T
TiggerW
Guest
Hi ,
I know this has probably been done to death before , but I'm looking for some advice on what to do with a lump sum of 60k.
I have 20yrs and 140k (house worth 200-220k approx) left on my mortgage. Repayments are easily manageable as we are both working (in Public Sector). Mortgage is variable at the moment at a rate of approx 3.5%.
I think I should use the money to pay off a lump of mortgage given that interest rates are probably only going one way and its unlikely I'll get close to any incresead rate on deposit. We are likely to get some paycuts over the next few years , but like I say the mrotgage is manageable at the moment and should be so barring a massive interest rate hike.
We were considering moving house , but I dont think that will be so easy any more . And even if we do , paying a lump off the mortgage will serve to keep us in Positive Equity for a while longer.
Any Advice gratefully recieved.
I know this has probably been done to death before , but I'm looking for some advice on what to do with a lump sum of 60k.
I have 20yrs and 140k (house worth 200-220k approx) left on my mortgage. Repayments are easily manageable as we are both working (in Public Sector). Mortgage is variable at the moment at a rate of approx 3.5%.
I think I should use the money to pay off a lump of mortgage given that interest rates are probably only going one way and its unlikely I'll get close to any incresead rate on deposit. We are likely to get some paycuts over the next few years , but like I say the mrotgage is manageable at the moment and should be so barring a massive interest rate hike.
We were considering moving house , but I dont think that will be so easy any more . And even if we do , paying a lump off the mortgage will serve to keep us in Positive Equity for a while longer.
Any Advice gratefully recieved.