dilemma124
Registered User
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Hi folks,
Could do with some advice with respect to a potential lump sum inheritance/gift from a parent.
My circumstances are married, and both of us have a property apiece, once of which (mine) is rented out.
My dilemma is my parents are determined to gift me a sum of money to alleviate debt as they feel that the government will continue to increase levies on gifts from parents to children etc in upcoming budgets.
Both my spouse and I are employed, one securely, one not so, but either way we can service our debts/bills on our incomes at the minute.
One of us has little/no pension provision, we may start a family meaning one of us wil work less and also at some point we’ll look to buy a house.
So, if we receive the lump sum which of the following should we do, what are our options.
Pay lump sum off the property in which we live, from my parents gift, off a mortgage which was taken out in the name of my wife.
Pay lump sum off the property which I own, and rent out. As things stand the mortgage is being covered by the rental income
Just bank the cash in an account which I can easily access, but more than likely earn a shocking rate of interest, 2% or thereabouts, and try to put it towards the price of a house in time.
There are a lot of what if’s in my post/circumstances, but what would be the best option based on the facts? Or is there another option which I can’t see!
Cheers
Could do with some advice with respect to a potential lump sum inheritance/gift from a parent.
My circumstances are married, and both of us have a property apiece, once of which (mine) is rented out.
My dilemma is my parents are determined to gift me a sum of money to alleviate debt as they feel that the government will continue to increase levies on gifts from parents to children etc in upcoming budgets.
Both my spouse and I are employed, one securely, one not so, but either way we can service our debts/bills on our incomes at the minute.
One of us has little/no pension provision, we may start a family meaning one of us wil work less and also at some point we’ll look to buy a house.
So, if we receive the lump sum which of the following should we do, what are our options.
Pay lump sum off the property in which we live, from my parents gift, off a mortgage which was taken out in the name of my wife.
Pay lump sum off the property which I own, and rent out. As things stand the mortgage is being covered by the rental income
Just bank the cash in an account which I can easily access, but more than likely earn a shocking rate of interest, 2% or thereabouts, and try to put it towards the price of a house in time.
There are a lot of what if’s in my post/circumstances, but what would be the best option based on the facts? Or is there another option which I can’t see!
Cheers