Another 'do I need an IFA?' thread but with unusual circumstances...

fred246

If you have a big pot of money IFAs will be very keen to talk to you. They will help you out and relieve you of some of the burden.

Nikkster

fred246 said:

If you have a big pot of money IFAs will be very keen to talk to you. They will help you out and relieve you of some of the burden.

I'm sure! I'd rather 'invest' it in experiencing and enjoying life than getting advice if it isn't really appropriate though  

newatc

Sorry to hear about your medical situation Nikkster.  I don't see the point of using an IFA as you seem to have a good knowledge of the sensible options. By the way, Fred246 is being sarcastic because he does not have a good opinion of IFAs.
I do think your first priority should be to write a will to make sure your wishes are carried out and to make it easier for your family. I wouldn't pay off the mortgage in your situation but it is a very personal decision and certainly a reasonable option if you wish to do that. 
For savings, I'd just put most of it into National Savings  even if they are likely to be reduced as perhaps you don't want to spend time chasing rates and if the sum is over £85k, it saves splitting up into different banks to keep within FCSC limits.
Best wishes.

Nikkster

newatc said:

Sorry to hear about your medical situation Nikkster.  I don't see the point of using an IFA as you seem to have a good knowledge of the sensible options. By the way, Fred246 is being sarcastic because he does not have a good opinion of IFAs.
I do think your first priority should be to write a will to make sure your wishes are carried out and to make it easier for your family. I wouldn't pay off the mortgage in your situation but it is a very personal decision and certainly a reasonable option if you wish to do that. 
For savings, I'd just put most of it into National Savings  even if they are likely to be reduced as perhaps you don't want to spend time chasing rates and if the sum is over £85k, it saves splitting up into different banks to keep within FCSC limits.
Best wishes.

Thanks newatc.

I've been on MSE for many years now I remember the days of the Halifax 10% regular saver! (Showing my age)

With all the feedback I will think very carefully about paying off my mortgage, I can definitely see the argument for not doing so. Maybe I will compromise and 'just' make maximum overpayments for now. I'll finish off my spreadsheet first though!

I agree re leaving the savings with NS&I regardless of rate drops (unless there is a clear alternative), I'm less inclined to chase every rate nowadays, especially when the returns are so low, and I'd rather not be worrying about FSCS limits.

rjmachin

Sorry if you have already considered this and found it not to be applicable in your case...

However, when I took out my mortgage with the Halifax, I was responsible for making sure I had Life Insurance.  I got life insurance with Critical Illness cover, so that in the event of my death the mortgage on my home was paid for and my family did not have to worry about it.

wjr4

Sorry to hear about your circumstances, I think making memories out of the money you have is a better option than repaying your mortgage ASAP.