Advice please on what best to do with 250,000

[needsomefinacialadvice]

Name change for this for obvious reasons.

We have just got a 210,000 mortgage over 25 years. DH is 37 and I am 33.
We also have 2 kids.

In the next few years we will recieve 250,000 which has already been left to us but is in property which wont be sold for a while yet. We have no access to this or any rent etc- why I wont go into.

We would like to leave a considerable amount for our own kids as well as help them at at University etc.

I am thinking of buying a house elsewhere as we want to move eventually anyway and renting out one of the properties in order to pay the mortgage on the house which hasnt been outright brought. We would then free up money from not paying mortgage on our own property to help the kids out at Uni etc. THen when the kids no longer live with us, downsize and use the money over to retire a little early and supplement pensions.

Is that workable?

you don't know this but i have always been your best friend.

REally? I missed that one

I've always been poor and we have loads of debt so it's kind of a light at the end of a long tunnel. Not counting on it until it actual happens though.

You should see an idenpendant financial advisor (IFA) if you google IFA you should find their association which lists all of them out by area.

Because the mortage interest on the buy to let property is tax deductible you are usually better to pay of your domestic mortgage and morgage the buy to let property instead, as you get tax relief on the buy to let mortgage but not your own.

In any event your best bet is to discuss it with your IFA!

We had similar amount a few years ago. I suggest you pay off your mortgage, you can always rent your place out and buy elsewhere in the future. It is so lovely to be mortgage free after years of struggling and pennypinching. I am very happy for you. Enjoy it, and also treat yourself.