Claiming Job Seekers Allowance or Universal Credit and Savings

100eyes

Good afternoon,
I will try to make this brief. To sum up my situation, it turns out I'm being made redundant from a job I've been in the last 3 years. I am also registered as self-employed, but this has always been a side business to my main employment and brings in about £50 - £100 pounds a month (well, getting worse with the Corona situation).

I have done a bit of research about getting support from the government and I have to say I was quite shocked at the information I found. I'm a single person renting a room, I have been saving for a Shared Ownership deposit for the last 10+ years to get 25% share, I'm not on a very high salary, so buying a flat without a massive deposit is not possible. I saw that if you have over 16k savings you can't get JSA or Universal Credit or Housing Benefit. I have over 16k savings and some of this money is in a Help to Buy ISA. It seems absolutely criminal that people who are trying to buy a home but can't afford to should be additionally punished like this... Are people who are unemployed and own a home also not allowed to claim benefits....

So my question is - is there anything I can claim in my situation? Have I missed something? I would be very grateful for any advice.

Many thanks!

poppy12345

New Style JSA isn't means tested so savings/capital do not affect the amount you can claim. If you're over 25 then it's £74.35 per week for 26 weeks. It's based on your NI contributions in tax years April 2017 to March 2019. https://www.gov.uk/guidance/new-style-jobseekers-allowance

Unfortunatelty, because you have savings then you won't be entitled to any UC even though your savings are to buy a house, it makes no difference.

Those that already own a home can claim benefits depending on circumstances. The home you live in is not classed as capital for any means tested benefits.

100eyes

poppy12345 said:

New Style JSA isn't means tested so savings/capital do not affect the amount you can claim. If you're over 25 then it's £74.35 per week for 26 weeks. It's based on your NI contributions in tax years April 2017 to March 2019. https://www.gov.uk/guidance/new-style-jobseekers-allowance

Unfortunatelty, because you have savings then you won't be entitled to any UC even though your savings are to buy a house, it makes no difference.

Those that already own a home can claim benefits depending on circumstances. The home you live in is not classed as capital for any means tested benefits.

Thanks, that is very helpful, I will read up on this!