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Universal Credit and Offset Mortgages

40 replies

Allycat · 08/04/2020 12:36

Hi there
I am unable to be furloughed as a started my new job in March.
I need to claim Universal credit. Does anyone know the rules regarding Offset mortgages when claiming? As although I owe a large amount in mortgage, I have some inheritance of over £16k offsetting it in an offset mortgage account.
Do I still have to declare this as savings??
Many thanks in advance and stay safe everyone

OP posts:
bluebluezoo · 15/04/2020 12:24

They, like the OP, then have the money in their asset which they can choose to re-mortgage or release later and taxpayer money on top

So any equity in property should be classed as savings, and people forced to remortgage before they can claim UC?

If i had chosen a repayment mortgage instead of an offset I’d have 50k invested in property rather than in an ISA.

So either way I’d have 50k, so why can i only claim UC if my savings are in property?

My isa was always intended to pay off my mortgage, so why can’t i make an early repayment?

Lumene · 15/04/2020 12:32

So any equity in property should be classed as savings, and people forced to remortgage before they can claim UC?

Suggest this to the government if this is what you think should happen. You can’t just make up the rules yourself even if they are not fair or don’t seem fair to you.

The OP had money saved for a kitchen that happened to be in an offset account not another savings account. If her next door neighbour has the same amount of savings in an ISA why can’t she spend it on a kitchen or move it into her mortgage then? And if she can do this with her savings why can’t anyone else?

You can’t just bend the rules on benefits because you don’t like them and you want them to change so you get more money.

peppermintcapsules · 15/04/2020 12:36

carly, newsflash: people who get the housing benefit element of UC, the money goes to their landlord. They are not better off than 'the rest of us' because they own no property.

Are you serious? You are planning to claim benefits when you actually have plenty of savings sitting there. But despite getting free money and keeping the savings by ploughing them into an asset - you are complaining because you wanted to buy a new kitchen!?

Yes, because her mother worked hard, doncha know. Other people don't work as hard or aren't as good with money, they're not as deserving. Mind-blowing, isn't it? How many want taxpayers, many who are too poor to save, to pay to preserve their savings and are the first to cry the system isn't fair. Hmm

BarbaraofSeville · 15/04/2020 12:41

the first to cry the system isn't fair

In some ways, the system isn't fair because it punishes prudence. Spend all your money, you get help. Save some of it, you're on your own.

Yes I know many people need help because they're on a low income through no fault of their own, but there are others who could have saved but didn't.

peppermintcapsules · 15/04/2020 13:25

In some ways, the system isn't fair because it punishes prudence. Spend all your money, you get help. Save some of it, you're on your own.

It punishes being poor. 'Get help?' Do you realise the terms and conditions of the agreement you sign to receive UC? The sanctions? It's not 'help' it's a safety net and you must get a job, any job, strict sanctions. You have to journal, you have to meet your adviser (in normal times), you can be sanctioned relatively easily. Living off savings, you don't have any of the bother and humiliation that goes with being on benefits. It's unbelievable that anyone would prefer being on benefits, think it's a life of Riley. UC is shit. There's a 5 week minimum wait for anything, anyhow, if you don't have savings, you have to take an advance, which is a loan, clawed back at staggering rate from monthly entitlement.

Babyroobs · 15/04/2020 14:38

Yet people on tax credits can still have as much in savings as they want and still get hundreds of pounds of tax credits a month without being penalised in any way. Only interest over £300 a year is counted ! They can own their own home outright so have no housing costs and still claim hundreds a month. madness.

peppermintcapsules · 15/04/2020 17:27

For now, Baby, but soon enough everyone will be migrated to UC. The system is what it is and now it's changed to reflect that.

