Saving for a house and Universal Credit

JohnnyWelsh

I'm a single mum of 3 kids and I currently get tax credits though I have an income of around £24k. I tried to buy a house using a gifted deposit and the HTB scheme in January but things didn't go as planned. I've now decided to save a 10-15% discount which should take me 30 months. I save £750 a month. The only way I'm able to do is is by living as cheaply as possible. I also get child maintenance payments from my children's dad which is around £400 a month.
A recent change in circumstances means I may have to switch to Universal Credit. My understanding is that having savings over £6k affects my entitlement. I should have £9k in savings by December 2019 and £18k by December 2020. I could stay on Tax Credits for another couple of years but that would mean not getting my £130 entitlement towards my rent.

I'm wondering if anyone on here is able to calculate how my savings would affect my universal credit so I can see if I'm better off staying on tax credits.

Malthusian

The Benefits forum is likely to be of more help as they have more knowledge about the system.

Alice_Holt

Like other means tested benefits UC has a capital limit of £16k. Above this UC is not payable.
https://www.entitledto.co.uk/help/Savings-and-other-capital-overview-Universal-Credit

Between £6k and £16k of savings tariff income is applied to a UC claim. For every £250 above £6k, £4.35 is deducted from the monthly UC entitlement.
https://revenuebenefits.org.uk/universal-credit/guidance/entitlement-to-uc/capital-rules/

What circumstances may necissatate a change from TC to UC?

Have you put your details into a benefit calculator?
https://www.entitledto.co.uk/
https://benefits-calculator.turn2us.org.uk/AboutYou