Money for house purchase
mickymoo
Online Community Member Posts: 34 Connected
Good morning
I am currently claiming HB universal credit council tax support and awaiting lcw/lcwra and have been awarded pip
We live in a council house and plan to exercise our right to buy with 67% discount we have had this planned for quiet some time
My plan was to cash in my pension and get a mortgage for the remaining balance but now unable to work so cant get mortgage
But unfortunately my father passed leaving me some money but be a few months before I get that but have got my pension money
I have read on government sites that I can have savings for 26 weeks if it's for buying a home
My main concern is if and how it will affect my benefits and what do I put on my journal and is it right about the 26 week rule
Thank you in advance
I am currently claiming HB universal credit council tax support and awaiting lcw/lcwra and have been awarded pip
We live in a council house and plan to exercise our right to buy with 67% discount we have had this planned for quiet some time
My plan was to cash in my pension and get a mortgage for the remaining balance but now unable to work so cant get mortgage
But unfortunately my father passed leaving me some money but be a few months before I get that but have got my pension money
I have read on government sites that I can have savings for 26 weeks if it's for buying a home
My main concern is if and how it will affect my benefits and what do I put on my journal and is it right about the 26 week rule
Thank you in advance
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Comments
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Hi and welcome to the community, I am sorry I don't have the answer to yur questions but hopefully other members will have more knowledge0
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Hello @mickymoo. I'm sorry to read about your father.
The disregard for 6 months / 26 weeks is after selling your home, the money from a house sale is disregarded for upto 6 months/26 weeks if you're intending to use the money to purchase a new home. Unfortunately it's my understanding that this doesn't apply in your situation, and the money wouldn't be ignored. Any money you have is counted as savings/capital. If this is over £6,000 you need to let Universal Credit know. Between £6,000 and £16,000 they will deduct £4.35 a month for every £250 over £6,000. If you have more than £16,000 your Universal Credit will stop.
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@Adrian_Scope
Thank for your reply I can pay my car loan and credit cards etc so that iam debt free or not????0 -
@Adrian_Scope
Hello Adrian does the £.4.35 per £250 per month affect HB or is it just whatever universal credit I receive no matter how it's made up
Thank you
Mickymoo0 -
@Adrian_Scope
Sorry to be a pain when I get my pension pot which will be any day now I plan to my car loan and credit cards straight away ie within hours do I tell universal this or the remaining amount once paid all my debts
Thank you0 -
I personally wouldn't do anything without getting some expert advice from welfare rights or CAB1
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I agree he does have to tell them just think he needs advice before he does0
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@janer1967 @woodbine thank you for your input I,am going to workout how much my car finance personnel loan and credit cards are to clear then as soon as I get my pension pot tel uc the exact amount I've got and the exact amount I,ll be paying out to clear my debts I,ll wait about telling them my inheritance as I dont know when that will come through due to it going to probate and unsure of the amount just have to bite to bullitt and see what they say
Thank you for your comments
Mickymoo1 -
@lodavyes the thread is asking for advice about savings they already have and means tested benefits. I'm not sure how your advice is related to that question. The link you posted is also in a different language.
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