What would you do in this Situation?

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Posting here for traffic . We are buying house with a mortgage of 399K. Putting down a 100K deposit.

DP will have savings and will probably pay off some more.

After applying furniture and doing some work on the house, I will probably have in around 60K cash left over. What would you do? Would you put some with that into the house to pay off the mortgage? Alright? Keep it in cash. I like to have enough cash there for emergencies, etc.

They’re separate money for the dc for university so I don’t need to keep on aside for that.
Is 60 K stupid amount of money to have cash? Should I put 40 into the mortgage and keep 20 cash or what way would you do it?

I’d keep it for a year or so in cash, and see if there’s something you want to renovate in house or garden

What’s the internet rate on the mortgage? Ours is currently lower than we can get in interest off savings so it wouldn’t make sense for us to pay that off.

The house is a new build so there’ll be nothing big to do. Thank god! But yeah my gut is telling me to keep the cash and add it it and then decide after 9-12 months.

3.95% interest

You should be able to get at least 5% on savings, some banks are offering up to 7% if you have a current account with them (e.g. First Direct).

You can use MSE's overpayment calculator to check whether savings or mortgage are better (you can put your own interest rates into the calculator):
https://www.moneysavingexpert.com/mortgages/mortgage-overpayment-calculator/

Lovely I’ll take a look at this, thank you

£60k is not a stupid amount in savings, but stupid to leave in a cash account. Keep £20k in a decent ISA (cash or between that and stocks/shares). Also use NSandI, Friendly Societies (read up about low returns first) etc if you want to further avoid doing a tax return or otherwise declaring interest. If it's for rainy day, invest some longer term. If an early emergency arises, you might take a hit. Otherwise it can grow quicker. Any loans you can pay off and divert the repayments to new savings? Buy some uncorrelated assets if you like risk and excitement.

No other debts or loans no. I’ll look into putting a chunk away for a while yeah that sounds good. 20k is enough to have in cash for emergencies yes.

Just clarifying he’s your partner, not your husband?
if so, I wouldn’t contribute more than 50/50 into paying down the mortgage as that’s all you’ll get out if you split (sorry if that sounds cynical).
I’d then keep 6 months of expenses in easy access savings as an emergency fund.
Then I would invest anything left over. I find MSE a good source of advice for where to put money.

Yes he is DP, we will both have similar cash savings. He might even have a bit more so our intentions were for us both to put in a little bit more into the mortgage. So we might both do that still. But I still want to have at least 30K there.

Agreed, plenty of excellent advice on MSE. I use it a lot. Those sites don't get every detail right, though. Examples include having a credit card you don't use, for easy money in a crisis: you should actually use it occasionally so they don't drop your credit limit. Put a month's spending on once a year and pay it right off. And emergency instant-access funds don't have to be penalty-free. You can go for better returns, and take the hit if the worst happens. Also, build up all savings together, not just short-term first. You will benefit more from cost-averaging.

From bitter personal experience - life can go tits up in a heartbeat and only cold hardness cash can fix it or at least make it survivable until a better plan is in place. So I would keep it as cash, but in an account or place where you either have limited withdrawals per year or need to give 14/28 days notice to get a decent interest rate.