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Inheritance not enough
Legacy_user
Posts: 0 Newbie
Hi there,
I'm not sure if this is the right forum for my post but here goes...
My partner and I about to receive an inheritance, it's not enough to put down for a mortgage or H2B on my single wage. My partner is a stay at home mum for our 15 months old child. We are currently renting and claiming universal credit to live. Now, obviously, with the inheritance we won't be able to claim universal credit and we can't get a mortgage. So, it seems like we'll have to live off our inheritance until we can get free child care thus making our potential deposit even smaller and difficult to come by.
It just seems like we are going to essentially be made worse off for having more money.
Has anyone else been in this situation or does anyone have any advice?
Thank you!
I'm not sure if this is the right forum for my post but here goes...
My partner and I about to receive an inheritance, it's not enough to put down for a mortgage or H2B on my single wage. My partner is a stay at home mum for our 15 months old child. We are currently renting and claiming universal credit to live. Now, obviously, with the inheritance we won't be able to claim universal credit and we can't get a mortgage. So, it seems like we'll have to live off our inheritance until we can get free child care thus making our potential deposit even smaller and difficult to come by.
It just seems like we are going to essentially be made worse off for having more money.
Has anyone else been in this situation or does anyone have any advice?
Thank you!
0
Comments
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Are you in a position to buy now ?0
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We don't have enough money for a deposit. We will have to live off what would be our deposit for the next 18 months or so until we are earning enough together to secure a mortgage.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0
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Correct, the state now officially hates you.shearer9206 wrote: »It just seems like we are going to essentially be made worse off for having more money.
Someone will be along soon to hate you for having inherited too.0 -
I don't see how you're worse off?
The deposit you've saved so far hasn't been enough to cut off your Universal Credit. So, you get the inheritance, you live off it. In the worst case it it runs out and you're back to where you are now - with the same amount in the bank for a deposit and back onto Universal Credit.0 -
Is buying a shated ownership property a possibility? You then partly own the propety and pay rent on the other part.
If that isn't an option, then if you have to use your inheritnace rather than benefits, you will at least be no worse off than if you hadn't had an inheritance.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0 -
We can only afford a mortgage because we both work. Whilst i appreciate the argument that the benefit of working isnt massive when offseting childcare costs, it is massive when it comes to applying for a mortgage. It sounds like if you want a mortgage yorue going to have to tell the OH to get a job.0
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This is really one for the benefits board, but...shearer9206 wrote: »It just seems like we are going to essentially be made worse off for having more money.
Yes.
If you have assets of your own, you don't need the social safety net - you can use your own assets, instead of the taxpayer having to provide for you.0 -
How much is the inheritance?0
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You are not going to be worse off, you will have more money and presumably able to afford the same you are able to afford before the inheritance. The difference is that instead of the State it will be you paying for it.shearer9206 wrote: »It just seems like we are going to essentially be made worse off for having more money.
By the same logic, let's not go to a higher paid job, because you will be "worse off" if it causes you to lose the UC0 -
1) You obviously don't have savings >£6k (or possibly >£16k)
2) It's not a large inheritance
Do you have any debts at all?
Are you up to date on all bills?
Life insurance?
Pension?0
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