Quizzes & Puzzles30 mins ago
�10,000
Financially what would be best for �10,000 i have recieved ? Pay off part of our mortgage which is 60,000 or invest/save the money,i am 46 years old.
Answers
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For more on marking an answer as the "Best Answer", please visit our FAQ.Agree with both Loosehead and Sweet G, but would also say: look at an offset mortgage. With these, you can aggregate all your savings (and even the money in your current account) to reduce the amount of the mortgage on which you pay interest. This brings down, often significantly, the time it takes to pay off your mortgage.
If you are going to save it separately, and haven't done so already, put �3,000 into a mini-cash ISA now (each of you can do it - you talk about 'our' mortgage) and then put �2,000 each into the mini cash ISA in the new tax year (after 5 April). You will still have access to the cash - usually you can withdraw with no penalty - and the interest it accrues is not taxed.
If you get a better deal then you can either
1. Pay less each month and afford more fun things
2. Keep the payments the same, pay the mortgage off earlier and save (literally) thousands of pounds in interest over the term of your mortgage.
Over here
http://www.jeacle.ie/mortgage/uk/
enter a number into the "monthly prepayment" box at the bottom, click enter and look at the �savings and also how much the term of the mortgage is shortened (even just by overpaying by a tenner a month!)
Whatever you do, use it wisely to do something which will give you additional peace of mind. Sums of this amount don't come easily!