What to do with 30k??????

kerryandchris

To cut a long story short, i am due 30k inheritence soon hopefully! My wife and I are split as to what is best to do with it, our ideas are as follows

Put it into our mortgage to bring payments down - I am tied in on a five year fixed rate with high penalties so would not be able to remortgage yet.

Put it in bank - think i would be better putting into a debt rather than savings account

Use it to put towards another house - have about 30k equity in my current house so would be able to upgrade to a nicer location, however mrs is not keen on moving, she likes it where we are.

Use it to extend current house - mrs favourite idea, she says we should do the house how we like it as she has no plans to move. I am against as i dont believe we would get the full return if we ever did sell it.(we have already done quite a bit to the house)

Clear some debt - i have a new car on ford options with about 12k outstanding and about 2k on credit cards, this would make us 350 a month better off.

can anyone suggest what the best value thing to do would be, in terms of making the money work for us?

i prefer the new house option, the mrs prefers the extend current house option.

lynzpower

Clear the cards and the car loan.

then pay the remainder off your mortgage.

Interest is the biggest waste of money there is.

You dont NEED a new house/ extentions, and you suggest the wife doesnt want the upheaval.