Windfall - should I clear my mortgage?

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devore

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Hi all,

Long time lurker, first time poster.

I have recently inherited 100K euro. I have around this amount left on my mortgage. Would it be a good idea to use the money to clear my mortgage?

I'm getting different advice from friends on this - some say to put it into savings, others say to clear the mortgage. I can comfortably cover my mortgage payments every month as it is.

Would love to get some advice from someone who knows what they are talking about.

I don't have a huge amount in savings. Would prefer not to blow the money by treating myself - especially with the state of the ecomomy at present.

Thanks in advance folks!
 
Keep some money. What you do with rest depends on interest rate. If you can get more on deposit than you have to pay on the mortgage -- keep it on deposit till the situation changes. A tip would be to pay a lump sum off the mortgage but keep your repayments the same this will reduce the term considerably.
 
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