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Everyones different, not having a mortgage is always better than having one.
Yeah you could make more money investing but can you really be bothered? Hassle vs Profit.
I'm all for the simpler easy life... I'd forget the paperwork, get her to chuck the money in, shake hands on it (after spitting in palms) and keep my fingers crossed all goes well...
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You're not being selfish enough for this thread!
Only slightly joking.
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Converting to an offset mortgage is a possible solution. You keep the pile of cash but it effectively reduces the mortgage, but you keep the flexibility if you suddenly need access to cash (you can stick the emergency funds in there too).
Otherwise it depends on what your aims are.
Do you want to be a capitalist monster and maximise the return on the money for the sake of money, lifestyle improvements or early retirement?
Do you want to simplify your life (i.e. pay off a chunk/all of the mortgage)?
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I thought my plan was very neat and sensible.
It’s not unsensible - it just involves large sums of money, human relationships and the bonkers legislation around buying homes. And you can’t go back in time after doing it. So I think it’s worth hearing alternatives from internet strangers even if you decide your plan is best for you in the end.
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How about use the cash to buy a buy to let in somewhere cheap as chips with high unemployment and fill it with DSS tenants in a HMO?
Alternatively I hear workhouses are coming back and smart investors get in early...
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@Sparky
I thought my plan was very neat and sensible. Bit blindsided by suggestions that it may not be the right thing to do. Mind you, I’m very debt-averse and cautious so I suppose this isn’t a one-plan-fits-all kind of thing.