You’ve been given £500k tax free

[Newsenmum]

What are you going to do with it?

I’ll pay off the mortgage to make our day to day lives more fun and manageable. I’ll do up the kitchen but leave the rest of the house for now (want to decide slowly exactly how we want it). Will organise a lovely family holiday (maybe a big house in Italy) and the reminder in savings for now.

Anyone else?

It would be enough to make some decent changes and ‘move us on’ but nothing crazy at all.

Clear the mortgage and retire on the income from investing the rest

Leave my husband.

Pay the mortgage, big holiday, rest save.

Buy a nice property.

Buy a fancy horsebox and another horse 🐎

How much do they cost?

Buy a bigger house outright with an outhouse for our business
Use the rest to pay down the mortgage on current house and letted house to provide an extra income.

However we live in Yorkshire where this is actually possible on 500k!

Buy a house. A new car. Pay off a few bills/small debts. A holiday. Savings.

Pay off mortgage
Reduce my working hours & DH working hours
Sort a couple of bits in the house
Savings/pension

I'd buy a lovely house, and sell my current one. I'd save any money left over.

I think £500k would make a big difference to most people's lives.

Move house to a more expensive area, on better transport links (London)

Move from our flat to a 3 bedroom house.

Where we are there'd be no change from £500k doing that, in fact we'd probably still need a mortgage.

Pay off our mortgage, invest half of it for my daughters future (uni/deposits) and carry on as
normal

Get both my kids on the property ladder

Separate from DP.
We'd be much better apart, but it is financially prohibitive to realise a separation as things are.

Pay off the mortgage, do up the kitchen & en-suite, new carpets, holiday to Japan, then save the rest for a bit.

Where are you investing?

Retire! I'm 58 and the mortgage was finally paid off just before Christmas.

However we had children late so they are still at university and our pension pots are slim. We will be paying as much as we can in for the next few years but I'm beginning to feel my age and 9 more years feels like a lot.

Tricky. We live mortgage free in a two bed flat. Ideally we'd have three bedrooms but we really like where we live. I think we'd probably stay here, and buy another flat to rent out. Plan early retirement, and consider the rental to be DS's future.

Boring as hell but that's middle age for you.

*goes on Rightmove to see what we can get round here for £500k 😂

I'd keep myself £100k out of which give to DC, help out a couple of local charities and treat DH to a holiday.
Then I'd give £200k each to my parents and my Sister.

Dh would want to use it to give his kids a leg up on property ladder.

I would want to move house to somewhere with bigger garden.

in reality we are near retirement and have savings and could pay off last bit of mortgage anyway.

so probably nice holiday then put somewhere to invest till retirement.

Pay off mortgage, do some much needed repairs and renovations on our house, buy a new larger car (need one that can double as a van for transporting lots of theatre stuff), buy a smaller car that DS1 and DS2 can be insured to drive and go on a holiday. Not been abroad for about 10 years and I miss holidays!

Go part-time.