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Original poster

I just won the ruddy lottery. But …

312 replies

Lotteryinducedturmoil · 02/06/2023 19:37

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.

OP posts:
SuperbSummer2023 · 02/06/2023 19:57

congratulations!!

Definiteky speak to a lottery advisor to maximise the benefit of it!

is it definitely 'only' ONE year? Is it set for life? I didn't realise they did 'smaller' prizes as well, I thought it was just the £10,000 a month for 'life' (max 30 years)

funnily enough, it excites me more than the Euro etc.

Im excited for you, just seek legal advice to really make it work for you & keep ex's hands off it.

mumda · 02/06/2023 19:58

You can get a lump sum instead. Ring them. Congratulations.

Pteryl · 02/06/2023 19:59

They offer an upfront cash equivalent. Take that, get some childcare, go full time and you’ll have a deposit, and the income to pay any top up with a mortgage.

Catspyjamas17 · 02/06/2023 19:59

SuperbSummer2023 · 02/06/2023 19:57

congratulations!!

Definiteky speak to a lottery advisor to maximise the benefit of it!

is it definitely 'only' ONE year? Is it set for life? I didn't realise they did 'smaller' prizes as well, I thought it was just the £10,000 a month for 'life' (max 30 years)

funnily enough, it excites me more than the Euro etc.

Im excited for you, just seek legal advice to really make it work for you & keep ex's hands off it.

Yes, I thought it was for life too.

Testino · 02/06/2023 20:01

SeasonFinale · 02/06/2023 19:56

and divorce ASAP before you get too much paid!

See this is what I mean. The woman is advised to divorce so the husband doesn't take from her but the opposite is the case where the woman is advised to get/stay married so she can take from the husband.

Congrats OP by the way. That was in reference to a comment I made on another post which some chose to deny ever happens and name-call over. Nothing to do with you really.

Wish you all the best with your winnings.

Pineappletart7 · 02/06/2023 20:01

The 10k for a year is the second prize. 10k for 30 years is the first prize

DoeRayMe · 02/06/2023 20:02

Talk to a financial adviser but if it was me I'd be looking into buying my own home but also property to rent this giving you a long term monthly income.

nannynick · 02/06/2023 20:03

I think you need to be careful here. Your UC claim will end. You will be expected to use the money so you do not need to claim benefits.
Over a 1 year period you get £120k. If you put say £100k into a home deposit, then you would likely claim UC again once your savings drop below £16k.
If you had £40k in savings accounts and £80k in investments, then you could live off your salary plus the savings for a few years, and the investments may grow and you could take some out.

Has the lottery offered to pay for a financial adviser/planner? I would ask them about that as they do that for large amount winners so maybe they do it for someone with a win of your size. If they don't offer it, then consider paying yourself for professional financial planning advice.

It is not a huge amount of money but I feel you need to make it last as long as possible and not risk falling foul of any deprivation of capital rules.

Testino · 02/06/2023 20:03

And that wasn't aimed at you too @SeasonFinale Just used your post to make a point.

carly2803 · 02/06/2023 20:05

congratulations!!

i would keep this very quiet from your husband. If anything I would divorce him asap, and buy a house once everything is done! else he will be entitled to half.

Fam23 · 02/06/2023 20:06

This is fantastic! Congratulations!!!
could you save the money over the year and then put it all down as a deposit? Not sure how it works to be honest. How exciting!

SeasonFinale · 02/06/2023 20:11

Testino · 02/06/2023 20:01

See this is what I mean. The woman is advised to divorce so the husband doesn't take from her but the opposite is the case where the woman is advised to get/stay married so she can take from the husband.

Congrats OP by the way. That was in reference to a comment I made on another post which some chose to deny ever happens and name-call over. Nothing to do with you really.

Wish you all the best with your winnings.

Show quote history

They have already separated 5 years ago so that is why I said to divorce now.

musixa · 02/06/2023 20:15

could you save the money over the year and then put it all down as a deposit?

