Inheriting some dosh, what to do?

jarv81178

So I’m about to inherrit a bit of money…. What shall I do with it? 

I’m thinking might be best to pay off all my existing mortgage which will leave me with a bit of saving and spending money?!

marcia_

 Might best posting in the savings & investment board. 

 I would personally pay off any debts inc mortgage first. 

Sarahspangles

Is your mortgage in a fixed rate, and is that rate lower than you could get by putting the dosh into a savings account?

CapricornLass

The one really good thing about paying your mortgage off early is that you know that no-one can take the roof from your head.   I paid my mortgage off with redundancy money in 2015.  I appreciate Sarahspangle's point of view, but the relief of knowing that the house is yours lock stock and barrel far outweighed the amount I could have made in a saving's account.  You can then put what you were paying as mortgage repayments into a regular saver (or two!)

tacpot12

Clearing your mortgage is a probably a good thing, and then clear any debts. 

Have you checked your state pension forecast? If you have any missing years, you might consider filling those years up. 

Saving into a pension if you already have one would potentially earn some extra tax releif. 

jarv81178

Thanks, I’m actually quite glad nobody has suggested investing into another mortgage buy to let 

Tinman

Best feeling in the world getting them deeds.

macman

How big is the mortgage, and how big the inheritance? Any other debts? 'A bit' doesn't really tell us much.
Current mortgage rate and early redemption fees?
The best you'll get on a one year savings bond is currently about 4.2%, before tax.