can you overpay if...

dawn_rose

You receive child tax credits and child benefit are you allowed to overpay on your mortgage payments? Or is this against the rules. Many thanks Dawn.

goodmorningsunshine

If your entitled to the benefits/money.

Then the money is yours to do what you want with it.

ViolaLass

Why would the bank care what money you're overpaying with?

Beckyy

The only restrictions on OPing will be whatever your bank sets out originally (eg - some can only OP 10% a year), whether you're in receipt of any benefits or what you do with them is irrelevant.

cte1111

Tax credits and child benefit are income based, they do not take any account of capital. So you can do what you like with your money, without any problems.

It's only if you are on benefits that would be affected by capital, e.g. income support, then there could be issues, if you used a big chuck of money to pay off your mortgage, rather than using it to support yourself. Essentially, if you are moving money around to pay off your mortgage in order to then qualify for more benefits, then you could run into problems. As others have said, this does not apply to those that you mentioned.

dawn_rose

Thanks for that I didn't realise that you could do that. No we only receive CTC and cb my dh works full time and I'm self employed, just budgeting at moment and wondering if it would be doable as it is our only debt and would be nice to get rid early.