buy to let Property

Fran

***Boardguide comment***

Hi bite21uk,

Can you please remove your email address from your posts as it is not allowed on this site. Thanks.

PasturesNew

You don't have to give up your part-time job. You can claim for childcare, or your partner can, for those days probably.

DKLS

bite21uk wrote: »

and "dkls" whats a cbt referral not heard of that one..

CBT is Cognitive Behavioural Therapy, in a nutshell it gives you the skills so you can help yourself and recognise how your thoughts and feelings affect what you do.

CBT materials are available in many forms Books, Websites, therapists, dvds, computer programmes, so they should be an intervention that suits your learning style.

Its recommended as treatment of choice now for Mild to moderate depression and anxiety rather than SSRIs (Antidepressant medications)

Edit: If you want to know more Pm me.

bite21uk

(email address's removed sorry mr moderator...)

Thanks DKLS,, will look into that,,sounds like what i need..

thekid308

Oldernotwiser wrote: »

Because no debts, except the mortgage on the property you live in, are taken into the calculation of benefits. If they were, taxpayers' money would be going into making payments on personal debts.

I'm talking about value less mortgage for SAVINGS. I'm not looking help with those mortgages. The Jobs and Benefits people only take the property value and do not take into consideration the fact that there is a mortgage.

According to the jobs and benefits this SAVINGS of £16,000 or more is enough for me to live on. I am self employed and in the last 10 months have only earned £2,000.

p00hsticks

Are you sure that they're counting the value of the housing as savings ? I' m ont an expert but my guess would be that it's more likely that they're counting the rental income as extra income and that it's for that reason that you aren't eligible

thekid308

The letter I received from them states that I cannot receive anything as I have savings more than £16k and after a discussion with a member of staff this is what they do.

The rents barely covers the mortgages.

dmg24

thekid308 wrote: »

The letter I received from them states that I cannot receive anything as I have savings more than £16k and after a discussion with a member of staff this is what they do.

The rents barely covers the mortgages.

In that case I would be looking at your business plan (which clearly is not working for you) and getting rid of the properties. BTL is a choice, having a home to live in is not, hence why they are treated differently.

yorkshire_grafter

Hi

Regarding HB and CTB. You need to declare your properties and they will send you an additional form. Basically it would ask for additional details i.e. address of properties, mortgage outstanding (they will need proof of this) etc. They will request a valuation (DWP arrangement) and from the valuation give they will deduct 10 encumbrance (estate agent fees etc if you had to sell) less mortgage outstanding. The figure left over would be put on your claim as capital. This would apply to each property. There is a cut off for HB and CTB of £16K - basically if you have capital more than this - no benefit.
Example Property valued at £100,000 less 10% encumbrance leaving £90,000 less mortgage of £88,000 they would put £2,000 on your claim for HB and CTB of £2,000.
With regard to the rental income - if you are under 60 the take into account the rent received less allowable costs i.e. mortgage, management fees etc. The net figure left is multiplied by 6 and put on as capital.

Complicated

thekid308

yorkshire_grafter wrote: »

Hi

Regarding HB and CTB. You need to declare your properties and they will send you an additional form. Basically it would ask for additional details i.e. address of properties, mortgage outstanding (they will need proof of this) etc. They will request a valuation (DWP arrangement) and from the valuation give they will deduct 10 encumbrance (estate agent fees etc if you had to sell) less mortgage outstanding. The figure left over would be put on your claim as capital. This would apply to each property. There is a cut off for HB and CTB of £16K - basically if you have capital more than this - no benefit.
Example Property valued at £100,000 less 10% encumbrance leaving £90,000 less mortgage of £88,000 they would put £2,000 on your claim for HB and CTB of £2,000.
With regard to the rental income - if you are under 60 the take into account the rent received less allowable costs i.e. mortgage, management fees etc. The net figure left is multiplied by 6 and put on as capital.

Complicated

According to the Jobs and Benefits mortgages on the rental properties are not considered just the value.