Money thoughts

I'd pay off the mortgage, what an amazing situation to be in

Have you all discussed possibly using half to pay the mortgage and the other half for savings?

You can save 50% and use the rest for your mortgage. It's an investment for your family. You are a team.

Check the details of your mortage contract. Depending on how long ago you signed and how much is left to pay, you might have some early payment fees.

I’d pay off mortgage. Then pretend you still have that bill and use the money you once were paying toward the mortgage for savings and paying off any other debts faster.

I’d pay off the mortgage too. The monthly payments that you were making can be put towards the nest egg for the baby and retirement 😉 a Roth IRA would be the way to go since you’ve already paid taxes on the money you’ll be investing. You can also setup a custodial Roth IRA for the baby. So many options.

Take it to the bank they will give you a financial advisor. Pay some part of your mortgage so that it can reduce your monthly pay and invest the rest.

I’d buy a property in trust in my child’s name; so they never have to have a mortgage

We are fortunate to be debt free, we have a fixed mortgage for another 3yrs, I think we should wait till that runs out and then pay it off in one large some, as we comfortably pay the bill monthly at that way if we need money it's easily accessible, I know if my husband won the money he would pay it off so I feel a little bad even thinking this but I'm so undecided I thought it was worth seeing others thoughts with out any judgement, the other option is to pay off the maximum payment each year which would be £15k until the fixed rate expires then pay it off then we have still reduced the interest payments and can pay it off whilst having easy access to the cash until then😕

Depending on the amount. I would pay off some if not all of my mortgage. I’d then put some aside for a rainy day. And then I would speak to an advisor and get some invested for the long term

I would pay off the mortgage. As the money your currently spending monthly on the mortgage is going to become available as spending funds again

Definitely speak to a financial advisor before making any big decisions 💫

I would speak to a financial advisor. It depends on your mortgage interest rate and what else you plan to do with it.

I would almost definitely pay off our mortgage, though, if that is your highest interest debt. Your baby will eventually be able to sell the house if you're worried about leaving money to baby. Not having a mortgage would allow you to put all that money in savings instead, so you would build up plenty of money to enjoy in the future, a lot faster than you would have otherwise. Paying off your mortgage also gives you security if your income was reduced.

I think it really depends on your interest rate and your current savings. If your current rate is good you could always invest it in a high interest savings account and then use it to pay off a chunk of the mortgage once the rate expires. I think it’s always wise to keep a bit back for emergencies though, especially if you have a newborn.

I would love that problem right now 😆

I'd pay off the mortgage. Any money freed up from not having to pay mortgage anymore would then be easily accessible for you instead

How much money are we talking about? Some people’s remaining mortgage could be half a mill if you live down South, others could be as low as £40/50k up North. Reason being, in some instances it makes more sense to put the money into investments rather than pay the mortgage off.

Are you planning on having anymore kids?

What’s both your job situations like? Secure jobs? Decent incomes? Would either of you want to study/retrain?

Do you need a bigger car? Second car?

Any plans to go on holiday? Any big occasions coming up such as wedding/milestone birthdays?

Will you be returning to work after Mat leave or be a SAHM?

All of those questions should spark up conversation where your financial needs lie. If your remaining mortgage is only small, far better to pay some of it off and then use the remainder to enjoy your life for the next 5 years or so and make it easier as the 0-5years are extremely expensive and if you can cushion that blow, it’s definitely something to consider.

Outstanding Mortgage is £95k we would have around 20k leftover to play with, both have steady secure/decent jobs, I'll be returning part time & we plan to hopefully have another baby, I know it would be hard for us to raise 2 kids with me on part time hours and paying a mortgage, right now financially having 1 baby hasn't impacted us yet as our lifestyle has changed since having a baby etc what we would spend on has changed and I would say we save more now by not going out all the time etc

If your mortgage is lower right now, invest at least a good chunk. Invested $ in the S&P 500 historically grows ~10% each year, so the big factor for investments is time. So let's say for grins you invested 50k, only got 6% return each year, and didn't add any more to the investment; in 10 years that's grown to ~91k. 😱 There's calculators online (like the one on Nerd Wallet) but since you aren't currently having to choose between your financial security or preferred lifestyle putting the money towards something that is going to grow faster than what your mortgage interest will cost may be the move for now, even if it's just investing some and putting the rest into high yield savings account!

