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

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  • Pollycat
    Pollycat Posts: 34,661 Forumite
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    pete-20-11 wrote: »
    Maybe these should be renamed dim-lemmas ...
    :TOr in this particular instance 'hypothetical dim-lemmas...' as the premium bond numbers haven't even come up.
  • cheerful
    cheerful Posts: 36 Forumite
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    This is another way in which gambling splits families. The £1000 is a gift but you are already setting up an argument over the the possibility of a large unearned income. Put the money in some sort of savings account with a guaranteed return instead.
  • Pollycat
    Pollycat Posts: 34,661 Forumite
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    cheerful wrote: »
    This is another way in which gambling splits families. The £1000 is a gift but you are already setting up an argument over the the possibility of a large unearned income. Put the money in some sort of savings account with a guaranteed return instead.
    That's not the OP's call.
    The grandparents have gifted premium bonds.
  • joehoover
    joehoover Posts: 146 Forumite
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    This is odd, taking serious consideration over such an unlikely scenario before it ever happens. And this consideration involves taking from a gift for their child. The difference is your child is not likely to inherit your house when they turn 16 but they would receive any winnings then. So more to the point, if you did steal from your child, are you planning to save up to repay them any money you pilfer at 16 plus interest from having any winnings which would otherwise have been accruing interest in an account?



    If you don't plan for that you can always steal their student loan at the time or something..
  • happyinflorida
    happyinflorida Posts: 807 Forumite
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    Luckily, for your son, the winnings will be his, the company will pay to him, not you. So, no, you cannot steal it to pay off your mortgage and don't assume your house will one day be his because if either of you need to go into a care home, it will be sold off to pay for the care home fees and he probably won't see a penny of it. Didn't know that either did you?!!
  • JayD
    JayD Posts: 698 Forumite
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    Really? Are we offered hypothetical and unlikely scenarios to advise on now too? As if the others were not spurious enough!



    So, how big is 'win big'?? And what about sharing with the grandparents too, while spending your son's (unlikely) winnings?


    Have you not heard of the excellent savings accounts for children that pay good interest an which are kept IN TRUST for them?


    Sigh
  • Livy
    Livy Posts: 37 Forumite
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    Everyone there referring to it as stealing.
    Don't agree, if this did happen, and were able to pay off the mortgage,
    Surely the child may have a higher quality of living,
    Eg more holidays etc and the parents wouldn't have to be paying a mortgage,
    I'm not saying the child shouldn't get any money
    However it would be wise to offset the mortgage to begin with
  • marliepanda
    marliepanda Posts: 7,186 Forumite
    Livy wrote: »
    Everyone there referring to it as stealing.
    Don't agree, if this did happen, and were able to pay off the mortgage,
    Surely the child may have a higher quality of living,
    Eg more holidays etc and the parents wouldn't have to be paying a mortgage,
    I'm not saying the child shouldn't get any money
    However it would be wise to offset the mortgage to begin with

    If the parents want to use their childs money to pay off their mortgage there is no chance in hell they'll be giving the children a good quality of life, as they're clearly far too selfish.

    Of course it stealing, it is taking something from someone without knowing whether you can return it.
  • Mr_Mann
    Mr_Mann Posts: 21 Forumite
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    Are you serious ?
    You shouldn't need telling that the money belongs to the person the bond was bought for. His grandparent clearly intended him to have this chance as well as his inheritance.
    You could (just) make an argument that if the bond was won soon (ie whilst your child is young) then you could reduce or pay off your mortgage and then set up a savings account to repay the bond money. This would mean that your son would receive the interest you're paying rather than your mortgage company. You'd need to ensure that the original sum was all paid back together with the interest by the time your son is 18 or whatever age his grandparents intended him to have the money. But bear in mind that you could just invest the money for him anyway which would earn interest albeit at a slightly lower rate than your mortgage rate.
  • GB12
    GB12 Posts: 74 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Keeping ALL the winnings and putting the child up for adoption sounds right to me. Kids are blood sucking leaches anyway.
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