£1m, cant be bad.

beyond the blue

beyond the blue

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Just had a phone call from the wife saying her friend (well she is now) in her office won £5 on thunderball at the weekend so she spent it on a scratch card and won £1 million. She says she feels sick, Camalot are coming to see her this afternoon.:banana::banana::banana:
 
Nice. Trouble is £1m isn't a lot now. A nice house and a car and the bulk has pretty much gone. If I won £1m I doubt I could afford to stop working for a while afterwards.

Nice country cottage.. lets say £500k.
Landrover Discovery for me £60k for a top spec model
Landrover Freelander for the wife, or the new disco sport. £40k

That leaves £400k. I haven't exactly been extravagant and spent over half already. Bank the rest and keep working for a few years before an early retirement.

I can see why people win like that and end up bankrupt within a year.. Buy a mansion and a Ferrari and thats it. All gone.
 
Nice little win there!

I think I'd be tempted to invest in 4-5 properties (for starters) at around £100-£150K each and rent them out. Should generate a few thousand quid income per month and I'd still have (easily) enough to pay my mortgage off and be debt free.

Really don't think I'd go for a new/bigger house until I'd managed to generate substantially more income although a new car of some description and a holiday would be on the cards in the near future :)
 
TCR4x4 said:
Nice. Trouble is £1m isn't a lot now. A nice house and a car and the bulk has pretty much gone. If I won £1m I doubt I could afford to stop working for a while afterwards.

Nice country cottage.. lets say £500k.
Landrover Discovery for me £60k for a top spec model
Landrover Freelander for the wife, or the new disco sport. £40k

That leaves £400k. I haven't exactly been extravagant and spent over half already. Bank the rest and keep working for a few years before an early retirement.

I can see why people win like that and end up bankrupt within a year.. Buy a mansion and a Ferrari and thats it. All gone.
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Astonishing to say this is completely true....hell I'd love to buy a house in the village I live in (I live at home with my dad) but the cheapest now in the village is probably £250,000 and that's for an ex-local authority :eek:

Plus I'd also want to pay my local landie dealership a visit also :p maybe WEX too
 
TCR4x4 said:
Nice. Trouble is £1m isn't a lot now. A nice house and a car and the bulk has pretty much gone. If I won £1m I doubt I could afford to stop working for a while afterwards.

Nice country cottage.. lets say £500k
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But you wouldn't buy it outright with half of the money, you would buy it with a mortgage paid for with the interest.


Steve.
 
Maybe, but Id prefer to be mortgage free just to be able to say Im mortgage free!
 
I'm mortgage free, which is nice. :)

If that was mine (and I were mortgaged) then I'd certainly clear the mortgage first, but probably not change lifestyle much at all - maybe invest in some mid-price properties and get a car just a couple of years old, give some away. And possibly set myself a 5 grand camera & lens budget. ;)

But yes, I can see why people could win a sum like this & think they're made for life - which could be sort-of true, but only by careful management.
 
Steve Smith said:
But you wouldn't buy it outright with half of the money, you would buy it with a mortgage paid for with the interest.


Steve.
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In the old days of 5% + interest rates maybe - but these days you'll struggle to get anything much above 1.5/2% . Then there's tax on the interest. Plus not being able to touch the capital. Perhaps give it all to charity and give yourself a glow of satisfaction :cool:
 
One million is plenty to retire on just don't squander it on s***e you don't really need. Invest wisely, threat yourself yeh but don't be daft with it.:rolleyes:
 
Spuff said:
In the old days of 5% + interest rates maybe - but these days you'll struggle to get anything much above 1.5/2% . Then there's tax on the interest. Plus not being able to touch the capital. Perhaps give it all to charity and give yourself a glow of satisfaction :cool:
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You're right. You could do it with a good sized National Lottery win though.

BRASH said:
One million is plenty to retire on just don't squander it on s***e you don't really need.
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Agreed. If you didn't need a £500,000 house and a Ferrari yesterday, you probably don't need them today.

If you are on the national average wage, your take home pay is around £1,700 per month or £20,400 per year, £1,000,000 gives you just over 49 years. As I retire in 15 years, I could carry on as normal until retirement (having given up work) and still have most of it left at retirement age.

I could... but would I?...


Steve.
 
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Considering we can't wait to get out of this crap hole, and this year we are planning on dropping £300k on a countryside property anyway, adding an extra £200k from my £1m win wouldn't really be too over the top.

I don't want anything fancy, just a nice country cottage, 4 bed, detached, a little bit of land and a garage. Oh and the wife wants an aga.
 
TCR4x4 said:
I don't want anything fancy, just a nice country cottage, 4 bed, detached, a little bit of land and a garage. Oh and the wife wants an aga.
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Nothing fancy thought :LOL:
 
I couldn't imaging taking on a £300,000 debt for any house , watching that much money go out of my bank account every month would scare me to death , mind you I couldnt afford 1/2 of my house at today's prices
 
Our current mortgage is £450 a month on a £133k house, however we are still paying £630 a month as we fixed for 5 years, and once the fix was up 2 years ago, we just continued paying the same amount. At todays rates, a mortgage on a £300k house is not much more than the £650 we are already paying..

So we'd have a lovely house in a nice area paying a tiny bit more than we are now in a disgusting area that we hate.. No brainer really.
 
TCR4x4 said:
Our current mortgage is £450 a month on a £133k house, however we are still paying £630 a month as we fixed for 5 years, and once the fix was up 2 years ago, we just continued paying the same amount. At todays rates, a mortgage on a £300k house is not much more than the £650 we are already paying..

