Me and my wife unfortunately lost one of our late parents recently. We sold the house and we're due to inherit £133k from the property. We originally planned to use 80k of this to put a large deposit down on our own home worth £250k to ensure that the monthly payments would be lower, split over 28 years due to our age. Going to First Mortgage, we got told we can borrow up to £230k.
We are a family of 3 with our young daughter turning 2. I work full time at 38k and my partner is looking after our child until our daughter becomes 3 in order to get help with childcare costs.
Putting this deposit down on a home would mean that our outgoings and incoming remain the same (infact a little better) except we have some money to put aside for crisis, pay off any outstanding balances.
We're wondering if there are any smarter ways to use this inheritance to make the most of the money and make sure that we use this to set up our family in the best possible way. Thanks for all your advise and help in advance.