Money Moral Dilemma: Is it OK to pay off our mortgage with our son's winnings?

Hermia

marliepanda wrote: »

I cannot believe this even needs to be asked. of course it is wrong

1. It is his money, not yours.
2. Inheritance is irrelevant, you could fall out with him later in life, or you may need to sell your home to pay for your care when you are older/incapacitated.

Or the parents may remarry and give the house to their new spouse or even the new spouse's kid.

Are these money dilemmas becoming more and more clickbaity or am I imagining it? I thought they used to be about ordinary situations that many of us experience.

bertiewhite

The kid won't even know about it so why not?

Wings_of_Ambition

A watertight loan agreement with your newborn baby? Some of you are literally ridiculous.

I say go for it. If he's going to inherit the house, the least he could do is help save thousands and thousands of pounds in mortgage interest.

In any case, until the kid is 16, the parent or guardian runs the account and receives any prizes.

adamwf

Absolutely fine. Just use his winnings, put him up for adoption and never speak his name again.


Seriously - I would. You'd all have a much better quality of life. Any kid growing up in the knowledge that they've got £1m+ waiting for them when they turn 16/18/25 or whatever age - assuming you tell him - will alter their dreams and aspirations accordingly. I've seen it happen.

Jkoyo

This one's easy. It is NOT ok to use someone else's money to pay off your mortgage, even if it is your son. Your assumption that he will one day inherit your home is flawed. There are a variety of reasons why - care home fees, bankruptcy, ill health, divorce to name but a few. Good luck though with the thought of a big win. I've never had one!

[Deleted User]

I'd second asking the grandparents. If they're fine with it go for it.

gunsandbanjos

I’d say yes on one condition.

You need to repay the money to him. Not in the form of the house to inherit as he would likely get that anyway.

If he won £50k then you need to repay £50k by the time he is 16.

If you don’t then you are stealing from your own child- that money would give him an amazing start when he grows up.

Swellmel06

I am assuming that if you have just had a child you are around under 40. Which means that you have a potential few decades under your belt before your child gets to inherit your house..if you still have it by then. Your child is likely to need a bit of money when he hits 18 to go to uni, get a car or a deposit to buy his own place before you hit old age.

I agree with the comments about asking the grandparent and see what they say, but I think that you should have a little bit of morals and see that the money was given to him and not you, so you should leave the money for your son, unless you are hard-up and are desperate. It seems like this may be one thing that is likely to break your relationship with your son (in the future) and he is only a baby! Like someone said; you might as well give him up for adoption whilst you are at it.

John_Gray

Why not ask your newborn boy what he thinks of the idea?
If he says something like "gurgle, gurgle" he is clearly agreeing that you should use his winnings to pay off your mortgage, and you can act accordingly without any of the guilt that other posters are heaping upon you...
:A :j :beer:

pete-20-11

Maybe these should be renamed dim-lemmas ...