So we'd have a lovely house in a nice area paying a tiny bit more than we are now in a disgusting area that we hate.. No brainer really.
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Assuming you have a reasonable amount of equity of course a repayment mortgage on a £300k mortgage will be treble that figure. Of course interest only would be different
 
a mortgage on £300k would only be as you say if you had a 40% deposit....
otherwise it will be about £1300
 
We have a sizeable deposit :) we had £25k when we bought this place and have been here seven years saving hard.
I may only be 30 and my Wife 28 but we are pretty savvy.
We've already seen the mortgage advisor and the monthly payments were just over £700 on a full repayment.
 
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TCR4x4 said:
At todays rates, a mortgage on a £300k house is not much more than the £650 we are already paying..
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I think your numbers are a bit out. My mortgage which started out at £122,000 is about £670 a month (assuming 25 year term).


Steve.
 
TCR4x4 said:
Our current mortgage is £450 a month on a £133k house, however we are still paying £630 a month as we fixed for 5 years, and once the fix was up 2 years ago, we just continued paying the same amount. At todays rates, a mortgage on a £300k house is not much more than the £650 we are already paying..

So we'd have a lovely house in a nice area paying a tiny bit more than we are now in a disgusting area that we hate.. No brainer really.
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I would love to know the secret of how you pay only £650 for a £300k house. It is of course a meaningless point as the size of the mortgage and the LTV ratio determines the cost of a mortgage. I think what you are saying it that you have a ~£130k mortgage?
 
Nice house would be a start, and by nice I just mean a quiet country cottage with space for car tinkering undercover. I think the rest would be sufficient to persuade Toyota to make a one off 1988 GT4 in white with a few choice improvements....
 
TCR4x4 said:
I don't want anything fancy, just a nice country cottage, 4 bed, detached, a little bit of land and a garage. Oh and the wife wants an aga.
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You'll need the £1m to run the Aga :):)
 
If I had the one million I would take the half of it and go to northern Ireland and but 4 or 5 house on the coast.then let them out.....you can get a 3 bed for less than 100k and rental income of £520 pcm....better than the interest from the bank
 
dejongj said:
I would love to know the secret of how you pay only £650 for a £300k house. It is of course a meaningless point as the size of the mortgage and the LTV ratio determines the cost of a mortgage. I think what you are saying it that you have a ~£130k mortgage?
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If you can raise a 40% deposit you can get fixed rates of less then 1% at the moment. It'd be rude to pry into Toms circumstances but that'd leave you repaying around £700 per month repayment basis, assuming 60% of £300k
 
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I/we pay £895 a month on a £100,000 mortgage over 14 years with A 50% LTV, 6 years left and im retiring to the Dartmouth area aged 60, the wife will continue to work in Mental Health as shes 8 years younger than me.
 
Nice win there, but as said above it's not a lot nowadays. As much as I'd love to go out and spend it I'd like to be mortgage free. I may work two jobs but out monthly bills are still a big hit on my pay. I think I'd rather be mortgage free and save more in the long run than go out and spend 1mil all at once, which believe me I'm pretty sure we could all spend that in a few days.

If I won 1 mil I would pay off the mortgage, which I've only got two years left.
Buy a new sports family estate (bmw m5 touring springs to mind :sneaky:)
Finally get my project car finished which only needs about another 10-20k
Let the wife go on a spending spree (with limited amount :rolleyes:)
Treat the kids and do their bedrooms up nice.
Save the rest in a high interest account. I couldn't deal with being someones landlord and have to deal with their problems.
Oh and I'm pretty sure I could find some new firearms to add to my stash :naughty:
 
£1M is a wonderful win. Bit too young with too many costs to retire on such a sum just yet.
 
Lots of dreamers but the main winner here is Camelot.

When they set out in this country the top prize was really worth something, now it clearly isn't and they have not significantly upped the prize but have doubled the stake money for Lotto.

They rely on dreamers.........
 
shreds said:
Lots of dreamers but the main winner here is Camelot.

When they set out in this country the top prize was really worth something, now it clearly isn't and they have not significantly upped the prize but have doubled the stake money for Lotto.

They rely on dreamers.........
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I like to dream :D It's all i'll be doing as well because I doubt I'll ever win that amount. Mind you I don't buy scratch cards or lottery tickets to even have a chance. I'll just carry on the way i am for now lol
 
2k plus (for just an instant access account) a month is enough for anyone to live on

If you placed in higher interest account would be more
 
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beyond the blue said:
I've worked out that it's far more than me and the wife have earned together in our working lives, and we are well into our sixties now. Just out of interest I know what she is doing with the money and it's very sensible if not a little boring.
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Yeh don't get me wrong it would be a great amount to have. I just meant if you want to go out and buy new cars and a new house it's not going to go very far before it starts running out. My wife doesn't work because of where we live and the kids just gone into primary school. It's a lot of hassle just to get them to the bus (6 miles a log a dirt track enough to shatter your average cars suspension). I work two jobs though and I'll be surprised if I earn 1 mil by the time I'm 60..
 
boyfalldown said:
You'll have to explain that......
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Even if you never touched the capital you can earn 2k plus a month.

If you did touch the captial, took 2k interest and 3k capital a month for 50yrs that still leaves you 850k capital and an income of 5k a month. plenty to live on.

Thats is based on an instant savings account. Investing 1m would give you access to much higher interest.
 
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