Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • MSE Sarah
    • By MSE Sarah 11th Sep 18, 12:21 PM
    • 179Posts
    • 80Thanks
    MSE Sarah
    Money Moral Dilemma: Is it OK to pay off our mortgage with our son's winnings?
    • #1
    • 11th Sep 18, 12:21 PM
    Money Moral Dilemma: Is it OK to pay off our mortgage with our son's winnings? 11th Sep 18 at 12:21 PM
    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 havenít already, join the forum to reply.

    Got a money moral dilemma of your own? Suggest an MMD.

    This Forum tip was included in MoneySavingExpert.com's weekly email!

    Follow MSE on other Social Media:
    MSE Facebook, MSE Twitter, MSE Deals Facebook, MSE Deals Twitter, Forum Twitter, Instagram, Pinterest
    Join the MSE Forum
    Get the Free MoneySavingExpert Money Tips E-mail
    Report inappropriate posts: click the report button
    Point out a rate/product change
    Flag a news story: news@moneysavingexpert.com
Page 4
    • Ebenezer_Screwj
    • By Ebenezer_Screwj 14th Sep 18, 4:01 PM
    • 427 Posts
    • 229 Thanks
    Ebenezer_Screwj
    You don't seem to understand the concept of ownership. Let me put it simply - these premium bonds belong to your son - if his numbers come up and he wins a prize - IT IS HIS MONEY !
    • Silverbird
    • By Silverbird 15th Sep 18, 7:39 AM
    • 764 Posts
    • 1,207 Thanks
    Silverbird
    Absolutely 100% NO! Unbelievable that this has been asked and I'm hoping it's a made-up dilemma.

    You cannot predict the future and cannot say your son will inherit your house. Should you ever need to stay in a care home your house and any other assets would be used to pay for it.
    Thrilled to be DEBT-FREE as of 26.03.10
    Hubby DEBT-FREE as of 27.03.15

    Debt at LBM (June '07): £8189.19
    • Pollycat
    • By Pollycat 15th Sep 18, 8:07 AM
    • 21,766 Posts
    • 58,911 Thanks
    Pollycat
    Absolutely 100% NO! Unbelievable that this has been asked and I'm hoping it's a made-up dilemma.

    You cannot predict the future and cannot say your son will inherit your house. Should you ever need to stay in a care home your house and any other assets would be used to pay for it.
    Originally posted by Silverbird
    You hope in vain.
    It's actually a real dilemma (although hypothetical as there are no winnings).
    Take a look at post #46.
    • figrat
    • By figrat 16th Sep 18, 9:14 PM
    • 11 Posts
    • 4 Thanks
    figrat
    Nope.
    That money has been given to your child, in good faith. It has not been given to you.
    It is not your money.
    • figrat
    • By figrat 16th Sep 18, 9:17 PM
    • 11 Posts
    • 4 Thanks
    figrat
    Discuss these issues with the donors.
    Not strangers.
    • Spendless
    • By Spendless 16th Sep 18, 9:31 PM
    • 20,473 Posts
    • 34,145 Thanks
    Spendless
    You hope in vain.
    It's actually a real dilemma (although hypothetical as there are no winnings).
    Take a look at post #46.
    Originally posted by Pollycat
    Thanks for this as I'd skipped that page.

    This is the real problem as mentioned elsewhere. It's been heavily edited by the MSE team so really was a pie in the sky question ut along the lines of

    'In the event our child won premium bonds what would be the best thing to do for him if we spent it, would it be to privately educate him, take him on fancy hols, pay off the mortgage in order to spend more time with him etc'

    Until the MSE team stop editing these dilemmas so they aren't asking the original question, they just become pretty pointless.
    • mjm3346
    • By mjm3346 16th Sep 18, 11:11 PM
    • 39,790 Posts
    • 303,498 Thanks
    mjm3346
    If you are a thief spend it otherwise leave it alone and the child can do what they want with it and all the interest when they are 16.
    Internet goodness £26288
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,292Posts Today

5,304Users online

Martin's Twitter