We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Inheritance and mortgage advice after receiving 350,000 inheritance
Options
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
-
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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards