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Original poster

Won £50,000... WWYD?

97 replies

BridgettJ · 29/07/2020 15:03

Just that.

I won £50,000... what would you do with the money?

Thinking a little investment property in Glasgow.

OP posts:
Fantasisa · 29/07/2020 15:04

Congratulations!!! Personally I would use it as a deposit for my own house so I could leave DH but you might not need it for that.

I presume you have paid off your own mortgage already?

Northernsoullover · 29/07/2020 15:07

How did you win that? Congratulations by the way

Original poster
BridgettJ · 29/07/2020 15:07

Oh sorry to hear that!

No, don't need to leave DH. No, have my own mortgage but would rather spread bet and have someone else be paying off another mortgage.

They payments on my own mortgage are fine!

OP posts:
Dollywilde · 29/07/2020 15:07

Assuming no debt, I’d probably split it across a couple of places. £10k somewhere easy to access as a priority though, just in case of a rainy day. Would be prepared to tie the other £40k up a little tighter for better returns. I don’t know about the Glaswegian property market so would depend on what sort of thing you could get. I’d bear in mind tax on BTL though.

Dollywilde · 29/07/2020 15:09

Oh and congrats - I’m jealous!

Original poster
BridgettJ · 29/07/2020 15:09

Thanks Dolly. We already have a BTL house in London and it works very well for us at the moment.

What would you do with the £40,000 over?

OP posts:
Dollywilde · 29/07/2020 15:16

Ah, if you already have a second property then you’ll know more than I do! DH and I looked into keeping on our flat (currently buying a house) and decided on balance the tax was too off putting when factoring in the responsibility of being a landlord too so decided to sell and put the equity towards the new place. But sounds like you’re already on the ball there.

My first thought boringly was to put the £40k into my pension! Maybe 50/50 between that and a stocks and shares ISA.

dementedma · 29/07/2020 15:18

Congrats. I would clear the mortgage which would leave me about £25k. £15k in savings and £10 k for lovely holiday and treats.

RaspberryToupee · 29/07/2020 15:22

Congratulations!

I’ve worked out that we need to spend about £35-40k on our house to get it somewhat presentable. Then a holiday, when we can travel again. I might put the spare change in a savings account.

KingOfDogShite · 29/07/2020 15:23

I’d go on holiday, pay of my debts and buy myself some nice jewellery 🤷🏽‍♀️

Fantasisa · 29/07/2020 15:26

A pension is a good idea. Housing isn't always a safe bet, although having no stamp duty at the moment makes it more attractive.

OneEpisode · 29/07/2020 15:27

Someone, who seems quite normal, at work (professional job but not that highly paid) sponsored a student at his old university. He gets to set the criteria but the university has his criteria on a list and chooses the student. So the website has the “Centrica plc scholarship” and the “Royal Navy scholarship” and also the “Mr J Smith scholarship”.
I always wanted to do that if I had spare money...

serenada · 29/07/2020 15:35

I would share it on Mumsnet...

IveSeenThings · 29/07/2020 15:38

What did you win?
I'd invest £50k for my children to go to university without paying fees.

babybunny123 · 29/07/2020 15:50

Premium Bonds ! you can cash them in at any time if you want to. My friend inherited £10,000 no interest in banks so she bought Premium Bonds and has had quiet a few wins.

JoeCalFuckingZaghe · 29/07/2020 15:52

Cry with joy, pay off debts.

Figgygal · 29/07/2020 15:53

Invest it wisely and you will gain much more than a BTL

I’d get proper financial advice

Original poster
BridgettJ · 29/07/2020 16:03

Hmm.. good advice. Very keen to invest it but have no idea where to start! Worried we might lose it - a BTL seems safe? Especially with the stamp duty reduction etc.

OP posts:
TheBiscuitStrikesBack · 29/07/2020 16:38

Why Glasgow specifically?

Original poster
BridgettJ · 29/07/2020 16:53

Large high ceiling tenement flats, beautiful flats, good location, full of students... very, very affordable. £300,000 for a two bed flat easy!

OP posts:
Original poster
BridgettJ · 29/07/2020 16:54

Did look at Edinburgh, but it's so expensive! However, price are on the sky rocket and people saying its the next London. Maybe I should jump on the bandwagon!

OP posts:
DrCoconut · 29/07/2020 20:28

I'd use some to go private for some medical tests I need as the NHS wait is long. Then I'd probably use some to move house and have a couple of nice holidays too!

ForensicAccountant · 30/07/2020 23:17

You won’t get a BTL mortgage on a LTV of nearly 85%. Unless the rents were exceptionally high, you could easily make a loss let alone have your property paid off.

PickAChew · 30/07/2020 23:23

My last house was cheap but we sold for more than 50k!

Replace our 10 year old car.
New kitchen.
New shower room upstairs - currently more of a lootility.
Fix the saggy, poorly insulated dormer that is our bedroom.
There might be some change left to overpay the mortgage for a year or two. Current term until I'm 70, so always prudent.

00Sassy · 30/07/2020 23:28

@serenada I’m with you! Grin

Congratulations OP!