What to do with £16000?

Emmzi

keep it for the house. it is a gift with conditions. If you take the gift, you take the conditions.

k66yla

Buy a house, its a buyers market (apparently). Also if this gift is to help you on the housing ladder I suggest you use it for that as your parents intended.

jonsyt

Colin297 wrote: »

1) If you aren't in a position to buy a house you shouldn't be getting married. Have these large details sorted out before any marriage imo..

This has confused me . Why on earth should people who are not in a position to buy a house not get married .
They are people who will never be in a position to buy there own property but why shouldnt they get hitched

dealer_wins

k66yla wrote: »

Buy a house, its a buyers market (apparently). Also if this gift is to help you on the housing ladder I suggest you use it for that as your parents intended.

Agreed. Its not a gift of £16000 to do whatever you want with, its a gift for a house deposit!!

sulkisu

If your parents are giving you a deposit for a house, you need to either spend it on that or tell them up front that you are not ready to buy yet and they can decide what to do (either give it to you anyway, or hold onto it until you are ready). They may well have other things that they could spend it on - their own debts, reducing their mortgage, for example - but instead have decided that helping you get onto the property ladder is more important. To spend it on something else, without even discussing it with them first, is disrespectful.

chesky369

I find it particularly disrespectful that you come onto a board to ask a load of strangers their advice, without even having mentioned it to your parents.

MuffinTops

I think that Rhys is just weighing up options at the moment. It doesn't sound to me like he's being particularly disrespectful. He doesn't have the money and is trying to work out the best option before putting a case forward to his parents.

Personally, as the loan isn't specifically yours I wouldn't want to give you the cash to pay off another's loan, no matter how much I liked your partner or how secure I felt your relationship was. I also agree with the people that say that you have been offered money for a specific reason and should use it for that reason or ask your parents to hold the money until you're in a position to buy a property.

I would think that if they didn't mind what you spent the money on, as long as it helped your financial future, that they would have mentioned that in the offering?

Good luck with it all though. What a wonderful gift they're giving you.

Googlewhacker

chesky369 wrote: »

I find it particularly disrespectful that you come onto a board to ask a load of strangers their advice, without even having mentioned it to your parents.

Because its easier and not so potentially disruptive to life. Often a stranger is more likely to give it to you straight as well!

Personally I wouldn't pay the loan back because you never know what happens in the next few years and if you split up you'd be screwed trying to get the money back, whereas in a house you'd have half a chance of getting something back.

skintandscared_2

MuffinTops wrote: »

I think that Rhys is just weighing up options at the moment.

What "options"? The first post clearly says:

"My fiancee and I will be getting married this summer and as a present my parents are very generously giving us £16000 for a deposit for a house."

They are purposefully giving you a huge amount of money to help get you on the property ladder. There are no alternative "options". If I were the parents and handed over that sort of money, and it wasn't spent on what I had specified it should be spent on, I'd be asking for it back!!!

geoffky

Colin297 wrote: »

Two things occur to me here:

1) If you aren't in a position to buy a house you shouldn't be getting married. Have these large details sorted out before any marriage imo.

2) If they are giving you 16k for a house, that's what it's for. So either: A) Take it and hold it for that purpose (if they allow this ok) or Go ahead and buy a house....

EDIT: I thought it was her parents. I suppose then it depends on what they think.

I had three houses before i was married...what a mad suggestion