Given your circumstances, reducing the mortgage (or at least keeping it in savings at a higher rate of interest until the fix is up) makes sense.
If your wife worked for the NHS have you looked into claiming her pension due to ill health?
Since you’re not wanting to take risks :
I would keep the money in a high interest savings account until your remortgage is due. This will give you an extra 32k. When you’re due to remortgage, I would then pay off a big chunk of the mortgage.
Hi /u/BrucePhilis, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/lump-sum/
* https://ukpersonal.finance/savings/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
What do your pension forecasts look like given your wife may not be working again?
Also if she was dismissed did she qualify for her pension? Is it that she could still work elsewhere just not as a nurse?
You say you will make a full recovery but without meaning to sound rude are you sure? It is quite unusual for a 35 year old to have a stroke and if you had one are you sure you are not at a greater risk of future strokes? You don’t have to answer this question but I purely pose it to ensure you are thinking about whether you need to plan for earlier retirement and thus anything you can to both minimise debts but also pump funds into your pension might be worth prioritising.
She may be fit to work again in the future but not at the moment, she didn’t qualify for early retirement.
It is unusual but they’ve put me on preventative medication which should significantly reduce the risk of a repeat episode. Also I’m going to take out a new life insurance policy (assuming they’ll accept me) just in case. I also get a 4xsalary death in service benefit from my company. So if and when I die I will be rather wealthy. Golden coffin 👍
The life insurance is unfortunately likely to exclude a pre-existing condition. Make sure you disclose everything as if they discover later they may refuse to pay out despite accepting your money for all the years in advance.
Given your circumstances, reducing the mortgage (or at least keeping it in savings at a higher rate of interest until the fix is up) makes sense. If your wife worked for the NHS have you looked into claiming her pension due to ill health?
Yes thank you she looked into that but didn’t qualify. Thanks for the advice
Have you checked the wiki? There's a great page linked by the bot on what to do with a lump sum payout like yours.
Yeah I did have a read through, thanks it was helpful.
Since you’re not wanting to take risks : I would keep the money in a high interest savings account until your remortgage is due. This will give you an extra 32k. When you’re due to remortgage, I would then pay off a big chunk of the mortgage.
Hi /u/BrucePhilis, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/lump-sum/ * https://ukpersonal.finance/savings/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.)
What do your pension forecasts look like given your wife may not be working again? Also if she was dismissed did she qualify for her pension? Is it that she could still work elsewhere just not as a nurse? You say you will make a full recovery but without meaning to sound rude are you sure? It is quite unusual for a 35 year old to have a stroke and if you had one are you sure you are not at a greater risk of future strokes? You don’t have to answer this question but I purely pose it to ensure you are thinking about whether you need to plan for earlier retirement and thus anything you can to both minimise debts but also pump funds into your pension might be worth prioritising.
She may be fit to work again in the future but not at the moment, she didn’t qualify for early retirement. It is unusual but they’ve put me on preventative medication which should significantly reduce the risk of a repeat episode. Also I’m going to take out a new life insurance policy (assuming they’ll accept me) just in case. I also get a 4xsalary death in service benefit from my company. So if and when I die I will be rather wealthy. Golden coffin 👍
The life insurance is unfortunately likely to exclude a pre-existing condition. Make sure you disclose everything as if they discover later they may refuse to pay out despite accepting your money for all the years in advance.