Hubbys inheritance

[pillj123]

Sorry ...put this in wrong place ...so here it is again...just incase anyone else has anything to add.....
Hubby is due for roughly £180,000.
Right now work is mega bad....he is a construction engineer...refusing to look further afield than East Anglia.He is self employed,living off company overdraughts right now.
We have a mortgage of £ 90,000...on a really low interest tracker.
What would you do to make this work for the future....we have no pension,he is 51....and I am too poorly to work more than low wage very part-time..
Would you buy a rental property or two..?,and clear outstanding debts?
Any ideas would be really useful...as I seem to be the one who is wanting to investigate all options.
P.S........yes of course I would give it all away to an owl charity if I could!
PPs........now back to the question....it is genuine!

[chas2008]

my priority would be and is to clear the mortgage, just so theres one less bill to worry about ,at least that way if anything did go seriously wrong you have a roof over your head...just bear in mind one day interest will go up...when i was in trouble financialy rates went up to 12-14% !! work that out on your mortgage, scary stuff.

[EDDIE51]

Pay off the overdraughts and see what if anything is left, that is the first priority. There is no way out of that. Even if he decared bankrupcy once he got the cash he would have it siezed to repay his debts.

[starone]

£180,000 may sound a lot to you pillj but believe me, it is peanuts and will certainly not buy rental properties. As chas says my priority would be to pay off the mortgage and as many outstanding debts as you can. The money will soon dribble away if you don't. My husband had a small amount left him by one of his aunts. He bought our house with it and now after very many years I am still living in it. I am a pensioner, but one of the better off ones who does not have to worry about bills, but only because the main bill, the house, has not had to be paid for over the years allowing money which would have to be spent that way to accumulate. Hope I have made myself clear. Mainly, take care of it or you will look around one day and wonder what happened to it and where it has all gone.

[starone]

Just looked at your other thread and the answers. The only time I have ever consulted a financial adviser it cost me £1,000 - it will probably be more now. The advice given was rubbish and I now look upon the words 'financial adviser' with a very jaundiced eye. The £1,000 used could be better used paying off a debt. I think you are getting very good advice here without paying for it.

[danchip]

What ever you decide to do pay off your mortgage first! This will release your monthly mortgage repayments to either live off or chip away at the overdrafts! If you can buy a decent small house to rent out in your area with the remaining money then i would go for it!

[danchip]

i also meant to say you need to sort your husband out, if your having to live off overdrafts then he needs to start looking further afield for work or even find a job working for somebody else, all of us who work in the construction industry are having to get through these trying times in the industry!

[pillj123]

All these answers seem incredibly helpful...and I sincerely thank each of you.It always amazes me on AB.....how lovely people are.Please all have a big hug from me!(if thats acceptable)
I will see what happens next,offering these gems to hubby...watch this space..

[johnk]

I disagree with paying off the mortgage first, I would pay off the debt with highest interest rate first, credit cards usually, as they cost the most.

[Nosha123]

pay off most costly debts first then invest the rest...
Apparently Gold is rocketing in price at the moment!!! My parents just invested in a small 1oz bar... which I thought was quite cool! Premium Bonds are a fun and no risk way of investing some money too. Depends how much you are up to date with investments etc Doubt enough would be left over to buy a property.. but worth considering too.. as rental costs will only increase!

[ladybirder]

You have a low interest tracker mortgage plus an overdraft. The overdraft will be the most expensive so pay that off first.

[jjland678]

hi, the cheapest money you can borrow in life is usually for your mortgage so last thing i do is pay that off, try and sort out your debts with highest interst frst, i got lots of money making ideas which would make money but not have all your eggs in one basket so to speak, if you want to know more contact me on [email protected] i do my best to advice you in more detail, jonathan

[pillj123]

more answers...thanks all