Do I pay it off or not?!

dimbo61

Be careful you have mentioned the very thing I was worried about WORK !
If you think for one minute that your job is at risk then pay off the mortgage
Any savings over £6,000 in your bank account will affect your benefits
and with £16,000 you will get no income support.
The nice people in the benefits office will ask have you got savings and even if you say the money is to pay off the mortgage they will ask when is your mortgage due to be paid.
They will expect you to live off your savings for months/years.
Pay off £11k if worried !!!!

StuartGMC

dimbo61 wrote: »

Be careful you have mentioned the very thing I was worried about WORK !
If you think for one minute that your job is at risk then pay off the mortgage
Any savings over £6,000 in your bank account will affect your benefits
and with £16,000 you will get no income support.
The nice people in the benefits office will ask have you got savings and even if you say the money is to pay off the mortgage they will ask when is your mortgage due to be paid.
They will expect you to live off your savings for months/years.
Pay off £11k if worried !!!!

Dimbo a very important point you've highlighted; incredible that this can still be limit this day and age. It certainly doesn't encourage saving in difficult times if you'll only lose then in day-to-day costs before you are eligible for benefits :mad:

Is it best to pay in over several months to avoid deliberate reduction of assets accusation?