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 wouldn't clear our mortgage - house in London. I don't think we'd change our lifestyle significantly - we wouldn't move or be able to stop work. I'd probably discuss with DH the option for him to go pt (I am already pt) but it would need some number crunching over how much to pay off the mortgage and what to keep for other expenses.

Keep £100k for private school fees for DC.

£50k for house renovations

rest on mortgage.

what a dream!

Actually buy a house so I don't have to continue renting, let the kids get new bedroom furniture for their rooms.

Then get a nice greenhouse for my own garden 😁

Book a driving lesson intensive course and get myself a runaround.

Invest whatever is left.

Pay off the mortgage,
do all the home renovations/repairs that we would like to,
Landscape the front and back garden,
Book a family holiday,
Pay for regular tutoring for DS to help him,
Book a session with a personal stylist to advise on clothes and make up.
Put money away for the future.
Buy DH a new car (his is fine but it's 15 years old & he'd love a Tesla).

That’s what I wondered. £500K invested won’t give you much income at all at the moment.

Pay off mortgage (that leaves me 400K to play with).

Purchase 1 bed flat for DD and rent it out until she needs it.

Leaving me 200K.

Invest 150K for retirement.

Go on holiday somewhere special, 15K. New car - 15K.

The last 20K - on stuff on the house.

It does on a 9% return, plenty to top up the pension

500k in a perfectly standard savings account rn would give you over 4%, or 20k a year?? That would cover me to drop to 3 days a week, at least...

Pay off mortgage (£170k), save £150k for DS's uni/house deposit, get the house done up properly (£30k), save most of the rest for a rainy day, go on a fabulous holiday in South America.

PP was paying off a mortgage then retiring on the income from investing the rest though...

Half to pay off our mortgage. I'd leave teaching for a lower wage but less stressful job that's part time as we have a baby. Rest for a holiday fund, an emergency fund and start savings accounts for our two dc. I suspect my dh would prefer to move to a bigger house with a driveway though!

I’d add it to my savings and buy a house in Switzerland.

Give it to DS1 and DD1

I don't need anything

Big family holiday to the Maldives and buy Bitcoin.

Buy two BTL properties and rent them to the council. Then I would remortgage them and buy another 2 and rent them to the council.

Pay off my kids' student loans before they get too big (£100k)
Give them each £100k house deposit
Redo my windows and bathroom.
Have a really nice holiday.
Save what's left.

Hmm. At this point in the year £80k into ISAs - £20k each in March and then immediately in the new tax year.

Pay off the mortgage and either move to the dream house or do everything I want to this one, either way that’s about £250k all in.

£80k to each of the girls, enough to buy a starter flat outright round here. Property is mostly reasonable.

£10K for a nice holiday left over.

It’s a good question. It’s not enough to retire on, nor would I want to but it could give a real level of financial security couldn’t it?

I'd pay off the mortgage on this property (£70k) and let it out to generate extra income. Then use the remainder to buy a larger property with a small mortgage. I'd use the profit from my 1st house to overpay the new mortgage and pay into my pension. I'm down south so £500 doesn't buy much.

This pp only has £40k of a mortgage and a very decent superannuation she’s been paying into for over 30 years

Buy a house.

Buying a house, there’s a lovely one near me that I’d buy for just under 200k, spend a bit of money decorating it, new carpets etc, buy a car and go to uni.

Pretty much what other posters have said, pay off the mortgage, do some home improvements, give the kids money for deposits on their own places and then leave work (me that is, DH can carry on working - he likes his job more than I do!).

Buy 50% of a house under HOLD (£175k)
Buy a shop for my Botox clinic (current listing has 5 rooms I could rent out) with a 1 bed flat above it (£275k)
Renovate shop (£50k)

Rent out 1 bed flat for £850 a month

Rent out 4 clinic rooms for £600 a month each.

£4050 a month from the investment.

Rent will drop by £800 a month.

Business overheads will drop by £500 a month.

I'd make the £500k back in 9 years, not allowing for any increase in value on house or business premises. Then I'd have £500k, assets worth a minimum of £450k, plus whatever i have saved from the passive income and my business income.

I'd buy the other half of the house at the earliest opportunity further saving £473 a month.

With the savings I would buy my mums bungalow for her, and carry on working towards buying my daughter a 1 bedroom flat.

Similar to others.
Pay off mortgage, extend the back of our house and then have a nice holiday. That would probably leave us with about £100k which I’d save towards DDs university fees/house deposit etc.
We’d be able to afford a good holiday every year after with some of the money saved by being mortgage free. We would also able to build up decent savings with the rest.
It would be lovely!

Buy a house and put the rest aside for my disabled daughter for when I'm gone.
I wish I could.