To pay off mortgage or not?

[Coconutstory]

I’ve just come into £75k inheritance. My mortgage is £56k
I planned to pay it off in full, but several people have said not to pay it off in full…. But to pay half or some other amount.
I have no other debts. What is the done thing? Pay it off in full or not?

Pay it off!

@Unreasonabubble check out Rebel Finance school. Lots of blog posts and links about education about managing finances and learning to invest.

@HolidaysAreComingBack

MN always wants you to pay off the mortgage , but you’ll take decades to save that lump sum again. So live life for now. But a caravan/camper van. Take a 6month sabatical from work. Go in a few holidays if a lifetime. Build an extension. Buy a car. Upgrade and buy a new house. Do something fun.

This is what I would do.

We are low income and have a low mortgage. If we paid it off, it would result in a few hundred quid staying in the bank each month which would probably just get eaten up in day to day living.

@HolidaysAreComingBack

MN always wants you to pay off the mortgage , but you’ll take decades to save that lump sum again. So live life for now. But a caravan/camper van. Take a 6month sabatical from work. Go in a few holidays if a lifetime. Build an extension. Buy a car. Upgrade and buy a new house. Do something fun.

Not getting the logic. It will "take decades to save that lump sum again" so why don't you blow it "a 6 month sabbatical" or "a few holidays".

If we paid it off, it would result in a few hundred quid staying in the bank each month which would probably just get eaten up in day to day living.
Or you could decide to transfer it to a savings account every month and then do something constructive with the accumulation instead of frittering it.

Go and see an IFA and they will talk through with you your attitude to risk&reward and suggest a plan accordingly.
If in doubt, don't do anything yet. The money will still be there tomorrow so you can make a decision then. But you can only spend money once.