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Endowment

KAZZAWAZZA30
KAZZAWAZZA30 Posts: 1 Newbie
edited 30 June 2021 at 11:26AM in Benefits & tax credits
Hi my qualifying endowment matures next month and will be paid into bank.  I would have paid off some my mortgage but I'm in the process of negotiating a settlement fee with ex and getting house back in my sole name!! Should I buy premium bonds £38,000 approx and will it affect my universal credit top up

Thanks

Comments

  • MX5huggy
    MX5huggy Posts: 7,125 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Question for the benefits board really. But as you will have over £16000 in savings you will not be entitled to Universal Credit. 
  • dunstonh
    dunstonh Posts: 119,246 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    If the endowment is used to reduce the mortgage then no benefits are affected.  if it is retained (such as in premium bonds), then it is included in means-testing.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Old_Lifer
    Old_Lifer Posts: 780 Forumite
    500 Posts Second Anniversary
    edited 29 June 2021 at 4:50PM
    Would there be any issue with how long the 'negotiating' takes and the length of time the  money is in your bank account before the mortgage is paid off  ?
  • sevenhills
    sevenhills Posts: 5,938 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    KAZZAWAZZA30 you should put the maximum allowed into a pension.
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