Inheritance/Mortgage
Discussion
Hi all,
Am a long time lurker and have been meaning to join and start posting for a while.
Hopefully will now continue to post and reply as have enjoyed reading through these forums.
So as many newbies I will start with I need some advice if possible please.....
I am 37 married with no kids at the moment and own a property with a current mortgage of £300k @ 2% roughly £1000 Pm
We are about to be given through wife's parents roughly £400k which is nice!
They have inherited a lump sum due to a friend passing away and kindly have said we can have that amount.
We are currently looking to move and our new home will cost us an extra 100k so in order to be mortgage free we would have to use the whole amount to pay off all debt and live mortgage free.
Which we are both more than happy with, But as we both earn a moderate salary we will never see that money grow unless the property increases by a substantial amount. And if we didn't move then this would not really matter anyway.
So the plan is atm to pay off said mortgage and moving expenses/fees and save what we would normally spend on the mortgage per month as a sort of 3rd income.
The question is, Is this something that you guys would advise or would you use that capital another way in order to make as much money as possible.
I know it's personal preference and with no real idea on how to maximize the potential I am unsure what our best options are.
Any ideas and or suggestions would be appreciated.
Thanks in advance.
Am a long time lurker and have been meaning to join and start posting for a while.
Hopefully will now continue to post and reply as have enjoyed reading through these forums.
So as many newbies I will start with I need some advice if possible please.....
I am 37 married with no kids at the moment and own a property with a current mortgage of £300k @ 2% roughly £1000 Pm
We are about to be given through wife's parents roughly £400k which is nice!
They have inherited a lump sum due to a friend passing away and kindly have said we can have that amount.
We are currently looking to move and our new home will cost us an extra 100k so in order to be mortgage free we would have to use the whole amount to pay off all debt and live mortgage free.
Which we are both more than happy with, But as we both earn a moderate salary we will never see that money grow unless the property increases by a substantial amount. And if we didn't move then this would not really matter anyway.
So the plan is atm to pay off said mortgage and moving expenses/fees and save what we would normally spend on the mortgage per month as a sort of 3rd income.
The question is, Is this something that you guys would advise or would you use that capital another way in order to make as much money as possible.
I know it's personal preference and with no real idea on how to maximize the potential I am unsure what our best options are.
Any ideas and or suggestions would be appreciated.
Thanks in advance.
Thanks for the advice and comments so far Peter/Hyena...
I was more thinking of using the 100k to move and having the 300k to invest,
But like you said hyena I/We are inexperienced in investing but would love to see the money grow!
Will be getting some professional advice that's for sure, Just wanted initial thoughts.
I was more thinking of using the 100k to move and having the 300k to invest,
But like you said hyena I/We are inexperienced in investing but would love to see the money grow!
Will be getting some professional advice that's for sure, Just wanted initial thoughts.
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