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pension
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pension
I would do this. Credit is cheap enough to spread it till state retirement age IMO. Esp at such low LTV I'd imagine the monthly payments arent that high(?).
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Stocks and shares ISAs are another option that are probably better than Pension for reasons that I’ll explain if you haven’t maxed out your ISA allowance already.
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I would strongly recommend you seek the opinion of a professional financial adviser, rather than asking here. There are so many unknowns we have to your financial situation that any advice on here is meaningless.
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Use a mortgage calculator like this one to see what your overall cost of the mortgage will be ie across the whole term, not just the 5 years of the fix or whatever. You might find that putting the £100k into your mortgage and shortening the term right down saves you a SIGNIFICANT amount of money overall. With mortgages, it’s the duration of the loan which results in so much interest. I took about £90k off my total repayable by simply dumping some savings in and shortening the term so that my monthly repayable amount was about the same.
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml
Obviously it helps if you understand the maths. Get expert help if you think you need it.
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£40k contribution cap per tax year, if you decide SIPP, ideally £40k before 6th April, £40k on 6th April and rest into into ISA/mortgage.
*The pension contribution limit is currently 100% of your income, with a cap of £40,000. If you put more than this into your pension, you won't receive tax relief on any amount over the contribution limit.
https://www.pensionbee.com/pensions-explained/pension-contributions/pension-contribution-limits -
Baby blue fixehs imo
Their time will come again
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@Trunkie
It's time for me to remortgage. My LTV is currently 60% and my rate is 1.64%. I can move to a 5 year fixed with my current provider at 1.59% with a product fee of £1499. (I haven't yet looked at remortgaging elsewhere).
I have £100k that I can either put into a SIPs or chuck into the mortgage. I'm nearly 42 with not much pension savings currently.
Where am I best to put the money - mortgage or pension?