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.

You were the one who mentioned 30 hours. I said that definitions of full-time vary - you were treating 40 hours as standard, which it is not.

Uuughh, tiresome. 30 hours was mentioned as a joke because some delusional people work 30 hours and claim they work full time.

Have done the calculation again for you with 35 hours, so your 9-5 with an hour unpaid lunch break. Still over £1,400 net pay.

So, in the first month, your savings would temporarily exceed the limit, but subsequent monthly payments would likely take you below the threshold.

Hilarious.

Now you'll have money to pay for childcare, or look at other more lucrative work options to set yourself up better for the future.

OP did say it was over £1000, not £1000 exactly.

Oh, I love this
Many congratulations

@musixa you're really clutching at straws now. Let it go.

OP has now clarified it's a school's version of full time hours at 29.5 a week, so that renders our debate redundant anyway 😂

@Lotteryinducedturmoil I am so pleased for you. As a fellow lone parent especially - it is good to hear for once of somebody winning something to whom it will actually make a huge difference!

OP has now clarified it's a school's version of full time hours at 29.5 a week, so that renders our debate redundant anyway 😂

Yes, I know - I'd already replied to her post saying so. Hence why I said you are being ridiculous and let it go...

Massive congratulations!

This Chat GPT thing cracked me up as well. Evidently its trawling still needs a little more tweaking!

I'll happily help you spend it

Incredible news for you - use to take the kids on the best holidays!

Division of matrimonial assets is usually worked out at date of separation. I'd be ticking the no publicity box and keeping your win to yourself in terms of ex partner. You won't need benefits so who cares about UC, just stop claiming. Lucky you x

That's not necessarily true, unless the was a formal legal separation agreement and even then it is not watertight. The length of marriage, respective financial positions of the parties, who dependents live with, future earning potential etc will all be considered as relevant factors. Some will benefit the OP (e.g. it sounds like the children live with her) but some may not. She needs to see a good solicitor asap.

Huge congratulations @Lotteryinducedturmoil !
Not read the full thread but if ever there was a thread the press will pick up, this will be it - suggest you request its deleted.
Look up Claer Barrett for great financial advice

I think you are right you need to find out if you use most of the lottery money to put towards a house deposit in a year’s time and then re apply for UC, would that be classed as deprivation of capital meaning no entitlement to UC. I hope not, but possible.

Ah I miss read the op ! I assumed ahe had won the top prize which is 10k for 30 years ..I think 10k for one year is the next prize down!

@Testino well, take a look who is the lone parent for a start & most often has been the one to sacrifice their career progress. It's not what body parts you have, but other things.

@DoeRayMe her win is for one year, she's going to be lucky to get one mortgage, let alone 2. Depending on where you live maybe. But if you can buy 2 properties for £120000 I'd be looking at moving anyway.

Adjust your universal credit claim as soon as you receive the first amount of money.
I would save the majority of the money in a savings account with the highest interest rate you can find. Or, even multiple savings accounts to make the most money. Make sure you finances are as tidy as possible - no debts, all bills paid on time, cancel any unnecessary subscriptions, etc. Then when you've received the full £120,000, start searching for mortgage deals.
Could shared ownership be possible for you if you can't get a mortgage for a whole house?
Could you afford mortgage payments on your wage with how interest rates are at the moment?
Do you live in social housing and could you purchase your house?

Congratulations and good luck with it all! 💖

Or moved to OTBT.

I completely agree with this. The people on here are all about women’s rights but as soon as the boot is on the other foot, everyone is suggesting she should fuck off with the money and not hand it over, as per the law.

BTW, congrats OP. I genuinely hope you don’t have to hand over too much but be prepared to have to. Read up about Dale Vince, it’ll tell you all you need to know.

120k is a nice amount to win, if I was you I'd be looking at long term ways to up your income. You don't have enough money to buy a house outright and your income is fairly low so even with a decent deposit from this win as a single person you will only be able to borrow a small amount. Personally I'd be looking at ways you could retrain and put yourself in a better financial position long term so you aren't sat on benefits forevermore. You could still have some put aside for a decent deposit but you'd eventually have the income to be able to borrow a decent amount. House prices/interest rates are high at the moment so sitting it out a couple of years will save buying when prices are up. I think you need to move away from the mindset that you'll take your 120k and then get back on benefits as soon as you can, this is an ideal opportunity to improve your income long term so you aren't relying on benefits.