Buy To Let Mortgage

Lorne

Really appreciate everyones input. I use whatsthecost.com weekly so am very aware of the interest and £11k of what we owe is 0% so we are getting there.

Money is inheritance from the sudden passing of my fiance's mother, she specified in her will that the money is to be put towards a business opportunity or an investment and my partner would like to buy a property. So putting it towards our debts is not an option. We are working hard on the debts and are currently overpaying them dramatically every month so although it would be lovely to be debt free quicker this money needs to be put towards the purpose it was given to us for.

We've decided today thanks to this site and our mortgage broker that buying a second property now isn't the best idea so will pop it in a savings account and buy our time.

Thanks again to everyone for helping

mr.broderick

Lorne wrote: »

Really appreciate everyones input. I use whatsthecost.com weekly so am very aware of the interest and £11k of what we owe is 0% so we are getting there.

Money is inheritance from the sudden passing of my fiance's mother, she specified in her will that the money is to be put towards a business opportunity or an investment and my partner would like to buy a property. So putting it towards our debts is not an option. We are working hard on the debts and are currently overpaying them dramatically every month so although it would be lovely to be debt free quicker this money needs to be put towards the purpose it was given to us for.

We've decided today thanks to this site and our mortgage broker that buying a second property now isn't the best idea so will pop it in a savings account and buy our time.

Thanks again to everyone for helping

Think its the right decision, depends on term of investment etc

Lorne

I think we'll need to be careful about term of investment. Something worth a look at

MarkyMarkD

I doubt that the terms of the will regarding what you do with the money are, in practice, binding.

If you think it's acceptable to stick the money into savings until you find an opportunity, it's merely a matter of semantics as to whether you actually save it by paying off debt.

It's completely stupid to be paying lots of interest on debt whilst putting money into savings (or a property, for that matter, unless it's one you actually need to live in).

Perhaps you should ascertain the legality of the will's terms in some more depth?