Hi all,
It seems from looking at what's I'm entitled to, as a single parent household I would be entitled to 85% of nursery fees if I'm on universal credit. I have a mortgage and currently over the £16,000 savings that I think means I cannot get universal credit (despite being on mat leave earning nothing now).
These savings are currently in a savings account rather than over paying my mortgage as I'm km a low interest fixed rate mortgage for now. I am wondering if it would be worth over paying my mortgage (no fees limit with my provider) using my savings so that I would be eligible for about £100 a month universal credit when I go back to work part time, so that I could get my childcare almost all paid for.
Would they think me paying off some of my mortgage would be deprivation of assets and therefore make me not eligible for UC? I don't want to do this and therefore miss out on interest I would earn if I keep it in my savings account. But also don't want to lose out on help with childcare costs as they will be crippling?