Pay towards mortgage or not

[bloodyhousesaremoneypits]

We need some work done in the house before a leak causes a huge problem. The quote with materials is about 6k.
We have about 1k saved in joint account. DH has no savings and I have a little bit. He’s a spender.
So DM is giving me 5k
We were going to use money I save for DD to pay for the work rather than get a loan and pay that money back as it’s interest free.

Are we better off putting the 5k on the mortgage or using us to fund repairs?
The account I save in doesn’t pay a lot of interest and it annoys me when the mortgage statement comes in that not much has been paid off the capital.

But if you pay it off the mortgage, how will you pay for the work which needs immediate attention?

I can use the money I have in an account for DD. I put in about £50 a month and have done for 10 years since she was born. Sometimes less if I can’t afford it. We can pay that monthly

Won't your mum mind if you use the money she gave you for something else?

What about your DH? Saying he is a spender is bollocks. If he can't contribute to household repairs what good is he if he is "spending" his earnings. My mind is boggled.

Isn’t that a bit cheeky - your mum is giving you money for repairs, not to pay the mortgage off. And then taking from savings for your daughter?
Why don’t you come up with a mortgage overpayment plan with your husband, keep your savings in tact, and pay for the repairs thanks to help from your mother?

If you need the repairs to avoid a huge leak why would you put the money towards paying the mortgage?
Is your mum giving you the money for the work?

Either way I would pay for the work with the cash and you can save to overpay the mortgage. The cash from your mum is money to never had to begin with, if you end up not saving the 5k back up there’s less harm done. Taking from your daughter’s savings and potentially not repaying it isn’t really a first option imo.

The 5k is for repairs, either use it for that or don’t take the money. That’s really cheeky.

Agree.

If you have savings - which you do, even if it’s for your dd, you need to use that. There’s no point dd having a pot of gold if the house around her is falling down.

She isn’t giving me the money for the work she’s just giving it to me. My dad recently died and she’s giving my and my sister some money he had.
The money I save for DD is in my account in my name. She won’t miss it temporarily as she doesn’t know it’s there. I was just wondering if paying a bit off the mortgage made more sense. Given the account barely makes interest.

He spends his own money. We add money to a joint account whatever he has left is his. I’m more of a saver. We keep our money a bit separate as we have separate children and different responsibilities.

I'd look at better savings accounts for your child if interest rate is poor. Is it a child ISA?

Either way I would use that money for the repairs rather than your daughters. If you’ve only been saving £50 a month or nothing in that account is there really a guarantee of paying it back?
The interest difference is really going to be nominal.

And if your money is separate and you have separate kids then your DH owns you have for the repairs.
Don’t take from your DD’s future because your DH can’t be an adult with money.

If you don't keep the house in good repair then the mortgage is going towards a depreciating asset. Get it fixed (and use the money from your parents, not your dc's savings).

DH doesn’t spent what he doesn’t have. I have no issue or concerns here. The money from DM is for both of us.

Thanks for advice all

Surely the house is a shared responsibility? If you have separate finances the money from your mum is yours. He should pay his half of the house repairs.

£6k overpayment on the mortgage might not make much of a difference depending on rates etc, I’d do that calculation and unless it was worth it (big impact) I’d use it for repairs.

He basically does spend what he doesn’t have, spending to the end of your salary every month when you don’t have a penny saved for inevitable home repairs is so naive at best.

@Theyreeatingthedogs I meant after we’ve added money to joint they’re separate. Gifts from parents are for both of us.
my question is about what money to use that make more sense financially

Sorry didn’t realise that the money from mum was part of an inheritance. I apologise for assuming otherwise.

@goz I think you’ve made most of that up.

I didn’t post in AIBU by accident did I?

I’d use the money for the repairs. You’re not really in a position to be locking money up by overlaying the mortgage. Save what you were going to pay back to DD as your emergency fund, and when you have 3-6 months of expenses saved into an emergency fund then you can start overpaying the mortgage. Otherwise you’ll need to go into even more expensive debt the next time you need a house or car repair or other unexpected big expense.

Thank you. Makes sense.

I think taking money from your daughters account when you already have the money to fund the repairs, is a slippery slope.

You’re basically taking her savings to pay off your mortgage. What if you can’t rebuild them? What investment growth will she lose?

That’s bollocks. He needs to save money, not spend everything he earns. When you own a house you need to save a lot of cash for repairs. Or save for a holiday or just for any emergencies. He needs to grow up.