Pay lump sum onto mortgage or put in high interest account?

JulieH

hi all, my husband has just won a large sum of money through spread betting and we're wondering how best to 'use' it (I have my own ideas!). Basically we were wondering whether we're better off paying it towards our mortgage, or whether it would be better to put it into a high interest account until we decide to move (which we probably will in the next few years) and use it as a deposit. We would need to look into the mortgage as we're pretty sure we can only pay a certain amount per year over and above the norm.

Any suggestions greatly appreciated!

zarazara

are any of you likely to spend the money if its in a bank account? if you are it might be better to pay off the mortgage then you cant be tempted by it.