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Mortgage Endowment Shortfall and Income Support
glenman7
Posts: 5 Forumite
Appologies if this has been asked before or if it seems to be a silly question. I was just wondering what happens if you are claiming income support and find out that you have a shortfall in your mortgage endowment. Say for instance, you pursue and are successful in recouping the shortfall (which could be thousands of £££s), do you have to tell the benefits agency and do you pay it straight to your mortgage provider? Does your benefit get cut? I am just interested if anyone else has come accross this.
Regards
Glenman7
Regards
Glenman7
0
Comments
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Yes you do have to tell dwp if together with any other money you may have stashed away it puts you over the savings limit for income support, which I believe is £6000. Your benefit would be cut in such a circumstance.
The wise thing would be to pay it to your mortgage provider to reduce the capital on your mortgage, but you don't have to do this if you chose not toThe bigger the bargain, the better I feel.
I should mention that there's only one of me, don't confuse me with others of the same name.0
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