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Original poster

What to buy with £100k?

109 replies

Tristani · 16/06/2024 07:17

Our family consists of DH, dcs and I.

DH & I have put 50/50 for deposit. We earn roughly the same salary which goes into joint account and pay the mortgage from there. House worth ~£600k with £250k outstanding. We overpay. No other loan.

My dad is wealthy, most tied up in assets. He is very generous with me and the children. Dcs have investments and savings which they can access at 18. Until then, they have access to the best education and hobbies.

My dad wants to gift me £100k. He has expressed that he does not want me to put it in the mortgage. He wants it to specifically benefit the dcs.

I am not sure how to honour his wish. What could I do with £100k?

OP posts:
GasPanic · 16/06/2024 12:23

Just put it in low risk investments. Then when they finish uni they can either use it to pay off student loans or keep the loans and use it for something else.

Don't get a buy to let. They are loads of hassle and no one knows where the market will go in the next 5 years.

Also this may be a pedantic point. But your father isn't giving you 100k. He's giving your kids 100K. Why doesn't he sort out what to do with it ?

ThunderQween · 16/06/2024 12:19

A savings account for their uni and house deposit

BoobyDazzler · 16/06/2024 12:18

I’d buy a camper van for weekends away and out the rest in a uni fund.

Tracker1234 · 16/06/2024 12:13

Agree re £100k for university fees. My two children have left with £50k debt each and seeing the way they are will be two people who will actually pay it back at massive interest rates to cover people who don’t! If we had a spare £100k I would pay the loans off now

Nottherealslimshady · 16/06/2024 12:05

We'd buy land. Outdoor space is hugely beneficial to kids.

SofaSpuds · 16/06/2024 12:00

Sounds like you are well set up financially already, so no need to put it into holidays etc...
I love the idea of buying a plot of land, especially woodland 🌳

JamieFraserSporran · 16/06/2024 11:53

Why is he not consulting his financial adviser as to the best way to pass this on ?

CovertPiggery · 16/06/2024 11:52

beetr00 · 16/06/2024 11:43

@Tristani just fyi 🙂

https://www.onthemarket.com/farms-land/woodland/south-west/

Ooh some lovely options there OP!

paasll · 16/06/2024 11:43

how bout 50k in premium bonds each

beetr00 · 16/06/2024 11:43

@Tristani just fyi 🙂

https://www.onthemarket.com/farms-land/woodland/south-west/

YorkNew · 16/06/2024 11:41

A couple of ponies?

EmeraldRoulette · 16/06/2024 11:36

SD1978 · 16/06/2024 07:53

Does he not realise though- that given your current lifestyle- holidays regularly, access to hobbies, that by putting at least some i to the mortgage it benefits the kids greatly by freeing up potentially time and money?

This! I can’t understand why someone would attach that condition.

CovertPiggery · 16/06/2024 11:35

Tristani · 16/06/2024 08:58

This is a GREAT idea!!! Dcs are very outdoorsy and they would definitely benefit from this too. And in theory we could all enjoy it and it keeps its value too. Do you where we could find this? We are in the south west.

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Definitely do this OP. What a lovely idea.

Have a look on rightmove and choose the land option.

AStepAtaTime · 16/06/2024 11:30

@Jc2001

I agree - put it aside for a house deposit for each of them. Pensions are way too far down the line, they’ll need more help financially when they’re younger and looking to set themselves up

CassandraWebb · 16/06/2024 11:18

I'm not sure why you need to buy something?

I'd just invest it for them for now.

Keepthosenamesgoing · 16/06/2024 11:13

I wouldn't buy a btl or holiday home with money that was expressly given for children. Just put it in a investment trust for them (I'd split it 50 50) and then they can use for uni/house deposit/car or whatever when they are older.

Howmanycatsistoomany · 16/06/2024 11:08

Tristani · 16/06/2024 07:30

Thank you for the suggestions.

My dad lives abroad so we don’t need to declare anything and have no taxes to pay on this gift.

We already go on holiday at most school breaks.

Holiday home in France is a great idea that I will look into. Also cheap investment property is another great suggestion.

Holiday home in France - 100k will not buy you much unless you're up for a renovation, especially when you factor in agents and notaires fees. Then you have maintenance and annual taxes to consider. Holiday homes abroad are a PITA unless you plan to visit regularly - even then you either need to pay someone to maintain the place or spend your holidays painting, etc!

Alicewinn · 16/06/2024 10:40

holiday house
investment beats inflation
make some great memories

Roundroundthegarden · 16/06/2024 10:37

bergamotorange · 16/06/2024 07:28

I'd be cross at a gift coming with strings tbh.

But could you say you'll use it for 'holidays' and then just overpay the mortgage with the equivalent amount?

Only on MN would people come out with nonsense like this. 🤣

EdithStourton · 16/06/2024 10:34

bergamotorange · 16/06/2024 07:28

I'd be cross at a gift coming with strings tbh.

But could you say you'll use it for 'holidays' and then just overpay the mortgage with the equivalent amount?

Fuck me.
If I'd been given 100k 'for the DC' I'd have been bloody delighted. It would have taken a massive weight off our minds re uni costs.

Original poster
Tristani · 16/06/2024 10:27

Cliedi · 16/06/2024 09:30

how many kids do you have? If 2 could you use 50k each to buy a small property wherever they go to university? They can live in it rent free and charge rent to friends who live with them to cover the cost of the mortgage.

This is something I have been thinking about. They are under 10 and we have no idea where they will go to university.

OP posts:
YorkNew · 16/06/2024 10:17

Cool, Something for them to look forward to when they're in their late 60s.

It’s crazy how much a pension for a DC can grow. They could end up with a million each to drawdown when they are 57, that’s certainly something to look forward to.

MaGueule · 16/06/2024 09:34

Jc2001 · 16/06/2024 09:31

Cool, Something for them to look forward to when they're in their late 60s.

Money invested for a house deposit it a much more useful and gives them a good head start while they're still young.

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If they put just £10,000 in now, assuming the children are about 10 years old, on a 7% return it would be worth about £250,000 when they draw it at 55. I certainly think that something to look forward to!

Jc2001 · 16/06/2024 09:31

ZoomDoomZoom · 16/06/2024 08:47

Start their pension fund and give them a head start.

Cool, Something for them to look forward to when they're in their late 60s.

Money invested for a house deposit it a much more useful and gives them a good head start while they're still young.

Cliedi · 16/06/2024 09:30

how many kids do you have? If 2 could you use 50k each to buy a small property wherever they go to university? They can live in it rent free and charge rent to friends who live with them to cover the cost of the mortgage.

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