We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Housing Benefit and Shared Ownership
LL30
Posts: 729 Forumite
Hello,
I'm currently looking at a SO property. Luckily I'm being helped with a big deposit but I'm looking at my affordability in terms of mortgage. I'm currently in a HA property and get a small amount of HB. I'm a lone parent, work over 16 hours and get PIP so my weekly allowance for HB purposes is quite high due to these factors.
What I don't know is whether mortgage payments are taken into account when calculating the HB element on these properties? This would obviously have a huge impact on affordability - the rent is £211 per month, mortgage repayments will be around £300 all going well. Any ideas anyone? Just want an idea of what I'm dealing with and how tight that belt will have to be pulled...or if it's possible at all!
TIA
I'm currently looking at a SO property. Luckily I'm being helped with a big deposit but I'm looking at my affordability in terms of mortgage. I'm currently in a HA property and get a small amount of HB. I'm a lone parent, work over 16 hours and get PIP so my weekly allowance for HB purposes is quite high due to these factors.
What I don't know is whether mortgage payments are taken into account when calculating the HB element on these properties? This would obviously have a huge impact on affordability - the rent is £211 per month, mortgage repayments will be around £300 all going well. Any ideas anyone? Just want an idea of what I'm dealing with and how tight that belt will have to be pulled...or if it's possible at all!
TIA
0
Comments
-
Housing Benefit will only be calculated using the rental element not the mortgage element.These are my own views and you should seek advice from your local Benefits Department or CAB.0
-
So they don't take the mortgage payments into account in their calculations? IE there's no disregard for the £300 mortgage payments? If I'm making sense at all! I'm not expecting them to at all btw, just trying to get my head around the figures as with a rent of £211 I know I would not be entitled to any HB as my rent is higher than this now and I only get a small amount.0
-
....with a rent of £211 I know I would not be entitled to any HB as my rent is higher than this now and I only get a small amount.
I'm not sure this necessarily follows, as a guide you could put your details into a benefit calculator using a rental figure of £211 and see what comes out as a HB entitlement on that rental.
https://www.gov.uk/benefits-calculatorsAlice Holt Forest situated some 4 miles south of Farnham forms the most northerly gateway to the South Downs National Park.0 -
So they don't take the mortgage payments into account in their calculations? IE there's no disregard for the £300 mortgage payments? If I'm making sense at all! I'm not expecting them to at all btw, just trying to get my head around the figures as with a rent of £211 I know I would not be entitled to any HB as my rent is higher than this now and I only get a small amount.
No disregard at all.These are my own views and you should seek advice from your local Benefits Department or CAB.0 -
Thank you both!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.6K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.7K Work, Benefits & Business
- 603.1K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards