Best way to invest £75k?

Skinner71

Just inherited £75k and currently getting 0.18% APR! I have a £150k interest only mortgage at 3% APR. Should I reduce my mortgage or invest and have the flexibility of having funds if required?

Albermarle

As a first step you could search this forum for where people have asked very similar questions on a regular basis .
Then to get more sensible advice personally you will need to give more details about yourself: Age? Family? Pension ? etc etc

Brilley

..if it were me I would be using it to pay off my mortgage, assuming no other higher cost debts...but that's just me...

bostonerimus

Pay off any high interest debt you have....I would consider changing from an interest only to a repayment mortgage if you think you will be in your property for a while.

Use some of it to make sure you have 6 months spending in a cash emergency account.

Use the rest to max out your pension contributions and get the tax benefits. You might also consider putting some into an ISA if you want some flexibility, but I'd emphasise the pension contributions.

colsten

£75K. That's a nice round sum. 0.18% APR? Which provider offers 0.18%, and it would be AER for savings.

xylophone

You can certainly do better than 0.18% on cash, but not 3% (apart from a limited deposit branch based monthly saver with Kent Reliance).

https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html

MaxiRobriguez

How old are you and would you presumably use any invested money for retirement considering you have a house already?

Need to know that before being able to say whether investment is potentially better than avoiding 3% interest rate on £75k.