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Benefits and mortgage deposit
loves85
Posts: 3 Newbie
Hi, we are both with my husband on low income. I'm a care assisstant 21h/week and my hubby works for Tesco on full time. My parents offered to sell one of their abroad properties to help us with mortgage deposit. They offered to give approx £30k. How is that gonna affect our benefits(CHB+CTC)? I know we can't have savings more of £16k. Is there any way of work around it? May deposit would can be paid straight from they banking account? Are we gonna have to pay any tax or anything? Back in our country even if money is a gift, but is more than 5000 you have to pay income tax of it. Thanks for any help.
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Comments
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Wait until you find a house to buy. If you have it in your account all means tested benefits will stop.
Not sure about the tax situation sorry0 -
How are you going to pay a mortgage and run a house with all the associated expenses if you are on a low income?0
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By low income I mean £30k/pa between two of us. I think that's a low income as most of my friends earning a lot more than that. At this moment we are no struggle with paying our rent and mortgage would be very similiar to our rent approx £600/month.0
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just re-reading the original post, if you receive no means tested benefits and child benefit and child tax credits only then money in your account will not make any difference unless the interest is more than £300 (in which case this goes on your tax credits form)0
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Child Benefit is not means tested unless you are a top-rate tax payer. Savings over £16k do not currently stop you getting Child Tax Credits, but the interest on the savings can count as income. There are plans for the future to make the Universal Credit means tested but that is a couple of years away - I guess you would have bought a house by then. You wouldn't pay income tax, or any other tax that I know of, on a cash gift from your parents (except perhaps inheritance tax if they died within 7 years of the gift and had a very large estate).0
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That's a great news
Thanks a lot. 0
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