Unexpected Windfall what would you do?

[Smarshian]

What would you do with £250k? Work in low paid work, part time (£20k), mortgage is about £230k, husband works with decent wage (£44k)

Pay the mortgage off, 10k holiday 10k savings. Extra money you save by not paying mortgage pensions and savings for dc future if you have them.

Def pay the mortgage off, no brainier. A nice holiday and with the remaining buy premium bonds.
Have you had a scratch card win op?!
Congratulations what a lovely unexpected windfall, enjoy!

Pay the mortgage off.

Would depend honestly on how I came about that windfall (inheritance, lottery, etc) and how rock solid my marriage was to be completely honest. If it was an inheritance and my marriage had its ups and downs, I wouldn't pay off my mortgage and entitle my spouse to a share. If it was a rock solid marriage etc then I'd pay off the mortgage, half to blow and half to save with the remainder.

That's an amazing windfall! I think I would pay the mortgage off for a couple of reasons. Firstly because you'll save masses of interest - a mortgage overpayment calculator will show you how much. Secondly because having no mortgage will free up salary money every month that could make a massive difference to your life in other ways both in the short term ie more treats and holidays and in the long term ie enabling you to pay more into your pensions say so you have a better retirement. Might be worth speaking to a financial advisor to get their views given the amount.

Forgot to say 2dc, dd (3) and ds (1). Married 4 years. Windfall is from my df from sale of his business. Not inheritance.

Do you have the house 'of your dreams' and live where you want? You could upscale and still reduce your mortgage / mortgage term. Do you have any home renovations? I'm just thinking of things that might impact your lives now.

I would also make some pension investments.

Some investments for your DC. 30/40k each now would set them up for life.

Take some amazing holidays, especially as your DC get older.

Also, for yourself, do you want to train for a better paid job when the DC are older?

Take proper financial advice. Paying the mortgage off is often trotted put but you may see more growth with investment

We received 650k and didn't pay our mortgage off as it's a very manageable monthly outgoing and advice was not to.

People say it because it means something to feel you 'own' your house but if you want to invest and make some more money, go with your head and not your heart

As for what I do? I bought a bigger house and invested the remainder

I am currently training and will hopefully be better paid in 3-5 years but while the dc are young want to stay part time.
Our house is a long term house. We could have something bigger and better but it’s all we need (4 bed, detached, lovely location).

Pay the mortgage off, nest egg in your name only with the rest just in case), use all future funds for mortgage payments for pension pots with 25 per cent going in a holiday fund.

Get a solicitor to record that you have paid more into the property (just in case)

Move to my dp's home town, pay off my mortgage on my house so dd can live there with her friends

I often have this thought- 100% pay off mortgage, I would redo the kitchen and bathroom, convert the garage to a utility room/inside storage.
Sort the garden and drive out and if I had any left over save some for a blow out trip to Florida when my kids are old enough to enjoy it.
I would then save the mortgage money for their future.
Happy spending! X

I would seek financial advice, invest to increase my pension income, divorce my dh and then buy a house.

Pay the mortgage off, then pay your monthly mortgage payment first into pension and then into savings.

A 230k mortgage will 'cost' about £450k-£500k to pay off so over 25 years you will end up with way more money!

If you divorce, your stbexH would be entitled to half the windfall. Separate savings accounts etc count for nothing during a divorce, it’s all seen as joint unless yours is a very short marriage.

Pay the mortgage, ring fence it legally as yours if you split. Your DH can always put aside the money saved on mortgage payments towards his own investment

As much as possible into pensions for both you and your husband.

A year's salary into savings

Have a good holiday

Pay what's left of the mortgage.

A mortgage is the cheapest loan you can have and, well invested, you should be able to get interest as high as you are paying. This way you have some leeway

For me, holiday destination dream, plus extension/kitchen