COST Lowe's Forrester

Should I use a £75,000 inheritance to pay off the mortgage?

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Q I’m due to inherit about £75,000 and I’d like some advice on what best to do with it. We have about £85,000 left on our mortgage.

We have been considering moving house for the past couple of years but the houses we have been looking at are a bit of a jump from where we are now.Our current house would sell for between £250,000 and £270,000 but the ones we are looking at in the area we want to be in are on the market for about £400,000.

We can overpay on our fixed-rate mortgage – which is due to come to an end in November 2025 – and have no restrictions to how much we can pay off.My question is, do I use most of the money to pay off the current mortgage?

Will doing that that help get a better rate if we do move house and for when we need to remortgage? What if the value of our house goes down in this time?

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