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?

I'd be fucking laughing if I got £500k.
Pretty much every difficulty I have in life could be resolved with that amount and life would be good.

Had a look on Rightmove and found a house - 4 bed with garden but needs some work for £250k so say £350k with work & furnished.

I could then pay off my mortgage - £100k.

£10k for a Japan holiday
£15k for visiting family in Australia and travelling
£10k on a car
£5k clearing debt
£10k in kids savings

We would then be £1400 up a month from being mortgage and debt free plus have a house we could sell for around £140k or rent out at £600pcm

Big extension with a luxury kitchen- reckon would be £200-250k. We are kicking ourselves that we didn’t borrow the money when interest rates were low as we can’t really afford/justify it at the moment.

£100k towards school fees, load up ISAs (20k each this tax year and next) £80k, Disney world for us and kids staying in either one of the deluxe resorts or four seasons with all the extras (£30k), £10k to the school pta (ideally anonymously), earmark £15-20k to go to the Maldives and then put anything left into junior sipps for the children.

The most sensible thing would probably be to clear the mortgage but I don’t think I would would a windfall at this point. I’d be more likely to do it closer to retirement if a windfall meant I could clear mortgage and just stop work.

We have some saved up for an extension so this money would allow us to go ahead.
I’d also:

• exchange my car
• pay for 2-3 holidays
• out the rest in my pension

Retire!

Give away at least 10% first. Clear mortgage, remodel kitchen including moving a wall and removing a wall - maybe 75k all in? Significant amount to each child for house deposit. One decent holiday. Invest the rest most into pension in some form, some in easier access to go towards weddings or similar for DC. Divert most of the money we no longer woukd have to spend on mortgage into regular savings.

Pay off the mortgage
Put the rest into savings to help dc with flat deposits when the time comes.

Where are you getting 9%?

I think it depends where you live ,
In the northwest of England where I live I could buy a nice maybe 3 bed semi for £2-3 hundred thousand and use the rest in savings
In London or the southeastern would be very different

Pay off the mortgage and put the remainder into pension savings. Leave a bit aside for treats and gifting to family.

Property development, but non risky, underwritten and guaranteed.

Buy a nice little flat and finally learn to drive. Would also be very tempted to buy a horse once I could drive...

I don’t think you need a driving license for a horse 😂

Sell this house and buy another one nearer to DS2, DDIL & DGS. DH could get a less stressful job. Save the rest.

I have no pension. I'd put £250K aside for that.

£80k to repay remainder of the mortgage and get a new kitchen.

£80k each for the three adult children to help them get on the property ladder.

£10K for a family holiday.

Buy a house outright (400k), get debt free (10k) and the rest invest in my business to take it from a one person operation to a small workshop with a few staff

And I'd take the family on holiday somewhere nice

New kitchen, new bathroom, round the world sir ticket, laser pubic hair removal and reduce working hours.

Pay off our mortgage and spend some doing up this house. It doesn’t need much but the garden needs an overhaul. Then I am not sure if we’d move or stay. We are semi rural. We both need new cars and money would be put aside for a car for DS and his insurance as he will be 17 next year as well as a lump sum for when he’s 21.

Holiday wise, we’d go back to New Zealand to see family and I’d then want to go to Antarctica.

I would invest some and discuss pensions.