Remaining politically neutral during General Election 2024


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Will paying off my mortgage affect my benefits?

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SeashellJane
SeashellJane Community member Posts: 1 Listener
Will paying off my mortgage affect my benefits? I'm currently on Universal Credit and Pip. I have a Recoop (sorry for the spelling) mortgage and want to know if it will affect my benefits if i pay it off.

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  • poppy123456
    poppy123456 Community member Posts: 56,015 Disability Gamechanger
    edited April 8
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    Paying off debt is allowed when claiming UC. Out of interest what is a recoop? 

    If you currently have capital/savings of more than £16,000 you must still report the changes and then tell them that you have paid off your mortgage. Your UC will continue if you have less than £16,000 after it’s paid off but there will be a deduction of £4.35/month for every £250 or part thereof over £6,000.

    If you’re claiming council tax reduction all local authorities have their own rules and some have savings limits of £6,000 before entitlement end. You must report the changes to them. 
    I would appreciate it if members wouldn't tag me please. I have all notifcations turned off and wouldn't want a member thinking i'm being rude by not replying.
    If i see a question that i know the answer to i will try my best to help.
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