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Inheritance and mortgage advice after receiving 350,000 inheritance
burntchicken
Posts: 1 Newbie
Hi everyone,
I currently have a flat with a mortgage of 245,000 (290 valued flat with current interest of 3.5% with 2.5 years left on my current deal. I have just inherited 350,000. I am thinking about purchasing a new home of 450,000.
My question is how do I best manage my money? Do I pay off my current mortgage and sell my current place (10 grand penalty)? Or do I use a chunk for a deposit? Any other ideas would be amazing...
Thank you in advance.
I currently have a flat with a mortgage of 245,000 (290 valued flat with current interest of 3.5% with 2.5 years left on my current deal. I have just inherited 350,000. I am thinking about purchasing a new home of 450,000.
My question is how do I best manage my money? Do I pay off my current mortgage and sell my current place (10 grand penalty)? Or do I use a chunk for a deposit? Any other ideas would be amazing...
Thank you in advance.
0
Comments
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It might be possible to port your current mortgage to your new property. If so I'd rather do that than pay a £10k early repayment charge.2
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