Universal Credit + Inheritance allocated to mortgage/house deposit - HELP Please!

therhizomecowboy

After a few days digging around the web for an answer to this question, I've drawn a blank! Any advice much appreciated!

Last year I inherited £40,000 that is now in two ISAs (one in my name, the other in my wife's). This money is now being used as a deposit for our first house. The mortgage is entirely in my wife's name, I am gifting my £20,000 and have signed all necessary paperwork, and she has a mortgage offer in place. 

I now find myself unemployed (I am an academic and tend to exist on short, fixed term contracts - hence the mortgage being entirely in my wife's name at this stage) and needing to make a claim for UC. Given that the £40,000 (plus an additional £5k we have set aside for fees etc) is way over the threshold for claiming, but is allocated to an upcoming house purchase, can it be disregarded as part of my UC claim?

Initially our home - a new build - was due to be complete by the end of July but has now been pushed back to the end of October this year and we cannot eat into our savings to subsist and still be able to afford the agreed deposit.

Thanks for reading and in advance for any advice people can offer me!

kaMelo

There is no disregard for an up coming house purchase unless those funds came from a house sale in which case it could be disregarded for six months

With that amount of capital, and no disregards you're excluded from means tested benefits until the purchase goes through.

p00hsticks

If you are not already aware;
Depending on your NI contribution record you may be eligible for new style Job Seekers allowance, which is not means tested
Jobseeker's Allowance (JSA): How it works - GOV.UK (www.gov.uk)

HillStreetBlues

In case you are unaware UC would be a joint claim with your wife so her earning would be taken into consideration. Have to run a benefit checker? If you haven't I suggest you do one without the capital to see if there is entitlement.