14K spare cash

[CMC]

Hi

I have aprox 15k spare cash that I was thinking of paying it off my existing mortgage. However, I was wondering if you thought this was the most efficient use of my money. I do want to be mortgage free asap but I also thought maybe of using is as a deposit on a investment property or even investing in some stocks.

A bit confused.

Any thoughts?

 

[ClubMan]

There is no one size fits all answer especially without more detail.

• How much did you borrow and how much is outstanding?
• What was the orginal term and what is outstanding?
• What is your annual income?
• Do you have other savings/investments?
• Do you need the money for something else now or in the short/medium term?
• Have you weighed up the pros and cons of paying this off your mortgage versus investing in (a) property, (b) equities or (c) something else?

These are the sorts of questions that any independent, professional financial advisor would ask you in order to get a better idea of what sort of approach is right for you.

Have a read of some of the key threads/posts in the Savings and Investments forum, in particular the AAM and IFSRA guides to savings and investments to get a better idea of the sorts of things to consider and the sorts of trade-offs involved in making a decision on where best to put your lump sum. If in doubt get independent, professional advice.