What to do with savings

We have approx 320k savings.
Currently saving about 1500 per month.

I am self employed earning 50k per year after tax
Spouse earning 31k
both aged 31 with 1 child 2 years old

mortgage is 250k
house worth around 600k

Investment Mortgage of 80k
House worth 200k

car paid for and no other loans

savings are spread across rabodirect , aib and boi savings accounts

Question :- what to do with the 320k savings --should i pay off mortgage
Invest in market --very worried about this in current climate?
Any suggestions?

Is this a wind up... 320 K savings on 50K a year ....

not a wind up at all.
I was left money and sold another investment property last year that i bought 11 years ago.

Just want to know what i should do.

For what its worth...I would definitley pay the mortage off first..no point paying money on a mortage and earning a lower interest rate on savings than you are paying out (hope that makes sense)

With that sort of money, I would also go to see a professional QFA who is fee based and (hopefullY) give you a clear indication of what to do with your money in order to make it grow in accordance with your expectations and attitide to risk.

Hope this helps a little...

Benny