Possible windfall, what to do with it

James-may

Hi there, I was a first time buyer in October last year, I'm on 25 yr, 2 yr fixed, at current rate I'll be paying mortgage off on my official retirement year in 24 years😭
100k house, think 140k mortgage
Anyhoo, I will be receiving a windfall in the next year, minimum of 10k, could be up to 80k, but I'm gonna say 30k for talking sake.
Windfall will be tax free.

My question is, what should I do with it?

Upgrade add value to house?
Pay all off mortgage?
Pay some off mortgage?
Keep it and just pay my alloted 10% extra off every year?

Or just keep the money and use it for upkeep, holidays etc.

I realise this might not be in the right section, but as it's mostly mortgage related, posted it here 
Thanks a lot.

Thrugelmir

Overpay the mortgage and top up your pension. Windfalls are worth making the most of. Rather than frittering the money away. Do things which will influence the future and provide more opportunities. . 

Bluebell1000

I wouldn't overpay more than your 10% max while in the fixed rate, if necessary hold onto some until the fix ends then you can pay off a bit more. With rates going up, getting the mortgage a bit lower will help. 
If you don't have any savings, keep a bit back as an emergency fund too! 

MovingForwards

You'll be in a fixed rate and not have enough to clear the whole mortgage.

I'm in a similar situation but will have enough to clear all my mortgage and leave me with a years income in the bank OR pay the mortgage off in full with some of my savings; I've had several months to work out my plan and believe me it's changed so many times.

What I've decided to do, when the money comes, is increase my works pension contribution and pay the 10% off each year, keeping the rest as savings. That will allow me to clear the entire mortgage when my fix is up or be my deposit and move.

There's no right or wrong way, just have different plans depending on the amount. 

What I would say is if it's £10k, look at how much of an emergency fund you have and add it to the pot. If you've been carrying debts, clear them as it frees up money.