What would you do in my shoes?

Hi, my mortgage currently is £308,000. I sadly lost my dad in 2019. He left me money bless him. I still have £75k. I’ve already overpaid £30k with it. Would you use most of the rest to overpay mortgage? 

Thanks in advance
DH, 2 DD and 2 cats. aiming to be mortgage free at 50...10 years to go eek! Feb 19 £358kJan 21 £283K (using savings)July 22 £246K down to 17 year termMay 23. £204 down to 13.10 year term


  • edinburgher
    edinburgher Posts: 13,422
    Name Dropper First Anniversary First Post
    There are lots of things to consider, personally I'd be paying such a windfall into pensions and ISAs, but we all have different goals. Might be worth thinking about your existing retirement arrangements, any emergency fund in place (or needed) and perhaps any other expensive one time home improvements that might increase your quality of life and the value of your home?
  • A_Frayed_Knot
    A_Frayed_Knot Posts: 3,296
    First Anniversary Name Dropper Photogenic First Post
    Sorry for your loss.

    That's also a huge mortgage, but you don't say how long you have left on your mortgage, if your employment is safe, and how old you both are and if and when you have plans to retire.

    So a lot depends on the facts. and what emergency fund you have.  I would make sure I had enough EF 1st, although didn't do that when o/p my mortgage but I knew my job wasn't going anywhere, safe and secure especially now with world events taking place.

    Good luck on whatever you decide.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's :dance:
    MF[STRIKE] March 2030[/STRIKE] Yes that does say 2030 :eek: Mortgage Free 21.12.18 _party_
    Now a Part Timer from 27.10.19
  • SandyShores
    SandyShores Posts: 1,438
    Photogenic First Anniversary First Post Name Dropper
    edited 7 January 2021 at 8:02PM
    Check your mortgage documents, mine says I can only make 10% overpayments each year of having the mortgage.  If it was me I would make up the maximum overpayment for this year, then store it in premium bonds until I could pay it to the mortgage as overpayments.  If you put the details into the overpayment calculator you will see exactly what you would save with the overpayments - I put some random figures in and with a 10% payment it showed about £27k saved in interest and knocked 6 years off the mortgage for every £30k overpayment.  Lovely position to be in, but condolences for the loss of your dad.

    Mortgage £186,550 £244,947, End date Feb'38  Jun'39 (target Feb'31)
    H2B Loan Estimated: £73,657 (according to NW) saved so far £2.52

    EF £6,325; Personal savings (PBs/ISA new car fund): £2039
    Checking seven goals regularly; Work-life balance.
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