So confused.

[helpmemakeit]

Due to a series of sad events I am about to become unemployed with a large settlement of approximately 500k as well as access to inheritance of around 350k.

I am unlikely to be able to work again but my husband works and has a good income )probably not enough for all of our outgoings though so will need around £2k a month.

I need to spend some of the money (£150k) on renovations to our house and have about 50k in debt that needs to be repaid.

I want to do the right thing with the rest of the money but am totally confused with all the different options. £250k of the inheritance is in a house that could be rented out at approx £1200 a month.

I'm very worried that we will just burn through the capital.

Do you have a mortgage?

Yes, £360k outstanding but the interest rate is a tracker currently paying 0.75%.

I'm early 40's.

Let see what's left if you clear all outstanding debts.
£500k plus £350k £850k
£600 liquid cash £250 bricks and mortar.

50 debt 150 house renovations 360 mortgage £40k cash balance
Put 20 k into a cash Isa before 5.4.21 20k in current account.

Decision sell house and invest money or rent out property, possible capital gains tax, maintenance costs, HMRC tax returns , non paying tenants etc etc.

Can you reduce your £2k per month outgoings?
Let's assume Mortgage is now zero , what was the outstanding mortgage term?