Should I ask for my £18000

AnxiousTheElephant

Long story short I have inheritance that my mum's has (18k) and she will give me when I purchase a house (as she did my brother)

I'm looking to move out in 12-18months. Should I ask for this money now to invest somewhere.. if so where?

MaxiRobriguez

No, it's not your money.

Also, you wouldn't be investing it at that time horizon, you'd simply be putting it in a savings account. You're looking about £300 interest max if you managed to get hold of the money now so hardly something that is going to make or break things.

Let it be, you're getting a nice present from your Mum, don't make her feel like it's not enough.

Mojisola

AnxiousTheElephant wrote: »

Long story short I have inheritance that my mum's has (18k) and she will give me when I purchase a house (as she did my brother)

Is this money that your Mum is giving you or an inheritance that you've received from someone else that your mother is hanging on to until you buy a house?

Sea_Shell

Is this YOUR inheritance, that's being held in trust by your mum? (How old were you, under 18?)

Or is it actually your Mum's, that she's promised to gift to you, at some point in the future, when you're ready to buy?

MarkBargain

You might want to read about Lifetime ISAs as you could get a 25% bonus on £4k a year. https://www.moneysavingexpert.com/savings/lifetime-isas/

Brian65

Sounds like the prodigal son.
If I was your mum I'd be worried you might blow it.
Don't fall out with her over it when she's only doing what she thinks is best for you.

Malthusian

As others have said we need to know who your benefactor(ess) left the money to. Your mother (i.e. it's her money and she intends to make you a gift at some point) or you (i.e. it's yours and she is trustee).

If it's the latter then you have a decision to make if you're over 18 (16 in Scotland), if it's the former then what MaxiRodiguez said applies.

The answer could in theory also be something even more complicated (e.g. a discretionary trust again with your mother as trustee).

colsten

MarkBargain wrote: »

You might want to read about Lifetime ISAs as you could get a 25% bonus on £4k a year. https://www.moneysavingexpert.com/savings/lifetime-isas/

Judging from other posts by the OP, she has already got a LISA.