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Original poster

What would you do if you suddenly received this sum?

37 replies

Yomjl · 24/04/2024 15:18

I’ve been gifted 45k. I have an outstanding mortgage of 285 (which is 45% of house value). I do have a decent income currently (4K after tax) but have big childcare costs. What would you do?!

OP posts:
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Whatsitcalled38 · 24/04/2024 18:50

New car. Big Holiday. And the rest in pension.

Tbry24 · 24/04/2024 18:46

Check you annual overpayments on your mortgage and do that per year, mine is at 10%. Put the rest into a high interest fixed bond and ISA and move across per year to pay off the mortgage. That’s all I would do with it as I’m trying to clear my mortgage as quickly as possible.

Pickingmyselfup · 24/04/2024 17:22

I would either put it towards a new house or improve this house.

If I didn't have to do either I would go on an amazing holiday, put more money aside for the kids and just have some fun spending it whilst keeping a bit aside in savings.

ClaribelLowLieth · 24/04/2024 17:18

A beach hut or a campervan for me!

WalkingThroughTreacle · 24/04/2024 17:10

I'd increase my salary sacrifice pension contributions and make up the shortfall in take home pay from the windfall.

Checkandbalenance · 24/04/2024 17:10

I also might get my tits and teeth done if I’m really honest.

Checkandbalenance · 24/04/2024 17:10

Put some into my pension. Are you over the threshold for HRT? Your pension contribution will bring that down and also your contributions are grossed up at your highest rate of tax too. There is NOTHING as good as a pension wrapper, but you can’t get at it until you’re at least 55.

And 6 month’s outgoings in a tracker ISA for emergencies.

KittyCollar · 24/04/2024 17:07

Deffo Premium Bonds. I have the full amount and I win £100s most months 👍

BuddingPeonies · 24/04/2024 16:57

Have you got any debt other than the mortgage?
Do you have a savings account with 6 months living costs in it?

I'd splash some of it, but secure my basic finances first.

SuperLois34 · 24/04/2024 16:50

Pay off any debt.
Have a lovely holiday abroad - life's just too short to be 100% sensible.
Put £20k in a S&S ISA.
Put the rest in a high interest savings account.

DdraigGoch · 24/04/2024 16:49

Most people can only overpay 10% of the mortgage balance per year. So over two years I'd use the money to pay off a chunk of the mortgage.

PoppingTomorrow · 24/04/2024 16:46

What's your pension like?

Growlybear83 · 24/04/2024 16:44

I'd have a lovely holiday, but a new car, and have a new kitchen. And buy lots of handbags 😆

LuckyCharmz · 24/04/2024 16:42

Holiday and home improvements.

Greenbike · 24/04/2024 16:10

Magnastorm · 24/04/2024 16:03

There is no point putting it into your mortgage if you can better the interest rate in savings.

Only if that higher interest rate is still higher after tax.

Emeraldsrock · 24/04/2024 16:07

5k in current account and put the rest in a high interest savings account and the pay of the mortgage off when you next need to remortgage ( assuming you don’t currently have a high interest rate on your mortgage).

TeenLifeMum · 24/04/2024 16:04

I’d invest in a garden games room - but that’s quite specific to my current wants 😂

Magnastorm · 24/04/2024 16:03

There is no point putting it into your mortgage if you can better the interest rate in savings.

TomeTome · 24/04/2024 16:01

Put it in my mortgage

WingsofRain · 24/04/2024 16:00

Buy myself a new wheelchair and put the rest towards the mortgage.

SirenSays · 24/04/2024 15:59

Give it to charity

Crunchymum · 24/04/2024 15:59

Blow it all in the slots in Vegas 😁

PoppyJM · 24/04/2024 15:58

25k off mortgage, 20k in ISA saved for large expenses

FuckoffeeBeforeCoffee · 24/04/2024 15:58

New kitchen. 100%.

CornishPorsche · 24/04/2024 15:57

Assuming you don't need it for day to day or basic living, debt repayment or to fund a specific piece of work (ie repair to house, repair the car etc), I'd find a very high interest saving account (https://www.moneysavingexpert.com/savings/savings-accounts-best-interest) and book a nice holiday.