And if you get a financial advisor PLEASE do a fixed fee one, not percentage based. Their cute little "1% of returns" fee will cost you thousands of dollars over the years. It's wild when you run the numbers.

Get a private financial adviser ( without any hidden agendas / affiliations ) . Don’t be part of the normal lottery winning crowd that loses it all after a year or 2 😔

Honestly speaking I would sacrifice instant gratification. It doesn't sound like you won enough for you both to retire. Therefore, I would invest 80%. Maybe enjoy a family vacation or a new car but the rest I would invest so we could work minimal and enjoy life, spend more time with love ones, travel, etc..

Also big congrats, I'm sure whatever you decide to do would be beneficial to your household. Don't overthink it too much, enjoy it! 💕

Maybe put a portion aside for a nest egg and use 75% to put dwn on the mortgage

Second everyone saying speak to a financial advisor. That's the only way to know what the right money moves are, especially since yall don't agree on what to do with it and you are in a comfortable position.

If we paid off our mortgage, that would be an extra $700 a month to save or "play with". Then you can get a mortgage on another house if you need more room for your growing family?

Easy access makes you spend money on things you don't need. Pay off the mortgage. And like others say you can have that mortgage payment you used to make as extra money.

I would have some fun with 5% of the money.
Maybe pay off some of the mortgage.
Depending on my relationship I would put it in trust for my baby, that way it's protected from divorce.
A good balance for easy access is to get a hold account when you have to wait 90 days to get the money out. That way you have to think about it and plan.
I know you are married but you won the money not him so ultimately it is your decision.

Was it an Omaze or ITV draw win? 😅🤑💲

I would pay your mortgage off, and keep what's left if you have some left over.

If I had a large some of money I would pay off my mortgage. Would be putting thousands in my pocket every month

I would love to be able to pay off my mortgage, because then I'd have more extra money in the long run. But that's just my opinion. You should do what's best for you and your family.

Invest, invest, invest. Your money will grow. Please talk to an advisor before doing anything. Paying off your mortgage when you say you can comfortably pay it and its fixed and youre both employed would be a waste of potential earnings on investment.

I would pay off the mortgage! When you're free of that you can use the rest of it for a nest egg or holiday! It would free you up a lot!

I would invest it, you will have so much more money and you will be able to retire way earlier.

In 10/20 years time, you’ll have enough to pay off your mortgage, buy a new house cash, and spend on your kids big time.

Get a good wealth manager or learn how to use an investment platform and do it yourself.

Paying off the mortgage will make you cash rich today as you won’t have to pay that portion anymore. However, your house will go up in value anyway and so the price you bought it for won’t be the price you sell at. So even if you keep paying off the mortgage, you’ll make profit when you eventually sell.

There’s loads of articles about this kinda stuff online.

If you want to become really really wealthy and retire super early, invest it. If you want to have more disposable income at the end of the month, pay off the mortgage.

Congratulations! What an amazing predicament to have! Happy celebrating! 🥳

Investment comes with risk, savings rates aren't keeping up with inflation, but property is gaining faster than usual. Paying off your mortgage would give you more each month to put into savings, and 20k is a nice nest egg anyway. I would pay off the mortgage, speak to an advisor about savings accs vs. low to medium risk investments, and put what I saved on my mortgage payments into saving each month. You can always remortgage if you need money in the future, but you won't be paying interest in the meantime whici is almost certainly more than what you could gain in savings or investment interest

Mortgage! 🎉

First off congrats! Me personally, I've thought about what I would do if I ever won the lotto or came into big money. I agree, I would pay off the mortgage or at least majority of it. You'll still have taxes and utilities but if you and hubby work you'll be able to afford iT. And with 20k left over, that should be plenty for a baby. I have nowhere near that saved and I'm pregnant with my 5th child. Best of luck!