Wise to pay extra mortgage payments while on benefits

moneysaymoneydo

Yes wazza keep in a savings account then pay after you have your new amount in from SMI people or better still keep for a few years in savings account and only declare before you reach threshold for savings :j you are entitled considering if you were in rental property you would get a whole lot more!

dave4545454

wazza wrote: »

My endownment policy and mortgage finishes in 2015. Like majority of endownment policy there will be a shortfall.

Currently on Income Support and am looking for a job. Have the interest of the mortgage paid by the DWP.

Thinking of paying extra per month to reduce the capital, whatever i have left over from tight budgeting. Then again since the interest is calculated on the capital once a year (Jan) i was thinking of saving up and paying it end of the year. I am thinking of a figure of hundreds and not thousands.

Will this cause any problems with DWP? Will they reduce the payments to compensate the extra amount i am paying?

Any advice greatly appreciated before i ring up the DWP/mortgage people to see what they say.

it's absolutely worth it, i managed to get mortgage free while on benefits. good luck with the plan