What would you do with 100k

[Smarshian]

We do not want to move house. Early 30s, 2 DC in nursery, DD due to start school is Sept, DS gets 30 free hours in Sept. currently pay around £1k/month for childcare. I work 4 days and earn around 30k. DH works FT and earns around 45k plus bonuses.
We have a mortgage with 32 years remaining and a balance of around 225k. Nothing we particularly want to spend on, although we may want to upgrade one of the cars soon and in around 2/3 years thinking of a Disney trip.
I have a civil service pension, although have only been there for around 3 months. DH has a great DB pension through work. Both putting in above the minimum.
What to do with the money? Mortgage? Investments? What would you do in our situation.

25k each for the kids in some kind of trust/high interest account.

Honestly I'd reduce my hours until my youngest was at school in your position but I guess it depends how much your career means to you and how much you enjoy it.

The remainder I'd split between topping up pensions and accessible savings for treats and emergencies.

I'm not sure where you are getting the money from?

Pay off my debts - not huge, invest some for my children, buy a car, go on a cruise.

I would pay off 50% of the mortgage immediately I would then reduce my mortgage term to less than 10 years. Then in 10 years I’d pay another property and pay that off for the DC when then reach 25. Done

@OhioOhioOhio Does it make a difference to what you'd suggest?

I'd pay it on to my mortgage and that would more than half the payments. Which would make my life much easier.

Prob keep 10k. New windows etc, holiday maybe

I don’t think I want to reduce my hours at the moment - 4 days suits me and I like my job. The money is coming from early inheritance/ gift. Not sure if that makes a difference?

We put every spare bit of cash into our mortgage and it was gone by age 40 which was a fantastic feeling. I would totally do that.

House stuff, new windows, replace kitchen & main bathroom, and have someone make my garden beautiful. Mortgage is paid off and I consider myself vvv lucky in this regard.

I do like the idea of not having so long left on my mortgage but also we want to enjoy our life now a bit more. We have been pretty skint for a while until I got this job so have been used to scrimping/ not saving much.

-Trust for kids
-Make maximum yearly mortgage overpayment to reduce mortgage term and interest
-pay off any debts

-if you have any business ideas. Invest in it as that's the biggest risk but likely to give the biggest returns

All the best

We are in a similar situation. We put 50 grand on the mortgage, booked an amazing holiday, paid off debt and the rest is going on doing up the house.
We already have a separate trust fund for the kids.

I would put aside a tidy sum as emergency savings, pay a chunk off the mortgage and then have the balance in Stocks and Shared ISA.

100k would clear our mortgage (we have 22 years left). So that's where it would go.

1.. Put aside £5K for instant access/emergency savings.

1. Maximise your pension contributions for the tax relief this tax year.
2. Fully utilise your ISA allowances of £20K x 2 = £40K for this year.
3. Pay down the mortgage with the remainder.

Sounds amazing - I’d put it in trust for the kids £25k each, £10k amazing holiday and use the rest to cut the mortgage down (slowly - you can normally only over pay 10% a year).

Also if it’s a gift just be aware if the gifter does within 7 years you might be caught by inheritance tax

*dies

I’d put some into isas in both yours and dhs name (40k total). You can use some of that for holiday later if you like or keep as an investment. Then I’d buy a new car and the rest on the mortgage, but keep paying at same rate so that you end the term more quickly

£50k on mortgage. £50k invested into high risk fund and leave it alone for 10-15 years. You could make thousands by reinvesting the interest back into the investments

I've got £80k left on my mortgage so that + £10k away for my son & a trip to Disney with the remaining & some minor home improvements.

I'd keep £15k and have a special holiday- Disney, Lapland etc, and pay rest off mortgage. 32years is a loonnggg time

32 years really is a long time, however we always planned to start overpaying from September this year to reduce the term as our childcare bill will significantly reduce.
For extra context we put away regular savings for the kids already and they have around 3k each so far (we add around £150/month to this between them, although this stopped for all of last year due to things being a bit tight). We also have around £4K saved in an emergency fund. 1 small credit card debt after Christmas but that will be covered by DH bonus this month.
We just can’t decide what is going to make the most difference to us and don’t want to make the wrong decisions.

I would put the whole lot straight into the mortgage

I got £100k inheritance. Put 80k into buying a house/mortgage. The rest in savings which have been eaten into a couple of times (boiler, car repairs) and will be eaten into again when I have very little maternity pay this year.

75k paid off the mortgage
10K on a holiday to disney
keep 15k back for savings/towards home improvements/new car

by paying off the mortgage id reduce the term rather than payments