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

Options
MSE_Sarah
MSE_Sarah Posts: 327 MSE Staff
First Anniversary Photogenic First Post I've been Money Tipped!
in Marriage, relationships & families
This week's MoneySaver who wants advice asks...
We've just had our first child and his grandparent has given him £1,000 in Premium Bonds. It's unlikely, but if he actually won big, would it be wrong if we paid off our mortgage with the money? He'll inherit our house one day after all.

Unfortunately the MSE team can't always answer money moral dilemma questions as contributions are often emailed in or suggested in person. They are intended to be enjoyed as a point of debate and discussed at face value.

If you haven’t already, join the forum to reply.

Got a money moral dilemma of your own? [URL="mailto: mmd@moneysavingexpert.com"]Suggest an MMD[/URL].

[purplesignup][/purplesignup]
Follow MSE on other Social Media: MSE Facebook, MSE Twitter, MSE Deals Twitter, Instagram, Threads, Join the MSE ForumGet the Free MoneySavingExpert Money Tips E-mailReport inappropriate posts: click the report buttonFlag a news story: news@moneysavingexpert.com
«134567

Comments

  • marliepanda
    marliepanda Posts: 7,186 Forumite
    Options
    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.
  • Red-Squirrel_2
    Red-Squirrel_2 Posts: 4,341 Forumite
    Options
    He won't win, so don't worry about it!
  • phryne
    phryne Posts: 471 Forumite
    Options
    I'm often tempted to get premium bonds. But to answer your question, you shouldn't touch your son's money unless you were in dire straits, and even then it should be paid back to him asap.
  • NaughtiusMaximus
    NaughtiusMaximus Posts: 2,832 Forumite
    First Anniversary Name Dropper First Post
    Options
    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.
    Sunny_Intervals wrote: »
    Is this a moral dilemma? Surely "is it okay to steal from my child?" is more of a legal dilemma...at least it will be when he finds out and comes after his money.

    Quite. I've seen a few ridiculous 'dilemmas' on this forum but this one takes the cake.
  • Pollycat
    Pollycat Posts: 34,685 Forumite
    Name Dropper First Anniversary First Post Savvy Shopper!
    Options
    MSE_Sarah wrote: »
    We've just had our first child and his grandparent has given him £1,000 in Premium Bonds. It's unlikely, but if he actually won big, would it be wrong if we paid off our mortgage with the money? He'll inherit our house one day after all.
    What absolute nonsense!
    Even if anyone was so dim as to ask this question, it's not a dilemma until/if the premium bonds actually win.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    Options
    Arr I might invest for the little one when here. If they win something it can go towards their own lives, uni, a house etc
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • Pollycat
    Pollycat Posts: 34,685 Forumite
    Name Dropper First Anniversary First Post Savvy Shopper!
    Options
    There's nothing like counting your chickens before...:rotfl:
  • TBagpuss
    TBagpuss Posts: 11,203 Forumite
    First Post First Anniversary Name Dropper
    Options
    It would be fraud. So no, not OK,
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • gloriouslyhappy
    gloriouslyhappy Posts: 596 Forumite
    First Anniversary First Post Name Dropper
    Options
    Why not ask the grandparents what they think of your idea? If they're not totally gobsmacked, they just might give you some Premium Bonds too!
  • dysucker
    dysucker Posts: 45 Forumite
    First Anniversary First Post Combo Breaker
    Options
    The only way I could think this may be remotely OK is if you did that, placed a charge registered against the property with the land registry, with a watertight loan agreement with an index linked interest rate that is at least what you're currently paying in interest, with the grandparents as witnesses.

    This may offset your child's inheritance tax should he win, and you do this.

    Without a way of making the main beneficiary of this situation your child, then this is just theft.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards