Help with lump sum investment

misspants

It's a bit complicated!
My husband is chronically ill and I have given up work to look after him, we have 3 children under 12.
My MIL is downsizing and has approx. £45,000 to give us. I really want to do something useful with this money so we can get off benefit and pay our own way, but really don't know how I can make that amount work for us as a family? (we both worked all our lives until recently, but now have no savings and only a smallish frozen pension for me) Should I pay it straight off our mortgage? (stands at around £70,000) or could I buy a flat and rent out (would anyone give us a mortgage for the rest?) Any helpful suggestions gratefully recieved!

xylophone

Have you posted on the Benefits board?

kidmugsy

misspants wrote: »

My husband is chronically ill and I have given up work to look after him, we have 3 children under 12.

My MIL is downsizing and has approx. £45,000 to give us. I really want to do something useful with this money so we can get off benefit and pay our own way

I really resent paying tax to subsidise dole-bludgers: I don't resent paying tax to support decent people felled by a cruel fate. I go further: use the benefits. Ask your MIL to hold on to most of her cash in case of severe emergencies in future. Accept a gift of whatever sum it is you're allowed to have before the benefits are reduced, so you have a some emergency cash under your own control too. Best wishes to you all.