You win one of the 18 millionaire prizes on tonights lottery, your plans?

Buy a nice house with a mortgage, carry on with my normal life. Buy a new car, holiday, pay off my mums mortgage and give some to my brother and sister.
I'd mostly just leave it in the bank and just use the interest to help fund a comfortable life. I'd see how it went for a few years and maybe pay off the mortgage with the money and interest I have accumulated.
 
krooton said:
Say you get a mortgage with a great LTV giving you a 3% interest rate, but you are earning 5% from a high interest savings account, you are up 2% (or not depending on how the 5% interest is taxed) over just buying a house outright.
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Good luck finding an account and mortgage that can you do that with. First of all no account out there is giving you 5% right now. Best is just above 3%. Second no mortgage will be lower then say 4%

The only compelling reason not to buy outright that i can find (after your statement i decided to google for a bit) is that the solicitor will not do the usual checks on the property because mortgage leaders tend to be very strict about them.
 
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£1 million isn't much but I'd buy a smallish (less maintenance) house in the country with about 15 acres, close to outstanding natural beauty, buy 3 labrador puppies (black, choccy and golden) and have a pond with some ducks. Then chill out with the missus and work from home.
 
robgmun said:
Good luck finding an account and mortgage that can you do that with. First of all no account out there is giving you 5% right now. Best is just above 3%. Second no mortgage will be lower then say 4%

The only compelling reason not to buy outright that i can find (after your statement i decided to google for a bit) is that the solicitor will not do the usual checks on the property because mortgage leaders tend to be very strict about them.
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I was giving a guess at his logic, never said it was actually viable :p
 
Turn it into a monthly income. Probably through buying and renting out houses, I would then continue my current work but live happily ever after.



Edit: if I win the jackpot then, buy an F40 and be dead by the end of the year.
 
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What is the highest interest rate you can get from an ISA, savings account etc these days? I remember not too many years ago.....7/8% I think.....guessing that isn't the case now? Is there a limit on how many ISAs you can have?
 
xibinim said:
What is the highest interest rate you can get from an ISA, savings account etc these days? I remember not too many years ago.....7/8% I think.....guessing that isn't the case now? Is there a limit on how many ISAs you can have?
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You can only subscribe to one Cash ISA per year but you can have as many as you want.

Best savings rates are about 4% at the moment.
 
krooton said:
Say you get a mortgage with a great LTV giving you a 3% interest rate, but you are earning 5% from a high interest savings account, you are up 2% (or not depending on how the 5% interest is taxed) over just buying a house outright.
Click to expand...

You ain't going to get 5% anywhere with minimal risk nowadays.

I think the reason that rich people still mortgage is more to do with capital gains tax.
 
If I won a tonne of money I would;

-Invest allot in property and land.
-Buy a nice bit of land and make my own house with a big ol lake with lots of fish in.
-Buy a small plane and learn how to drive it.
-Sort all my family out so they are sorted for life and have whatever they want or need.
-Go on holidays very often.
-Buy whatever I want.

-Make my own brand of Cat bag to put dead cats in.
-Start my own company killing cats.
-Make live cats in the UK illegal.
-Ban all cat-flaps.
-Start a TV programme like Total Wipeout in another country but you have to do the Cat olympics, which involves CatHammer, Catveling, Catput, Catavault, and Deadcatabroad. All using either dead cats or killing them in the process.
-Replacing all live and dead cats with snails.
-Make cats extinct* (see terms below).
-Keep one cat alive to show everyone how useless it was*
 
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robgmun said:
Good luck finding an account and mortgage that can you do that with. First of all no account out there is giving you 5% right now. Best is just above 3%. Second no mortgage will be lower then say 4%

The only compelling reason not to buy outright that i can find (after your statement i decided to google for a bit) is that the solicitor will not do the usual checks on the property because mortgage leaders tend to be very strict about them.
Click to expand...

Thats not really true. The interest depends on how much you paid for compared to the mortgage. It's entirely likely having a mortgage of less than 3% and having savings earning more than that number. Mind you, I wouldn't mind being mortgage free for piece of mind, but even small savings with large sums of money are worth the effort. :)
 
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