best use of £200,000 Inheritance at 26yo

Earlier in the year, my wife lost a very close family member unexpectedly. This person also had life insurance which has resulted in a substantial pay out. We are both 26 years old so can fully appreciate what a large sum of money this is, and so early in our life, but at the consequence of a huge family loss.

We have never had this sort of money available and are a bit overwhelmed on how best to utilise it. The options we have discussed are as follows:

– pay off our remainder £200,000 on our mortgage. Be mortgage free at 27.

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-buy some land, (we’ve always dreamed of having some land) make a horse livery and earn a small income from horse livery. Enjoy sections of the land. Make a small camp site, rent at a discounted price to cubs, scouts, archery clubs etc.

-Start house flipping, (our least favoured option)

-try to start a family business, although we don’t know what or how.

-Invest through a financial advisor into stocks and shares

Any advice or suggestions? We are a bit lost on all this. We understand just leaving it in a bank is about the worst as inflation will erode it.

Thank you all

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