redundancy planning

compass_clock

i am just about to be made redundant and i am thinking about buying another property with the savings i have as i am thinking if i do not find another job within 6 months the inland revenue can take into consideration my total savings and not give me full JSA
Although i am very fortunate to be in this position compared to other peoples circumstances, having not ventured into buying another property before does anyone think this is a good idea as it is a guaranteed purchase
Any help please ?

ALIBOBSY

For JSA income based purposes which I assume you are talking about (the contribution based jsa lasts the first 6 months), it is ALL capital not just savings so they would take a market rate tariff value for the second property against your benefits anyway.

This assumes you are not just a troll aiming for another argument over who should and shouldn't get benefits. As far as the government rules (as well as common sense) goes, if you can afford a second property you cannot really expect the government to pay you benefits.

ali x

compass_clock

its not that i am after any gains, what i am trying to say is if i cannot find a job within 6 months they will take assets into account and start taking my savings for which i have worked hard for
If i buy property and hopefully i could rent it out and maybe get a better income that way
i appreciate i would not get full JSA but would it be better financially as ive been told you cannot go wrong with bricks and mortar and also intererst rates for savers is very poor

Ziggazee

Hmm....so you intend to deliberately deprive yourself of savings to get more benefits? To quote your original post "the inland revenue can take into consideration my total savings and not give me full JSA". This would make you nothing short of a benefits cheat. To hell with the rest of us taxpayers working hard to pay for those benefits eh! And people wonder why this country is in such a mess.

compass_clock

No i dont intend to delibrately cheat the system, hopefully i will get a job asap as i WILL be looking. Having worked for approx 28 years of possible 30 i have paid my stamps,tax etc and i dont class myself as a bone idol layabout
Like i said i have saved up over those 30 years and put it away like the government advises in saving bonds etc, and just because i have saved up and will be over the maximum allowed i will be penalised for having too much savings to gain the full JSA
Hence that is why i was thinking of going into the property market
My savings will sharp go down faster than it took me to save it so im after some genuine advice