Basically I was diagnosed with cancer and have claimed only insurance, and have received a large sum of money (75k) - actually didn't expect to receive it - though illness is serious, I'm not terminal and am expected to 'recover'.
We could pay off our mortgage and be mortgage free at 36, but our monthly payments are only £400pcm and easily manageable for us as we don't have have any other 'debts', though we don't have any savings at all. Both in stable, permanent jobs with local authority.
This house isn't going to be our forever home, and we are v likely to still require some sort of mortgage as house prices have gone up significantly, if we decided to move which was the plan before my illness.
WWYD? Do we pay off the mortgage and have nothing left, pay some and put some in savings (ISA? Bonds? No idea what's best!), and do some needed updating to our home?
We have 3 dependents, with one hoping to go to uni next year, the other two are preteens. We did consider contacting a financial advisor - would this be a good idea?
Any help or thoughts would be helpful! Honestly have no clue.
Thank you!