Gin96 · 17/04/2020 20:16

And people that rent get there rent paid but monthly mortgage payments aren’t included in UC! If I were you OP I would pay a chunk of your mortgage off, I would keep £5k in savings and then claim UC.

peppermintcapsules · 17/04/2020 20:36

Gin people get the LHA for their rental property, to pay their landlord, they do not own the property. If their rent is over the LHA amount (which is set very low), they must make up the difference from their UC entitlement. And paying a chunk of the mortgage off to qualify for UC may be interpreted as deprivation of capital and effect entitlement to benefits.

Xenia · 17/04/2020 21:29

Very important - Furlough rules just changed
Furlough scheme cut-off date extended to 19 March

Thousands more employees will able to receive support through the Coronavirus Job Retention Scheme (CJRS) after the eligibility date was extended to 19 March 2020, the government announced today.

Announced 15 April
www.gov.uk/government/news/furlough-scheme-cut-off-date-extended-to-19-march

ArnoldBee · 17/04/2020 21:33

If you're applying for benefit you need to decide whether New Style JSA or UC is more appropriate before you fiddle about with your savings.

Lumene · 18/04/2020 09:20

If I were you OP I would pay a chunk of your mortgage off, I would keep £5k in savings and then claim UC.

So you are advising the OP to use deprivation of savings in order to access taxpayer money they don’t actually qualify for?

Allycat · 18/04/2020 10:58

@zenia
The company needs to have registered you with HMRC by this date and most won't have, as most of us get paid at the end of the month so the payroll gets run in the final week of the month 😩

OP posts:
Xenia · 18/04/2020 11:08

Good point. I have not been into it thoroughly as I am a sole trade and we get zero at y income level even though employees on even £2m a year get furlough money so it is all pretty unfair.

This which I posted on another thread and was sent to me by a firm of solicitors this week might be useful for some -

Further to our last email, there are still a number of issues arising which are going to cause practical difficulties. The main ones, in our view are summarised below. We have updated our furlough agreement which can be viewed here.

HEADLINE POINTS

ǁ

From the guidance now published this week it is essential that the employee has agreed not only to a pay reduction (if that is part of it) but has agreed (not just been told) that they must do no work. As this is a new requirement, many furlough agreements already entered into may not comply.

ǁ

Employers now revisiting their furlough agreements will be thinking what should they now be doing. The only course seems to be to seek a new agreement from the employee to cover this. It is unclear whether such an agreement can be backdated (but it would be wise to include a confirmation from the employee that they have in fact done no work since being put on furlough). If backdating turns out not to be permitted (and we may not know this for many months or longer, when court and tribunal cases on the issue have happened, or HMRC concedes the point), at least it will be cured from the point of the new agreement onwards. As a practical matter HMRC will be paying claims as submitted with the possibility of audit later, so this is perhaps a question that would arise somewhere down the line when things are, hopefully, better all round

ǁ

HMRC have announced that the portal for claims to seek reimbursement of furloughed pay will open on Monday 20th April – we will update our website when the portal is launched.

KEY ISSUES LIKELY TO CAUSE DIFFICULTIES

Confusion over the eligibility surrounding dates, as a result of new rules just introduced. The eligibility of an employee depends on him or her having been on payroll on 28 February or 19 March and a Real Time Information PAYE filing has been made for that employee on or before that date. So an employee hired on say the 27th February and paid monthly, who missed the RTI filing for February and for whom the RTI filing was not made by 19 March will not be eligible for furlough. This contradicts all previous guidance from HMRC. There is talk of a judicial review of this because employers have furloughed employees (and indeed, may have rehired them) based on the previous guidance.

Employees hired in March but for whom no RTI filing had been made by 19 March will similarly not be covered.

The treatment of holiday pay remains unclear and HMRC is refusing to provide any assistance on this.

Whereas previously guidance suggested that an employee merely needed to be notified that they were on furlough, with their agreement being needed only if contract terms were changed, this has now again suddenly changed. The rules now say that to qualify the employee must have been instructed to cease all work, and further “An employee has been instructed by the employer to cease all work in relation to their employment only if the employer and employee have agreed in writing (which may be in an electronic form such as an email) that the employee will cease all work in relation to their employment.”

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