Money in savings till house sale - will benefits get stopped?

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Comments

  • Brunettebird1
    Brunettebird1 Online Community Member Posts: 4 Listener
    So essentially it will be the council tax and pension credit that would be effected? X
  • poppy123456
    poppy123456 Online Community Member Posts: 64,467 Championing
    That's correct. For savings over £10,000 the pension credit will be affect £1 for every £500 over that amount. If the pension credit has an assessed income period then savings will be ignored. For this she will need to check her pension credit award. Details in link provided. https://www.entitledto.co.uk/help/assessed-income-period

    Change in circumstances will still need to be reported. For council tax reduction then savings of over £16,000 and she won't be entitled to any reduction.

  • Brunettebird1
    Brunettebird1 Online Community Member Posts: 4 Listener
    Thank you Poppy123456, you have been fantastic! Such a weight off my mind. If I think of anything else, I’ll be sure to come back. Thanks again X
  • mayfair1
    mayfair1 Online Community Member Posts: 1 Listener
    Hi My son is in receipt of ESA and I have receive Income Support. I am planning to sell my house I live in and my second home to buy a bigger home for my family. Both my properties have equity in them which I will use as a large deposit to buy the new home. Will I no longer eligible for my benefits even though any equity will only go towards a deposit. ......
  • Adrian_Scope
    Adrian_Scope Posts: 11,736 Online Community Programme Lead
    edited June 2020
    Hello @mayfair1. The money from sale of a house you live in is usually disregarded for 6 months while you're looking to purchase another property. However this is complicated by your second home for which the capital is counted. 
    You can usually use the proceeds of a sale to put on a deposit of a new house you intend to live in but I would strongly suggest getting some face-to-face or telephone advice from a welfare agency such as CAB or Welfare Rights. You can find what's available in your area here at Advicelocal.

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