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Premium Bonds.. should I cash them in.. Would you?

I need to lay my hands on some money... for some home developments. Instead of re-mortgaging now... and increasing my outgoings... I could cash in my premium bonds first - then re-mortgage the rest.
Thing is.. what if I cash them in and then miss out on that one big win!!!! aaaaarrggghhhh

What would you do.. keep the bonds and re-mortgage or would you cash them in and keep mortgage the same?

Nosha123 Wed 03/09/08 13:11

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novalis
Wed 03/09/08
13:15

The decision is yours but I would keep them. You'll always be wondering what if.....?
I won £1000 last August with a £4000 holding.

terambulan
Wed 03/09/08
13:16

Winners I've heard of have £10k or more in PBs. If u dont have that amount then I advise cashing them (tis a gamble). I've had £500 for over 30y and only won £25 once. Bad investment as PBs collect no interest. I keep them till times get hard?

Nosha123
Wed 03/09/08
13:17

Question Author

aaarghh.... now you have got me in an even bigger quandry!!!!!
I am going to have to cash them all in at some point as I will need the funds anyway for the new house... maybe I should keep them for as long as I possibly can!!!
I CANT DECIDE!!!!!

Nosha123
Wed 03/09/08
13:19

Question Author

I have £25k in Bonds... money made on our old house - thought we would buy Bonds as a bit of fun till we needed the money back again. We have had a few wins of £50... I would say maybe £800 in total.... Just cant help but wonder if we might one day get a bigger win though! My mum and dad know someone that got the £150,000 prize once!!!
If I won that... that would pay for the house!!!!

dasherman
Wed 03/09/08
14:36

The sensible thing to do would be to cash them in and use the money to reduce the mortgage, because the money you'll save on your monthly repayments will be a lot higher than the amount you'll win - on average.
This might help to make your mind up:-

http://www.moneysavingexpert.com/savings/premi um-bonds

Rollo
Wed 03/09/08
14:39

Ah! But what if you would have won a £1million prize!!

Unlikely, of course, but two bonds do win £1m every month.

Decisions, decisions........

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