Fri. Jan 15th, 2021

Should I put money I inherited towards an Isa or the mortgage?

I have a lot to pay on the mortgage but I wonder whether putting it into my pension might save on tax

Q I am 50 years old and have just inherited £35,000. This is likely to be the last money I inherit, so I want to be careful about what I do with it. We still have a lot to pay on the mortgage, but apart from that we are debt-free. I have several pensions from previous and current jobs but sadly none have much in them.

Would it be best to put the money I have inherited on the mortgage or should it go into my current pension (and will this save on tax)? Or should I put it in Isas and hope for the market to improve by the time I retire, which won’t be any time soon?

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