I am 31 and have a joint mortgage at the moment and have a 3 year old daughter together. I currently work 22.5 hours a week which is the days I get free nursery hours. My partner wants to remortgage and pay me off as I definitely cannot afford the payments on the house myself. He has been paying all the mortgage and bills since I’ve had our daughter. What kind of benefits would I be entitled too if my partner paid me off/sold the house. I am worried it will be seen as a high amount of savings when in fact I’d want to use it towards a new mortgage for somewhere little for my daughter and I. I just then wouldn’t be able to afford all the monthly payments without any kind of benefits on my small wage. Or am I best of renting? Any advise would really be appreciated as I have no idea what to do next. Thankyou
You could apply for universal credit. They disregard up to £6,000 in savings. You can have up to £16,000 in savings and still get something. If you use the money to pay off some of the mortgage and therefore have not much in savings you will get universal credit if your wage is small. There are numerous online calculators you can use to work out what you would be entitled to (Google it); you can fill them in multiple times changing the amount of savings etc. to see what’s best. Good luck!
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