Need to sign on with family ,what would we be entitled to?

ANNIEHAHA

Situation is this ,we rent out a property and the tennant moves out next month ,we have 2 children and a mortgage ,our income will go down to £187 a week all in.
We get a discount on council tax at the moment due to low income but the income is going to be much lower now.
I know the kids can have free school meals but are we entitled to any help with the mortgage? like people do with the rent?
I have done the 'entitled to' sticky but I wondered if anyone has any quick advice on what we can expect to recieve.

dmg24

Are you going to live in the property?

ANNIEHAHA

yes we have a mortgage on the house we live in and our only income is from another property that we own ,( we own 2 )
We have lived of the rental income for the last 4 years but the one that is moving out is our biggest income ,therfore putting us well below the breadline at about £8000 with tax credit ,child benefit and income from property still rented

krisskross

Do you have a mortgage on the rental property?

dmg24

The only way that you can get help with your mortgage is if you are entitled to Income Support, and then only after a 39(?) week waiting period. TBH I would be surprised if you qualified (assuming you have equity in the two properties).

If you need some income, could you not sell one (or both) of the properties?

ANNIEHAHA

we have a mortgage on the property that is let (residential) but not the one that will be empty next month (which is a commercial unit) but we have been told we have to cover the council tax.
we have a mortgage on the property we live in

ANNIEHAHA

The properties were bought by hubby as his pension later on ,we have thought of selling but we will still struggle to sell at this time of year and we have been told we will struggle to let it at this time of year as well.
we had to sign a 3 month contract to the letting agent for them to find a tennent

dmg24

The property with no mortgage on it will be classed as capital, and would most likely mean that you would not be eligible for IS.

Do the CTB people know that you have this property? I am surprised that you are eligible for CTB with that amount of capital.

Labman_2

ANNIEHAHA wrote: »

The properties were bought by hubby as his pension later on ,we have thought of selling but we will still struggle to sell at this time of year and we have been told we will struggle to let it at this time of year as well.
we had to sign a 3 month contract to the letting agent for them to find a tennent

Are you or you hubby working?

I understand the logic of buying property as a 'pension' but you need money now, not later. You essentially 'own' 3 properties, I'm not sure it's down to the taxpayer to help you because your money is in bricks & mortar and not in the bank to live off.

ANNIEHAHA

yes the tax credit know we live off rental property income as thats what I declare it as because my husband does not work due to me being unwell over the last few years.
When we filled out our council tax forms it asked for all property held ,what it was worth ,the mortgage on them and income from them ,we were honest with it and we did recieve a discount as we live off the rental income

ANNIEHAHA

I understand you saying its not down to the taxpayer. My husband pays his tax on the property to the accountants and N.I every year .
We in no means want to go to the job centre but I just wondered if we would get any help until its let and were back on our feet