Universal Credit. Would I qualify if used Savings to Buy a House?

DaveTheHedgehog

I understand that if you have savings over 16,000 then you dont qualify for universal credit.
If I received 200K as part of a divorce financial settlement, and then spent it on a property to live in, would I then be able to claim Universal Credit.
Im currently in a rented house, which myself and two children will be moving out of.
Many thanks

poppy12345

DaveTheHedgehog said:

I understand that if you have savings over 16,000 then you dont qualify for universal credit.
If I received 200K as part of a divorce financial settlement, and then spent it on a property to live in, would I then be able to claim Universal Credit.
Im currently in a rented house, which myself and two children will be moving out of.
Many thanks

Yes, buying a house would not be deprivation of capital. Once your savings go below £16,000 then you'll be able to claim UC. For every £250 (or part there of) over £6,000 there will be a £4.35 per month deduction in your maximum UC entitlement. Whether you'll be entitled to any UC will of course depend on your circumstances.