Universal credit & equity

Lotso

Thanks to everyone that has replied.

Just to be clear: the remortgaged was done before I even had any children and I didn't claim a single a thing so there for the money was mine to do what I wanted with. Surely stuff you do in the past can't affect tax credits now? As how would I of known at that point I would ever have children and claim for wtc or ctc?
I'm not trying to get hb or ctb or smi just continue receiving wtc & ctc when universal credit comes in. And I would like to know what's best to do sooner rather than later. My sister won't be able to "buy" the property from me for another 2 years. And even then she may not be able to.

Thanks

zagfles

Lotso wrote: »

Thanks to everyone that has replied.

Just to be clear: the remortgaged was done before I even had any children and I didn't claim a single a thing so there for the money was mine to do what I wanted with. Surely stuff you do in the past can't affect tax credits now?

You were asking about UC, not tax credits. UC will be more like HB/CTB etc in that there will be capital rules. And yes if you had capital from the past and still have it then that will count against you. But how exactly UC will work in this respect nobody know yet, the bill hasn't even gone through parliament yet.

See the links I posted for the govt's current thinking, but this could change.

[Deleted User]

Lotso wrote: »

Basically I remortgaged for 100k the property is prob worth 140k but as the mortgage is all in my name and half the property is hers then anything left in it is hers? I.e the 40k equity is hers? Untill the property is worth 200k then I start having equity again? Is that correct?
If I remortgaged all that time ago and only started receiving tax credits 3 years later, now 7 years later surely it has nothing to do with them? You get people who used to be millionare's who now live in council houses etc.

out of interest what did you do with the £100k?
can you name these ex millionaires who live in council houses?(one will do)

Lotso

My sister actually got most of the 100k which she put into a house, I got about 20k which I used as a deposit on my house and paid off some debt (the 100k mortgage is all in my name though).

That young guy that won the lottery a while ago and blew the whole lot and is now back in a council house on benefits, he was in the news a lot.