If I get a mortgage with my partner will I lose my Income Support?

jacques_chirac

Mojisola wrote: »

Wouldn't your rights as a spouse negate any such document?

Normal rules don't apply in andy's world!

tokenfield

themull1 wrote: »

How did your wife get a mortgage?

She was employed by me in my business whilst I was working elsewhere. It was a way of reducing our overall tax bill as well as giving her credibility of being 'employed'. Besides which she never had a mortgage for more than £15,000 - the rest was funded from the previous sale and my income.

tokenfield

Mojisola wrote: »

Wouldn't your rights as a spouse negate any such document?

No. I questioned this at the time as that was the last thing that I wanted for my wife. She had to know that she had substance and that I could not (even if I wanted to) demand anything from her.

I signed away all of my rights and concluded by confirming that my wife funded the property entirely out of her own resources - which was partly true.

Actually, this time next year she could well be owning outright a property valued in excess of £1.25m if I include the inheritance and the final purchase.

tokenfield

jacques_chirac wrote: »

Normal rules don't apply in andy's world!

Andy's world - which one would that be?
What a funny comment to leave me.

As a matter of interest how can someone that has been a new member like me run up over 500 posts in a few weeks and have over 1000 thanks? Have you been on this site before as someone else and under a different name? Seems strange that you are so popular so soon.

slightbuckle4

Thanks for all your replies, greatly appreciated. The mortgage is to be in both our names as my partner couldn't afford it by himself. I knew I would lose some of my income support, but didn't realise I would lose the full amount! I just found out yesterday that my tax credits will be affected too. Being naive potential first-time buyers perhaps led us to believe that we would have around the same funds we currently receive to get by every month, but it looks like being very tight, as I'm sure it is for most when first buying a home. A part-time job is on the cards then. Poor dear works enough hours as it is. :rotfl:

Mojisola

slightbuckle4 wrote: »

I'm a stay-at-home mother with 4 children under 16 (youngest is 1) and currently live with my children in rented accommodation. My partner lives in his own flat but is thinking of buying a house for us all to live in together.

I get income support every two weeks and it is key to covering our costs at home. I'm just wondering if me and my partner move into this house together will my income support be taken away altogether? He has his own full-time job and works 40 hours a week.

slightbuckle4 wrote: »

The mortgage is to be in both our names as my partner couldn't afford it by himself.

I knew I would lose some of my income support, but didn't realise I would lose the full amount! I just found out yesterday that my tax credits will be affected too.

If he can't afford it on his own and you don't work, how are you going to get a mortgage?

nannytone_2

be very careful!

if it is 'very tight' now, you need to consider how you will manage when interest rates rise .... because they will!
it is also very foolish to depend on benefits (tax credits etc) to help you meet the mortgage as entitlement can and does change
if your only income is from benefit, i dont see how having you on the mortgage improves your credit score, considering your partner couldnt get a mortgage on his own.