The problem the OP has is that, if she does that, she is then back to a wage of £1k a month, which is unlikely to cover the remaining mortgage plus her other expenses. Currently she gets UC to top up her £1k wage. But UC stops if savings exceed a certain level, and UC take into consideration any amounts that seem to have been deliberately spent to stay below the savings threshold. So if UC see that OP has had, then spent (on a deposit) £120k then she may not be able to get UC in future to top up her wage.

Itsanotherhreatday · 02/06/2023 20:16

I’m sure a guarantee backed from the national lottery would allow you to overpay a morgage over the year -

And to the persona saying about deceiving the husband - she’s housing his children!

Luckymummytoone · 02/06/2023 20:16

Sorry if this has been said but I think savings for the first year are disregarded? Might be worth looking in to xx congratulations what a lovely win xx

IMustDoMoreExercise · 02/06/2023 20:17

You should be able to get a mortgage based on your winnings as they are guaranteed.

You need to speak to a lawyer re your ex as he might be entitled to something.

IMustDoMoreExercise · 02/06/2023 20:19

IMustDoMoreExercise · 02/06/2023 20:17

You should be able to get a mortgage based on your winnings as they are guaranteed.

You need to speak to a lawyer re your ex as he might be entitled to something.

Sorry I ignore that. I thought it was 10,000 for the rest of your life.

Trees6 · 02/06/2023 20:20

Luckymummytoone · 02/06/2023 20:16

Sorry if this has been said but I think savings for the first year are disregarded? Might be worth looking in to xx congratulations what a lovely win xx

Transitional protection, yes. But I think that is only when you move from Tax Credits to UC and it’s not by choice.

Ormally · 02/06/2023 20:24

Yes, there is a tier that's £10k per month for a year.

I followed the lucky numbers of a seaside fortune teller automaton a couple of days ago on Thursday's game! No luck over here but congratulations!

In case you're interested, the fortune card that you should have had also says:
You are always ready to travel. Do not block your vision with rule about where to go. Just take the break and enjoy...
You worry too much about the past, travel forward and excel in the future. It is waiting for you.
August is a lucky month.
Get that sorry ass of a husband off your backyard.
You will have a house that you and all your daughters will love to bits.

*Ok the last 2 lines weren't strictly on the card!

BigSkies2022 · 02/06/2023 20:31

I think a lottery win is not classified as a marital asset, so ex shouldn't be able to dig his fingers in. Can you get advice from the lottery?

Congratulations - it's a better time to be holding cash as well, as interest rates are finally going up.

Whether you will be able to get a mortgage on a wage of £1000 pcm plus a deposit of £120k will depend on where you live and what you will need to house you and DCs. Talk to a mortgage advisor and a good estate agent!

What a great thing to happen, that's brilliant.

WiddlinDiddlin · 02/06/2023 20:32

Buying property wouldn't be deprivation of assets, no - ditto buying things you need like dishwasher, washing machine, car etc.

Now if you start buying everyone you know high end gifts, or you start taking out cash sums you then can't account for - yes you'll have a problem when it comes to claiming again once the money is spent.

I'd get advice from a financial bod who understands benefits, however its a good general rule to ensure you can document where it all goes, and don't buy things you (you personally, so certainly not anyone ELSE!) you don't need.

Ie, 1 washing machine is fine. 2 is suspicious. 3 is clearly taking the weewee!

shadowofadoubt · 02/06/2023 20:32

Regrettably, am unable to offer advice, but I had to congratulate you OP - am absolutely thrilled for you. Mazaltov! 🍾

caringcarer · 02/06/2023 20:33

OP, your ex could only try to claim it if he knows about it. Don't tell him. Squirrel it away for the year then put it down as a big deposit. You'll have to stop claiming UC but you won't need it now. Congratulations 👏 OP. Life will become easier for you now.

musixa · 02/06/2023 20:33

Where I live you could get a terraced house outright for £120k!

Blowyourowntrumpet · 02/06/2023 20:33

I can't offer any advice, but just wanted to say congratulations 🎉

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