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    • MSE Sarah
    • By MSE Sarah 11th Sep 18, 12:21 PM
    • 157Posts
    • 77Thanks
    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.

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Page 4
    • Flobberchops
    • By Flobberchops 13th Sep 18, 11:59 PM
    • 828 Posts
    • 662 Thanks
    Flobberchops
    Paying off the mortgage would also allow us to not to have to work all the hours God sends to support the family. We could reduce our working hours, go part time etc etc and spend much more time together as a family. Combined with the overall reduced stress of life I think this would be of great benefit to our son.
    Originally posted by Alexh747

    I can imagine the conversation now:



    "Son, remember when you were about five, how I quit my job and from that point on you saw a lot more of me sitting around the house watching TV? And the new car? And the holidays we went on, you were a bit young but I'm sure you have some memories of those? Well, funny story, we were able to do all of that because some Premium Bonds your grandparents bought you won the jackpot and as a family we decided it would be better to enjoy it straight away, rather than hoarding it away for years and years. And there's even some of it left, there's a bit over ten grand there that we haven't touched, plus another seven grand whenever Uncle Derek gets round to paying me back for that car I helped him buy. I mean, technically you would be a millionaire now, but aren't you glad you had such a rich and carefree childhood? And one day, when I'm dead, you'll inherit the house and the car and my collection of Rolexes, so it was more like a loan than me stealing your money, in fact it was an investment you see... wait, why are you brandishing that knife... I meant when I die of old age... aaaargh!"
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • culpepper
    • By culpepper 14th Sep 18, 9:37 AM
    • 3,938 Posts
    • 7,340 Thanks
    culpepper
    I think it is not okay.
    People who put aside any investment for a grandchild are doing it for that child and their future and not for that child's parents.
    If you were to pay off your mortgage with the winnings, would you then put your mortgage payments into a savings account for him in the place of the winnings you had taken? I am guessing you would not and would assume that the house you own in your old age would be all he would inherit, while if you left his winnings intact, he would recieve them when he is old enough and can use them to build his own life.
    • Pollycat
    • By Pollycat 14th Sep 18, 9:53 AM
    • 20,979 Posts
    • 56,556 Thanks
    Pollycat
    I think it is not okay.
    People who put aside any investment for a grandchild are doing it for that child and their future and not for that child's parents.
    If you were to pay off your mortgage with the winnings, would you then put your mortgage payments into a savings account for him in the place of the winnings you had taken? I am guessing you would not and would assume that the house you own in your old age would be all he would inherit, while if you left his winnings intact, he would recieve them when he is old enough and can use them to build his own life.
    Originally posted by culpepper
    What I find really gob-smacking is that this is all pie-in-the-sky, dreaming, wouldn't-it-be-lovely type thinking.
    There are no winnings for the OP to spend as they wish.
    • Ebenezer_Screwj
    • By Ebenezer_Screwj 14th Sep 18, 4:01 PM
    • 420 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
    • 20,979 Posts
    • 56,556 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
    • 10 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
    • 10 Posts
    • 4 Thanks
    figrat
    Discuss these issues with the donors.
    Not strangers.
    • Spendless
    • By Spendless 16th Sep 18, 9:31 PM
    • 20,434 Posts
    • 33,982 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
    • 38,666 Posts
    • 270,925 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 £25580
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