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Inheritance and mortgage advice after receiving 350,000 inheritance

burntchicken
burntchicken Posts: 1 Newbie
in Savings & investments
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.

Comments

  • El_Torro
    El_Torro Posts: 2,238 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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. 
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