I just won the ruddy lottery. But …

[Lotteryinducedturmoil]

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.

Cancel the uc and live off your winnings
you can always go back on in the future but you won’t get any enjoyment out of it if you try to hide it / worry about benefit fraud .

This is lovely, congratulations! I haven't read the whole thread but haven't you had financial advice because of the win? I am sure I read somewhere that you can elect to take a lump sum.

This is terrible advice

She really doesn't need UC! Also that's fraud!

So you’re getting 120k but want to keep your benefits?

Many congrats, OP! 🍾

I can’t imagine the ex would be able to get any when you’ve been apart this long.

When you start getting it your UC claim will pause, save 8k per month or whatever while using the remainder to live on. By the end of the year you could have nearly £100k for a deposit on a property. Then between UC and your earnings you should be able to mortgage.

Just saw the husband post. Yes it would become part of the marital pot unfortunately. You really need some legal advice asap.

No advice sorry but massive congratulations 🤩🥳

She isn't wanting to keep her benefits. She wants to know what her likelihood of getting a mortgage will be!

Speak to your bank's mortgage advisor. They will help you.

And congratulations!!!! I hope that you and your DC will get some financial security!

If your husband had won would you expect a %

Tell no one and file for divorce immediately.

Congratulations.

This

If OP uses her winnings to top up her income it will be used up in what? 8-10 years? And then she could be back claiming help with rent for many years afterwards. Using it to buy a home and continuing to claim universal credit (at a lower rate as no rent included) will surely save taxpayers in the long term. And gives OP some security/own home etc.

My thoughts...

Stop your UC claim after first payment taking you over savings threshold.

Take from the $10,000 whatever you would have been paid in UC.

Save the rest.

Divorce your husband - do this asap before your savings build. Also pay for this from the money you are receiving.

Once the year is up, if you have taken 2 grand each month for living (24 grand), paid for divorce (5 grand) you should still have £90,000.

Plan to keep 24 grand to keep you for the year plus 16 for a savings buffer. This will give you a £60,000 deposit and a year to find a property and move in before you would start eating into the planned deposit money. (Bear in mind the quickest closing usually takes 3 months).

You will have to speak to a broker and explain your situation in detail to determine what mortgage you can get in your unique circumstances.

After you have have spent the 24 grand, start claiming UC again. Hopefully you will have your own home and 16,000 in savings.

Once you have all your ducks in order maybe you could use some money and treat the family to a holiday as well.

Congratulations and good luck 🤞

Definitely use that first month’s money on a divorce. 😂

what a great nest egg for your next step. House owning will depend on where you are.

congrats!!

No, that’s benefit fraud.

Agreed. That was terrible advice.

Seriously. That is greedy and selfish.

Why would anyone with a lifetime income of ten thousand ponds a month, that is one hundred and twenty thousand pounds a year, look for ways to commit fraud in order to keep their UC?

You will get a mortgage as you will have £10k a month income ! .... Save a proportion of the £10k each month say 6-7k towards a deposit and then have the remainder to live off ...then when a large enough deposit you can get a mortgage easily as you will have a guaranteed £10k a month ! ...no need for UC so no idea why you are worried about loosing it !

Congratulations OP! How exciting.

It's only for one year. So £120k.

Thanks so much for all the messages of congratulations. I haven’t been able to tell a single soul incase it gets back to the vile husband creature. Not even my children. I took them out for Pizza tonight - as a secret celebration- which is usually only reserved for birthdays! They did wonder why!
Reading your messages has made it feel real and I have an excited knot in my stomach about the possibilities & not having to rent and live with pink carpets anymore.
Houses are at least £210,000 for an ex run down council house in my area, so there’s no chance of buying outright.
Also, I can’t squirrel it away in a secret bank account as Camelot have to pay it in to the account that I purchased my online ticket with.
I have always been good with money and never had any debt (apart from my student loan) so I will be really careful. This amount is mind boggling, I don’t even know where to start with getting a financial advisor. I need advice on how to get advice! Arrgh and Woooo in equal measures 😂