
I want to be mortgage free before a significant birthday in 4yrs time I believe it is doable.Mortgage
June 2011 £145,943.13
Dec 16 £74,537; Feb
Aug 17 £59,399.96
Nov 19 £0.000
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