INVESTMENT CLINIC: I've inherited £50,000. Should I use it to overpay on my mortgage or to start investing?



I've recently inherited £50,000. Should I use it to overpay on my mortgage or to start investing?
K. B., Blackburn, Lancs.
The traditional advice when you have a large sum of money is to use it to get rid of any debt.
That means credit cards, loans and overdrafts — and it also means mortgages. But there are caveats when it comes to home loans.
It is very important that you check the terms of your mortgage before you make a large overpayment. Many providers will charge you for early repayments.
You are typically allowed to overpay by up to 10 per cent of the value of the loan each year... read more

 
4 October 2016 in Business, Views: 27
Source: Daily Mail
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