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Helping relative with Right to Buy
Comments
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I'm in agreement with the opinion that she's probably better off remaining a tenant.
But barking the option of finding all the cash, or mortgaging our own home, it's obviously not possible.
I think you've answered your own question really.
You haven't actually said what your mother wants to do - and why. (Sorry if I've missed that.)0 -
I thought that was implied, sorry.
She wants to own the house, but it's looking very doubtful.Not as green as I am cabbage looking0 -
I really would forget this idea ... I'm no mortgage expert but would calculate 0 percent of anyone giving her the funds
I'm a bit annoyed if I understood what you posted that she would lose HB because of the savings cap , that it's OK to keep receiving benefit when she has savings to use for living expenses ...or have I mistaken that0 -
The savings limit is £6,000 until a pensioner, then it's £10,000.
So, in mum's case, the first £10,000 of savings is ignored, this is called the lower capital limit.
The government assumes you receive £1 per week for every £500 of savings (or part of £500) you have above £10,000.
So means treated benefits are reduced by that amount.
If you have more than £16,000 in capital, the upper capital limit, then you will not be entitled to Housing Benefit or Council Tax Support ***UNLESS*** you also receive the Guarantee Credit part of Pension Credit.
So with 60k, 10k is ignored and the remainder counts as an income of £100 per week, that's £433 PCM knocked off her means treated benefits IF she gets Guarantee Pension Credit. If she doesn't, she loses the lotNot as green as I am cabbage looking0 -
She's got a snowball's chance, she won't get a mortgage with her income.Non me fac calcitrare tuum culi0
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