I just won the ruddy lottery 🤩
£10,000 per month for a year 🤩
But, I’m not sure if I can spend it!?
I have been desperately saving for a deposit to buy my first house for myself and my 3 young daughters for years so this is beyond bloody amazing.
I’m a lone parent & work full time on minimum wage. My wage only just covers my rent so I get Universal Credit to top up my earnings.
I can’t work out if I can use all of the money to put towards a house deposit. Would that be classed as deprivation of capital?
I have been googling my fingers to the bone and can’t find anything out other than I may be expected to live frugally on it for ever more.
My head is going around in circles and getting nowhere.
The first £10,000 monthly amount will take me over the threshold of the savings limit of £16,000 meaning that I won’t qualify for universal credit any longer.
Will I be able to get a mortgage with just my (ever so slightly over) £1,000 a month wages?
I had spoken to a mortgage broker recently and they said I’d be able to get a small mortgage for a shared ownership property with my current wage plus UC benefits/ child benefit etc.
Does anyone have a clue how it all works?
I also have a complete twat of a husband who I have been separated from for 5 years but am still married to. Will he be able to get his nasty hands on any of it?
Any advice would be most helpful.