What would you do with a substantial unexpected windfall?

[NCexcited]

Name changed for this post. I have been incredibly lucky to have come into a substantial amount of money around £500k going to do the obvious like pay of debts mortgage etc probably take the kids to Disneyland but tell me what you would do if you had a substantial amount of cash to play with

I'd have my house modernised with as many labour saving and accessibility devices as possible, in the hope that I can stay here forever and give anything left over to DC towards their own house purchases.

I moved in 20 years ago and everything that was done then needs redoing. Another 20 years should see me out.

Before doing anything like paying off the mortgage I’d seek independent financial advice. You may find the return is better putting some money into maximum overpayments and some into investments, rather than paying off the lot (which means dropping monthly payments but ties a chunk of money into your house). I have had good advice in the past in a similar situation and of course you ultimately can do what you think is right, whatever an advisor says.

Mainly, I hope you enjoy the feeling of security OP, and treat yourself!

Put the majority into savings for my children.

This.

Major extension to my new (rather cosy) house. The kitchen would be doubled. I’d also buy a really decent tractor with a mowing deck, there’s a lot of grass, or will be soon.

Pay off debts. Buy a house then keep £50k aside for any repairs, decor etc.
I’d also go back to uni and pay it off outright.

Take care of my family - Father, Brother, Sister, Nieces and Great Nephew & Niece,

I would pay off anything that I owed, and then focus on finishing my house and garden off! I spend far more time at home than I do on holiday, so I'd like it to look and feel perfect for me. I have a lot of grand plans for it, but not much time or money to spend on it!

If I was in my 30s or 40s then pension sorted. I’m lat 50s, good pension, I’d fritter a fair amount on a rtw business class ticket and trip. And give some to nephews and nieces.

I’d move.

Get all the necessary but boring things to the house like painting , fascia, maybe upgrade car . Then give a good chunk to my DCs . It would be nice to have freedom to do whatever you fancy like trips , lunches without worrying about money . Hard to get the balance right as nice to have savings but who wants to die with thousands in the bank ?

Whenever I got extra money by way of windfalls I split it in three. One third to be spent on house, cars, holidays and maybe gift some to our children. One third to be invested for long term. Pay off mortgage, invest in pensions and stocks and shares etc. one third saved for the medium term maybe to be spent on upgrading car, new kitchen etc.

Someone hasn’t done the maths or followed the new legislation

If I had a windfall of £500,000 I would put the house up for sale, sell everything and buy a plane ticket out of here

Invest most of it and retire at 55. Which is what I did. Two months to go!

New house, try to get a 3 month sabbatical from work to travel and invest anything left!

Would advise strongly against the couple of posts advising BTLs. It’s a mugs game now with government doing everything in their power to decimate the PRS.

Invest in a global tracker fund. Far less hassle and a better return.

I'd avoid BTL unless you want to become a professional landlord. It's a lot of hassle and stress for small scale landlords.
If I'd paid off my mortgage and had some fun and then had some leftover, I'd basically be investing into a pension, either directly or indirectly.

Give half of it away to DC & my favourite charities.
Probably spend around £50k on future proofing our home against the effects of the climate & energy crises (especially excess heat).
Have a phenomenal holiday.
Save the remaining 150k for future enjoyment.

Pay off debts
Get all my health issues sorted via private health
Get my teeth fixed including whitening
Take the family on a fabulous holiday
Put some away for my DC
Move to my ideal location
Invest the rest and retire

Buy DS a house and spend the rest on travel. I’m retired though and have zero mortgage or debts.

AGE and stage of life is very relevant here.

Pay off the mortgage and put a good chunk away for each DC as a university fund.
Possibly replace my car because it’s quite old now, but wouldn’t get anything fancy.
Would definitely use some for an amazing holiday too!